RE: Description of the "V/L Appreciation Potential" Hi Tom. There's some background detail in this link (PDF) http://www.castleim.com/wp-content/uploads/2013/06/33Castle_Comm_VLMAP.pdf Re: High vWave http://www.ritholtz.com/blog/2013/10/nyse-margin-debt-at-record-high/ and http://www.nyxdata.com/nysedata/asp/factbook/viewer_edition.asp?mode=table&key=3153&category=8 i.e. Margin Debt, somewhat confirm the recent relative high Regards. Clive.