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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.

Blue-chip contemporary and post war art has shown near-zero correlation with the S&P since 1995.* Prices are largely driven by private collectors competing for a fixed supply of artwork by artists like Banksy, Basquiat, and Picasso.

Masterworks lets you invest in shares of that market.

  • $1.3B deployed across 500+ artworks

  • 29 exits to date

  • Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold

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

GM to the Top 1% ☕

It is the last Sunday of the half. In 48 hours someone will pull the H1 numbers and a story will get written about why they landed where they landed.

I have watched that story get told for 15 years. The story is almost always about effort. Who hustled, who coasted, who wanted it more. And the story is almost always wrong.

💡 THE HALF REWARDED ATTENTION, NOT VOLUME

Look back at everything we covered this week and one pattern runs through all of it.

The reps drowning in low reply rates were not lazy. They were loud. They sent more than ever and got ignored harder than ever. The reps who hit were not working more hours. 84% of the field missed quota, and the ones who did not were not the ones who sent the most emails. They were the ones who pointed their attention at the right accounts and actually did the homework.

That is the quiet truth of the first half of 2026. The market did not reward volume. It punished it. The buyers built filters faster than the sellers built sequences. And the only thing that got through the filter was evidence of real attention.

This is hard to accept because attention does not feel like work the way activity does. Sending 200 emails feels productive. Studying 20 accounts feels slow. But the data is brutal and clear. The slow thing won. The loud thing lost.

So before you sprint into H2, the most useful thing you can do is not set a bigger activity target. It is decide what you are going to pay attention to, and what you are finally going to stop sending.

🔧 THE H2 RESET, IN THREE QUIET DECISIONS

Do not build an H2 plan today. Make three decisions.

1. Name your 20: Choose the 20 accounts that actually matter for the second half. Not 200. Twenty you can know cold. The rest is noise you keep mistaking for pipeline.

2. Pick the one task to delete: Find the single highest-volume, lowest-value thing you did all H1 and decide to stop it Monday. Hand it to AI or kill it. Either way, reclaim the hours.

3. Choose the metric you will actually watch: One number for H2. Reply rate, proposal-stage conversion, second-call rate. Pick the one that reflects attention, not activity, and let it run your week.

🎯 THIS WEEK'S HOMEWORK

Before Tuesday, write down your 20 accounts for the second half and the one task you are deleting from your week. Keep the list somewhere you will see it every morning. The half you are about to start is decided more by what you choose to ignore than by what you choose to chase.

❓ QUESTION OF THE DAY

If you could only pay real attention to 20 accounts in the second half, which 20 make the list?

Reply with your first three. I read every one.

See you tomorrow.

Edward

Founder, Morning Sales

P.S. If the second half is the one where you finally rebuild how you sell instead of just working it harder, that is what The AI-Native Sales Leader is for. It is the full operating system for a human-led, AI-powered motion, drawn from 15 years and $500M+ in closed enterprise deals. 200+ sellers have run it. $599 at maven.com/edward-gorbis/the-ai-native-sales-leader.

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