Overconfidence leads to leverage. Leverage leads to crashes.

https://twitter.com/leadlagreport/status/1908121639268524057

S&P History:
– 1987 Crash: -12%
– 2001 Post-9/11: -11%
– 2008 GFC: -18%
– 2020 Covid: -15%
This week: ≈10%

— InvestorBuzz® (@investor_buzz) April 4, 2025