Appetite for leverage is historically high: Global leveraged equity funds attracted a record 14 billion in net inflows 2 weeks ago. This is nearly TRIPLE the previous high posted during the 2020 pandemic. Last week alone, US leveraged long ETFs saw a record 6.6 billion in inflows. At the same time, the 3x leveraged Nasdaq 100 long ETF, TQQQ, took in a whopping 2.3 billion. The majority of inflows were driven by retail investors. Record leverage will drive more volatility.