← Back to all posts

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

Sep 04, 2026
Follow Us!

 

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 against every major market top and bottom, sitting at 42.04 today. And the private credit story we called early: ASIC's own chair now says Australia is seeing its "first significant cracks," a major developer has collapsed owing more than $3.5 billion, and redemptions are being suspended across several funds. We also look at what a 17.7% by-election swing in WA tells us about how fast immigration and cost-of-living pressure are becoming a political issue.

Steve, Tom & Jacob The TMM Team

This email is for informational purposes only and does not constitute financial advice. Total Money Management | AFSL 568642

Responses

Join the conversation
t("newsletters.loading")
Loading...
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...
An index of two bets | Signals and Noise Premium, August 21
  Full Newsletter    This week's Premium edition is ready. Here is what is inside: The Members Message: the bubble nobody questions. The AI claims being waved through, the debt and private credit chicanery behind them, and why we think technopia and finance end this one together. The members video is linked inside. The Oz Economy: the ASX 200 is two bets. Almost 60% of the index sits in financi...
This week: 5.5%, the Sydney developer, and the narrative stock | Signals and Noise Premium, August 14
  Full Newsletter    This week's Signals & Noise Premium is live. The theme is opportunity cost, and specifically the 5.5% cash rate that now defines the bar for every other investment. Inside this week's issue: The Members Message on opportunity cost, and why the private credit pitch breaks the moment you run it through the 5.5% test. The three points of friction: the Saudi Aramco commentary o...

Signals and Noise Premium

Go deeper. Think sharper. Stay ahead. Signals & Noise Premium is for those who want to move beyond headlines and build real understanding. Each week, we go further into macro, market cycles and the forces shaping the investment landscape. Premium includes extended analysis, monthly global coaching calls, sector scorecards, macro frameworks, and access to a growing library of content. This is not about tips. It is about building a framework you can rely on.

Subscribe for Free

Join a 1500+ strong community of likeminded investors; get our latest content including weekly market updates, portfolio reviews, blogs, and our podcast to your inbox, every Saturday

Not Financial Advice