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This week's Signals & Noise is live. The theme: most stocks lose money. A study out of Arizona State tracked every US stock from 1926 to 2025, 29,754 companies, and found that just 1,082 of them created all the net wealth. The median stock actually lost 6.87%. The market has always run on a tiny handful of winners, and that number is shrinking fast.
We pair it with six more investing biases, the ones that get us to sell our winners early and cling to our losers, which is exactly the wrong instinct when the data looks like this.
Premium members also got the chart showing Australia now carries the world's heaviest household debt, the US deleveraging lesson from after the GFC, and the budget poll with its surprise on capital gains and negative gearing.
This week's podcast is there too, Everybody's Knackered: Oil, Chips and Chokepoints, with the full show notes.
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The Signals & Noise Newsletter
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