Signals and Noise Free

The era of free markets is ending. Governments are no longer standing back and letting the private sector lead. They are picking winners, punishing losers, and rewriting the rules in real time. For investors, this changes everything about how you value companies.

In this week's free edition:

• Why geopolitics now matters more than earnings for your portfolio
• Australian inflation hits 4.6%, the highest since September 2023, with fuel up 32.8% in a single month
• War Round 2: China bullying Europe, trade fracturing, the Strait still closed
• Jim Chalmers flags "intergenerational fairness" as a budget priority
• The CAPE climbs to ~39, inching towards the all-time high set during the dot-com peak
• This week's podcast episode

Premium members also received Steve's full garbage collection story (the one that explains everything about how government actually works), the China Rise and Fall deep dive with the money supply chart, the rare earths update, this week's members-only video, the ASX's 8-day losing streak analysis, and the TMM Wealth Journey overview.

Try Premium free for two weeks using the link inside.