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![BenBrey Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::262650302.png) Capital Misallocation [@BenBrey](/creator/twitter/BenBrey) on x 8811 followers
Created: 2025-07-25 01:16:19 UTC

What’s your source of margin debt here? This is best time series I can find on Bloomberg and it’s $270bn short of your number.

Irregardless, when you normalize as % of SPX market cap it’s tiny fwiw, which I am sure is the opposite of what you were trying to convey. Be careful using long term nominal time series given that aren’t log adjusted or normalized if you are trying to make a point.

![](https://pbs.twimg.com/media/GwqmgLbXoAA_iVv.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948552863577178446/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[spx](/topic/spx)
[$270bn](/topic/$270bn)
[bloomberg](/topic/bloomberg)
[debt](/topic/debt)

[Post Link](https://x.com/BenBrey/status/1948552863577178446)