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This week's Premium edition is ready.

The Strait of Hormuz situation has moved from a slow-burn risk to an immediate one. Oil markets are at tank bottoms in Asia, with Europe close behind. The energy crisis is now structural, not cyclical, and it will reshape how every investor needs to think about portfolio positioning. The old days are over.

A quick reminder before the rundown: your monthly members coaching call is live this Monday. Steve, Tom and Jacob will cover everything in this week's edition, plus take your questions on portfolio positioning, the budget changes, and the new regime. Recordings will be available afterwards if you cannot make it live.

Here is what is inside:

• The Members Message: the Strait of Hormuz energy crisis, why this is structural not cyclical, government dominance for the next decade, and why all investments must be looked at with fresh eyes
• Brand new this week: the TMM Podcast Show Notes document, fully designed, with key takeaways, chapter markers, deep topic blocks, quotes, and full resource list
• Steve's Review: Geopolitics, Carlyle's Jeff Currie warning that oil markets are at tank bottoms in Asia (Europe close behind), Art Berman framing, the supply-chain reprice callout
• Steve's Review: The Oz Economy, Budget 2026-27 negative gearing and CGT reform, the navy-blue government document, the critical point that the new rules apply to stocks too, and why nobody is talking about it
• The ASX and CAPE: full gauge update showing 41.6 (second-highest reading in 140 years, only December 1999 has been higher)
• Special Topic 1: The Quad Critical Minerals Initiative formally launched May 26 between the US, Japan, Australia, and India, with the framework text reproduced directly
• Special Topic 2: Wealth Building During Inflationary Times, including the Buffett 1965-1982 case study (net worth grew $7m to $376m, 53x, while the Dow went nowhere and top marginal tax rates were 67%)
• Monday Coaching Call reminder: live with Steve, Tom and Jacob
• TMM Podcast: latest episode and the dedicated show notes document

Read the full edition below.