Signals and Noise
Week ending June 5th 2026
This week's Signals & Noise is live.
Steve dug up an old article this week. The headline read "Wall Street's Outlook for 2000," published by CBS MarketWatch on December 31, 1999. The opening line: "It's not easy to find a good debate brewing among market strategists on where stocks are headed next year. It's tough to find the pessimists: nary a bear has stirred on Wall Street this season."
That was the consensus six weeks before the dot-com bubble peaked. Twelve weeks before the S&P 500 began a decline that would erase nearly half its value over two and a half years. The CAPE ratio at the time of that article was 44.2. Today it sits at 42.7.
The mood among market strategists for 2026 looks remarkably similar.
In this week's free edition you get the opener, the 1999 parallel, and a glimpse of what is coming next.
Premium members also received the full Westpac Q1 GDP partial breakdown showing 0.3% growth saved only by data centres, the property days-on-market data with every major Australian capital recording deterioration, the CAPE gauge update with the all-time-high context, the rare earths environmental story now hitting western processors, and Steve's framework for positioning portfolios over the next 12 months.
While you are here, take ten minutes to find out what kind of investor you are with our free Enneagram-based investor personality assessment. Self-knowledge is the first step in any serious investment journey.
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