Co-Founders' Monthly Note For Financial Advisors

June 2026:

These Are Not Synonyms: Information & Signal

Most investors today do not suffer from a lack of information. They suffer from too much of it.

Headlines arrive instantly. Opinions multiply by the minute. Every economic release, policy debate, and geopolitical development gets dissected in real time across an expanding number of channels. 

The question is no longer where to find market commentary but which commentary or opinion, if any, deserves a response.

The month of May was a useful illustration. Markets navigated inflation concerns, shifting rate expectations, geopolitical tension, fiscal debates, and ongoing questions about artificial intelligence and concentration risk. Underlying trends largely persisted through the noise. The gap between what headlines suggested and what markets actually did was notable, though not unusual.

This month’s Co-Founders’ Note explores the distinction between information and signal, why short-term activity often feels more important than it is, and how a systematic investing process helps separate temporary noise from lasting change.

But first, here’s a summary of what transpired in the markets in May.