Signals and Noise Premium

May 01, 2026

01/05/2026

This week's Premium edition is ready.

The free market era is over. What comes next will be messier, more political, and harder to price. This week Steve tells the garbage collection story that explains, in plain terms, how government really operates when theory meets reality. It is one of the best Members Messages we have written.

Here is what is inside:

The Members Message: geopolitics and investing, the garbage story, why "reality is different to theory," and how political interference changes company valuations
Steve's Review: Geopolitics, War Round 2, China bullying Europe over Made in Europe, intergenerational fairness
Steve's Review: The Oz Economy, CPI at 4.6%, fuel up 32.8% in March, Albanese's $45m fast-track for housing and energy, and why Australia will no longer be at the end of the supply chain
The ASX: 8 straight down days before Friday's bounce, All Ords at 8,887, a nothing burger for the week
Special Topic: China's Rise and Fall, money supply now double the US, demographic cliff, the Made in China vs Made in Europe double standard
Special Topic: Rare earths, Pentagon finds Lynas in Malaysia after China cuts exports, supply chain reshaping in real time
This week's members video
TMM Podcast: latest episode on Spotify, Apple, and YouTube
How TMM supports members: sector scorecards, momentum indicators, Wells calls
The TMM Wealth Journey: 12 months of portfolio building

Read the full edition below.

Access Newsletter

Responses

Join the conversation

t("newsletters.loading")

The World As We Knew It No Longer Exists, plus the Weekly Video Review | Signals and Noise Premium, September 11

Full Newsletter This week's Premium issue, The World As We Knew It No Longer Exists, is live, and so is the Weekly Video Review. Steve, Tom and Jacob walk through the whole thing on camera before you even open the newsletter. Inside: why Europe's China problem is about to get harder, and why a 44.2% election result in Germany's Saxony-Anhalt is a live signal of how fast the ground is shiftin...

The full-cycle table, and the private credit cracks arrive | Signals and Noise Premium, September 4

Full Newsletter This week's Premium issue, The Full Cycle, is live, and so is the Members Message video. Steve, Tom and Jacob walk through the whole thing on camera before you even open the newsletter. Inside: the complete full-cycle returns table back to 1877, showing what $1,000 actually turns into once you count both the bull run and the bear market that follows it. The CAPE ratio charted...

The ten cheapest markets in the world, right now | Signals and Noise Premium, August 28

Full Newsletter This week's Premium issue is live. Steve, Tom and Jacob open with a Voltaire line worth sitting with: "Doubt is not a pleasant condition, but certainty is absurd." It sets up the whole issue. Inside: why economic pressure has become the tool of choice in the renegotiated global order, what a leading property economist is saying about Australian property's investment case, a m...