The world runs on a few winners | Signals and Noise Premium, July 17

This week's Premium edition is ready. Here is what is inside:

The Members Message: six more biases, from loss aversion to the endowment effect, and how they quietly get us holding the wrong stocks. The members video is linked inside.

Special Study: most stocks lose money. The century-long study of 29,754 US companies, why just 1,082 made all the wealth, the median stock down 6.87%, and why concentration has doubled in nine years. It is the clearest case yet for building around ETFs with only a few single names.

The Oz Economy: the chart showing Australia above every peer on household debt, the US deleveraging template from after the GFC, and the budget poll where the gearing and capital gains changes drew more support than opposition.

Geopolitics: the broken ceasefire, the read on oil, and the rising political temperature.

This week's podcast, Everybody's Knackered: Oil, Chips and Chokepoints, with the full show notes, plus the monthly coaching call with Steve, Tom and Jacob.

Read the full edition below.