The Cruel Math Says Most Investors Will Lose Money From Here | Danielle Park
Does a "lost decade" lie ahead?
Well, 2025 draws to an end in just a few weeks.
What should we expect, especially in terms of the markets, in 2026?
To peer into the future, we have the good fortune to welcome Danielle Park back to the program. Danielle is president and portfolio manager for Venable Park Investment Counsel, Inc, where she manages millions for some of Canada’s wealthiest families. She’s also proprietor of the daily financial website JugglingDynamite.com
Danielle warns that valuations are so stretched in the markets now that average annual returns are likely to be negative over the next 1, 3, 5 and 10-year periods -- risking a lost decade for investors.
To make this point, Danielle walks us through a detailed data-packed series of slides, the full powerpoint of which is available to premium members of this Substack in the “Adam’s Notes” below.
To hear Danielle’s presentation, click here or on the video below:
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Adam’s Notes: Danielle Park (recorded 12.4.25)
EXECUTIVE SUMMARY:
Danielle Park warns that 2026 is shaping up to be a year of extreme volatility, uncertainty, and likely downside surprises as the massive debt-fueled bubbles in housing, equities, and credit finally face real-world math.
She sees the U.S. and especially Canada still in the late stages of a historic over-leveraged credit cycle that has
