Signals and Noise
Week ending May 22nd 2026
This week's Signals & Noise is live.
By now, all the ships loaded with oil and other goods that left the Gulf before the conflict have reached their destination. From here, the probability of supply shortages rises sharply. If we are right, stock markets may move quickly to reprice the companies affected. Things could get very volatile.
Be alert, not alarmed. Well, maybe a little alarmed.
The bigger story this week is not just the war. It is the structural shift now underway. Trump reportedly called off the next attack. Europe and China are openly trading complaints. The Albanese-Chalmers budget has signalled a directional change that almost no one in the property-investment world has fully digested. Money used to be the goal. Now, increasingly, stuff is.
In this week's free edition you get the opener, the regime-shift thesis, and a glimpse of what is coming next for portfolios.
Premium members also received Steve's full geopolitics review on Europe joining the US trade bloc, the Congo paramilitary callout, the full Oz Economy property piece, the Northern Minerals divestment order, the CAPE update at 40.3, the What's Your Edge reader response section, and this week's brand new podcast show notes document.
For the next 48 hours, Premium is 50% off your first month with code PODCAST. That includes Steve's monthly live coaching call with the TMM team.
Read the full free edition below.
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