More recently, the discussion has shifted toward a seemingly more credible cause: the proliferation of margin financing since 2010. With retail investors borrowing large amounts to finance share purchases, participation in the stock market surged, effectively turning a sound bull market into a “mad cow.”
最近，套阿伦又转向了似乎更加可信的原因：2010年以来保证金融资的大幅增长。散户借入了大量资金用于购买股票，股市参与度大幅提高，这让稳健的牛市演变为“疯牛”。