Record leverage.
Small caps have never been so indebted relative to EBITDA.
More importantly:
Russell 2000 stocks now trade at a historic 15x EV to 2020 EBITDA estimates!
Stunning level of optimism priced in the markets these days. pic.twitter.com/gsDjqcdRXz
— Otavio (Tavi) Costa (@TaviCosta) May 19, 2020