Changing Forecast

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Good morning! This is the last newsletter of the week. We’ll be back after the July 4 weekend. Everyone enjoy and stay safe!

The Last Time Stocks Were This Expensive Was December 1999.

"Right now, it's good. But it was in '72, '86, 2000, and 2007." - Jamie Dimon, May 2026.

The Shiller CAPE ratio just hit 42.3. The only time in 140 years it's been higher? December 1999.

Stocks can stay expensive for a long time...

It’s one metric to consider, but when your portfolio is built around the most expensive equities in modern history, what else you diversify with could really matter.

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^{*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.}

1. How does losing Donnie Freeman change St. John’s?

We’re still four months away from opening night, but St. John’s has already been delivered a big blow to its outlook next season.

One of Rick Pitino’s marquee portal acquisitions, former Syracuse forward Donnie Freeman, will miss the entire 2026-27 season with an Achilles injury.

Freeman, the 6-10 sophomore forward and former five-star recruit, was expected to start at power forward. He averaged 16.5 points and 7.2 rebounds in 23 games for Syracuse last season and could’ve been a centerpiece for Pitino’s offense.

St. John’s will now likely need former G League forward Babacar Sane to step up and shoulder a larger workload in the frontcourt.

Even with Freeman out, there’s talent on the St. John’s roster with Sane, former EuroLeague point guard Quinn Ellis, portal wing Tounde Yessoufou and returners Ian Jackson, Ruben Prey and Lefteris Liotopoulos.

But make no mistake, losing Freeman for the season caps the Red Storm’s ceiling. Per EvanMiya.com’s roster outlook tool, with Freeman St. John’s had a roster ranking of 19-26 (28-36 offense, 10-16 defense). Removing Freeman from the equation moves the Johnnies down quite a bit to 27-35 (37-45 offense, 17-24 defense).

It’s also notable this injury is another blow to the top of the Big East, as UConn will be without starting shooting guard Solo Ball next year. Both injuries could open the door for teams like Creighton, Marquette and other big spenders this offseason to compete for a Big East crown.

2. UNC, Miami make late roster additions

We’ve hit the point of the offseason where commitments are few and far between, as most programs have completed their rosters and are turning to recruiting the 2027 class.

However, some teams are still making last minute additions for next season. That was the case for North Carolina and Miami on Wednesday. Let’s start with the Tar Heels, who added Buffalo transfer Angelo Brizzi.

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