"People are going to start feeling much poorer soon, as equity markets fail to perform and incomes feel the pinch of inflation. What we haven't seen is a proper unwinding of the leverage built up, certainly over the past four or five years. When asset prices are ballooning leverage is a wonderful thing, super-powering returns, as witnessed in the UK housing market. But when prices start to fall that leverage acts in a savage downward spiral, wiping out gains on investments that prove as flimsy as the thesis they were based upon."

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