Signals and Noise
Week ending May 29th 2026
This week's Signals & Noise is live.
At some point the impacts of the Strait of Hormuz closure are going to bite. The ships that left the Gulf before the conflict have arrived. From here, supply shortages move from theoretical to physical. Energy experts are calling this the worst energy crisis in history. The impacts, regardless of when the war ends, will be felt for years.
This is structural change, not cyclical. It will reshape trade, economies, and financial systems. Government policy will dominate free markets for at least the next decade. Energy security has replaced energy transition as the priority. All investments need to be looked at with fresh eyes.
In this week's free edition you get the opener, the regime-change thesis, and a glimpse of what is coming next.
Premium members also received Steve's full geopolitics review on the Carlyle "tank bottoms" oil warning, the new Budget 2026-27 tax reform (which applies to stock investments too, not just property), the CAPE update at 41.6 (second-highest in 140 years), the Quad Critical Minerals Initiative announced this week, and the Buffett 1965-1982 case study showing how to build wealth when the rules change.
Reminder: our monthly members coaching call is live this Monday. Join Premium before then to take part with Steve, Tom and Jacob.
For the next 48 hours, Premium is 50% off your first month with code PODCAST.
Read the full free edition below.
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