More About Margin

Many readers emailed me today and told me they wanted to get copies of Steve Galbraith's excellent margin work. Those are the property of Sanford Bernstein and I have no authority to give them out.

But recently Steve, who covers the brokerage industry -- and has made me a ton of money both as a broker analyst and as a food analyst in a different, more-boring incarnation -- recently testified in front of Congress on the growing abuses of margin debt by individuals.

That's public information, so I thought I should share some of the thoughts with you because they directly contributed to my thinking that we were headed for some real trouble. ...