Back when the market experienced its first liquidity induced bubble, a rather discombobulated gentleman coined the term "irrational exuberance" to describe what was happening in the market (little did he know that that was just the appetizer to a far bigger bubble 7 years later). Well, frequent readers know our fascination with following such largely unfollowed by the mainstream media factoids as margin leverage, which recently has been near all time highs. Below we present a chart courtesy of Diapason's Sean Corrigan which proves that when adding mutual fund cash into the equation, the market is currently more "exuberant" than it was during the dot com bubble, as a near record low amount of cash is used to support a near record high amount of investment leverage. The silver lining: we have a little more ways to go before we hit an all time leverage peak. And since it is sufficiently obvious, there is no need to highlight how the market eventually responded after every single past net margin debt peak.