The Globe and Mail reports in its Saturday edition that to many investors, it seems like 2026 has been preordained as the year the stock market buckles under its own weight. The Globe's Tim Shufelt writes that they are told stock valuations are out of control, an artificial-intelligence bubble is destined to pop and the days of double-digit returns are coming to an end. The risk with all that doomsaying is it can spook regular investors out of the stock market prematurely. Crashes are inevitable, even normal. Sell-offs of at least 30 per cent occur once every 10 years or so, on average. That goes for the Toronto Stock Exchange and the S&P 500 Index alike. A recent Scotiabank report estimated the economic impact from a U.S.-centred stock sell-off. If the S&P 500 declined by 40 per cent, which could drag the TSX down by 20 per cent, then the job losses in Canada would likely number about 70,000. Only investors who are spared from the layoffs will have the luxury of continuing to plow money into stocks at lower and lower prices. For retirees, once you are relying on your investment portfolio for income, you can ill afford the major hit of a market downturn. For those investors, get more defensive.