Borrowing money to invest! What could go wrong?

借钱投资!能出什么岔子?

The Indicator from Planet Money

2026-08-11

9 分钟
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The total amount of investors using margin aka borrowing money to help pay for a trade  is at an all time high of over $1.5 trillion. Is this something we should worry about? We spoke to Jurrien Tinner at Fidelity Investments.  Note: Jurrien Timmer's views are his own and not representative of Fidelity.  Fact checking by Sierra Juarez. Your Next Listen — How AI might mess with financial markets Connect with The Indicator — Sign up for The Indicator’s weekly newsletter!— Buy the Planet Money book— Find our socials, YouTube and more!— For sponsor-free episodes, subscribe to NPR+ Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include sponsor-free listening. Learn more at plus.npr.org. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy
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  • NPR.

  • Hey, Ricky.

  • Hey, Waylon.

  • Tell me.

  • What could you do if you wanted to invest $100 in Apple stock, but you only had $50?

  • Oh, I know the answer.

  • You are talking about margin trading, right?

  • Absolutely.

  • I could set up a margin account with my brokerage firm, put my $50 in there,

  • and then they could lend me the other $50, of course, at a very high interest rate,

  • and then I could buy that stock.

  • Let's rip some day trades.

  • Absolutely right.

  • Investors in the U.S.

  • Stock market are making a lot of these margin trades these days.

  • The total amount of borrowing is at an all-time record level over $1.5 trillion.

  • That's up by 50% from a year ago.

  • Woof, that is a lot of leverage.

  • This is The Indicator from Planet Money.

  • I'm Waylon Wong.