← Back to all posts

Signals and Noise

Jun 05, 2026
Follow Us!

Week ending June 5th 2026

Access Newsletter 

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.

Premium is $9.99 per week. Cancel anytime. Includes the full weekly edition, the TMM Learning Hub, monthly live coaching calls with Steve, Tom and Jacob, the members-only video, and full podcast notes.

Read the full free edition below.

Access Newsletter 

 

 

Responses

Join the conversation
t("newsletters.loading")
Loading...
Most stocks lose money | Signals and Noise, July 17
  Access Newsletter    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 mo...
The biases that cost you money | Signals and Noise, July 10
  Access Newsletter    This week's Signals & Noise is live. The theme: we all carry investing biases without noticing, and the ones that go unchecked are the ones that cost money. Recency, availability, anchoring, priming, frequency and media bias, six mental shortcuts that get emotion to crowd out the numbers, and the process we use to catch each one. Premium members also got the housing chart...
Being too early is indistinguishable from being wrong. Signals and Noise, July 3
  Access Newsletter    This week's Signals & Noise is live, and it is a different beast. We have rebuilt the newsletter from the ground up as a full magazine-style issue. Have a look, it is worth the click on its own. The theme this week: market tops are a process, not a point. The contrarian looks foolish for six to twelve months before being right, and the declines that follow are littered wi...

The Signals & Noise Newsletter

Cut through the noise. Each week, Signals & Noise delivers clear, evidence-based insights to help you think critically about markets, cycles, and risk. Just the signals that matter, backed by data and experience. For free, get key market summaries, visual charts, macro signals, decision-making tools, and a contrarian perspective. Smart, independent thinking sent straight to your inbox in under five minutes a week.

Subscribe for Free

Join a 1500+ strong community of likeminded investors; get our latest content including weekly market updates, portfolio reviews, blogs, and our podcast to your inbox, every Saturday

Not Financial Advice