A 521% run sounds great, until you see the full cycle | Signals and Noise, September 4

Sep 04, 2026

This week's Signals & Noise looks at something most "market is up 521% since 2009" headlines leave out: a bull run is only half a cycle. We take $1,000 through every complete bull-and-bear cycle since 1877 to show what a full cycle actually pays an investor, and it is a very different number to the one you usually see quoted.

Also in this issue: the private credit cracks we flagged months ago are now showing up for real, a major NSW developer has collapsed owing more than $3.5 billion, and investor redemptions are being suspended across several funds. We look at what regulators are now saying, and what it means if you are exposed through your super.

Steve, Tom & Jacob The TMM Team

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

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A 521% run sounds great, until you see the full cycle | Signals and Noise, September 4

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