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Strong Hands To Weak - And So It Goes

Danielle Park, CFA profile picture
Danielle Park, CFA


  • Funds held in ETFs globally have now moved toward $9.5 trillion and more than twice the amount at the end of 2018.
  • Those who have become billionaires starting and running companies have been using the opportunity of frenzied retail and institutional buying to reduce their risk and raise cash by selling into the retail flow.
  • All of the excesses of the last decade assure us that a historic liquidation cycle is coming–of that, we can be confident.

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More than $1 trillion of trend-following capital flowed into global equity exchange-traded funds (ETFs) over the past year – exceeding the combined total of the past 19 years (data: Bank of America Corp. and EPFR Global.) The chart

This article was written by

Danielle Park, CFA profile picture
Portfolio Manager, financial analyst, attorney, finance author, a regular guest on North American media. Danielle Park is the author of the best selling myth-busting book “Juggling Dynamite: An insider’s wisdom on money management, markets and wealth that lasts,” as well as a popular daily financial blog:www.jugglingdynamite.com Danielle worked as an attorney until 1997 when she was recruited to work for an international securities firm. A Chartered Financial Analyst (CFA), she now helps to manage millions for some of Canada's wealthiest families as a Portfolio Manager and analyst at the independent investment counsel firm she co-founded Venable Park Investment Counsel Inc. www.venablepark.com. For two decades, Danielle has been writing, speaking and educating industry professionals and investors on the risks and realities of investment behaviors. A member of the internationally recognized CFA Institute, Toronto Society of Financial Analysts, and the Law Society of Upper Canada. Danielle is also an avid health and fitness buff.

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Comments (3)


So, what do the card-carrying members of the Billionaires' Club know that we humble and harried armchair investors don't?

Good article.
mdfuller_OR profile picture
@Danielle Park, CFA soooo easy to say, so hard to do as individual investor. But not something to discard because hard. My plan has been to rotate out of high values into below par cumulative pref. - return of capital and 4-5% cash flow meets my needs
Justin Wiedeman profile picture
Yet in the interest rate environment we are in, discounted cash flow is more important than ever and their is still value out their. But no question we are in a bubble generally in my opinion. The Fed is stuck with a huge balance sheet and that cash is still sloshing around. It will be interesting to follow M2 growth and velocity in the coming year. Thanks for the research.
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