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

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