????但我們不太可能知道到底有多少股票抵押貸款用在了其他地方，又有多少被用于提高投資賬戶杠桿。美國金融業監管局并不跟蹤這些貸款的流向。

????而且，很多財務規劃師通常也不建議使用保證金貸款，這類貸款比例最近平均約為2%。首先，保證金貸款采用浮動利率。貸款利率會隨存款利率變動，而存款利率最近一直在上升。其次，保證金貸款隨時可以收回。如果你的股票投資組合價值縮水，經紀公司可以要求你立即償還保證金貸款，即便你一直按時還款。最后，與房屋抵押貸款不同，股票賬戶抵押貸款沒有稅收優勢。

????綜合上述缺點，越來越多人使用保證金貸款的現象說明當前圍繞股市投資至少存在一定的非理性繁榮，即便這種繁榮不會在短期內破滅。“這說明人們又一次忘了市場的波動本質，”宣稱自己從不建議使用保證金貸款的佛羅里達州科勒爾蓋布爾斯財務規劃師哈羅德?伊文斯基說。“我們再一次回到了認為股市只會單邊上漲的時候。”（財富中文網）

????譯者：老榆木

????But it's impossible to really know how much stock market borrowing is being spent elsewhere, and how much is being used to leverage up investment accounts. FINRA doesn't track where the borrowed money goes.

????What's more, many financial planners generally advise against margin loans, which recently have averaged around 2%. First of all, margin loans have a floating rate, so they will go up with interest rates, which have been rising recently. Second, margin loans are callable. If the value of your stock market portfolio drops, your brokerage firm could require you to pay back your margin loan immediately even if you have never missed a payment. Lastly, unlike borrowing against your house, there's no tax advantage to borrowing against your stock account.

????Stack up all those disadvantages, and the fact that more people are using margin loans must mean there is at least some irrational exuberance going on around stock market investing right now, even if it's not quite going to burst anytime soon. "It just means people have lost touch again with market volatility," says Harold Evensky, a financial planner in Coral Gables, Fla., who says he never recommends margin borrowing. "We're back to thinking stock markets only go up."