Looking at the debt-to-investment dynamic, things stayed relatively stable through the mid-2000s. But around 2006-2007, something shifted. The numbers started climbing harder and faster than before.

Then came the real acceleration. The early 2010s saw a steep jump—easy to pinpoint to specific policies and stimulus measures. Fast forward to the late 2010s, another surge kicked in. And when COVID hit? The trajectory went vertical.

This isn't just background noise. The way debt absorbs investment capital shapes liquidity cycles, asset allocation patterns, and ultimately how capital flows into emerging asset classes. Understanding these waves helps explain broader market movements.