US margin debt just hit $1.21 trillion in November—a new record. That's a $30 billion jump from the prior month, marking the seventh straight month of increases. The bigger picture: over this stretch, margin debt has ballooned by $364 billion, translating to a 43% surge. Even when you strip out inflation, the month-over-month climb sits at 2%, while year-over-year it's up 32%—the highest level on record. This kind of leverage buildup typically signals risk appetite at extremes, worth monitoring as market dynamics shift.