Find and follow the best investment theses with Macro Notes
Macro Notes helps you connect the changes reshaping the world to the companies positioned to benefit.
I’m Pierre, the founder of MacroNotes.com, I write for more than 60,000 readers who want to understand where investment opportunities are emerging—and the reasoning behind them.
My approach starts with the big picture: technology, geopolitics, industrial policy, capital spending, and supply constraints. From there, I work down to specific industries and companies.
The goal is to find promising investment theses early, explain them clearly, and keep following them as they develop.
From a global shift to an investment thesis
A major trend is only the starting point.
When investment in AI accelerates, which constraints become harder to solve? When Europe increases defense spending, which suppliers become essential? When electricity demand rises, which companies can actually deliver additional capacity?
These are the questions behind Macro Notes.
I look for the businesses solving expensive problems, supplying scarce components, or providing infrastructure that an entire industry depends on.
But being essential doesn’t automatically make a company a good investment. Valuation, competition, execution, and what the market already expects all matter.
Each thesis aims to connect those pieces: what is changing, who could benefit, what could unlock further value, and what would prove the idea wrong.
Research you can keep following
An article captures an investment thesis at one moment. The opportunity continues evolving after publication.
That’s why I built Altis.finance.
Originally developed to share my own investment theses through portfolios, it is growing into an ecosystem where newsletter authors, analysts, and investors can publish and follow investment ideas.
Across the platform, more than 100 portfolios document different theses, with positions, trade histories, and explanations behind portfolio changes.
For Macro Notes readers, this connects the research to an ongoing record. You can read the original thesis, explore the associated portfolio, and follow how our positioning changes as new evidence emerges.
What you get with a free subscription
Free editions introduce the major themes I’m researching and explain why they matter.
You’ll get the context, the core investment thesis, and a framework for understanding the opportunity.
It’s a way to get familiar with my approach and discover ideas you may want to explore further.
What you unlock with Premium
Premium takes you from understanding a theme to examining how we position around it.
Your subscription includes:
Complete investment research: company analysis, potential beneficiaries, valuations, catalysts, and risks.
Our positioning: the stocks we select, portfolio allocations, and the reasoning behind investment decisions.
Ongoing thesis updates: what has changed, what we’re watching, and when the original case needs to be reconsidered.
Macro Notes portfolios on Altis.finance: follow positions, trade histories, performance, and the notes behind portfolio changes.
The full Macro Notes archive: explore previous editions and the research behind our existing theses.
The aim is to give you both the analysis behind an idea and a way to follow what happens after we publish it.
Premium is $60 per month or $500 per year.
How I think about investing
My approach is global macro investing with a top-down approach to stock picking, focused on medium- and long-term opportunities.
I care about understanding why demand might accelerate, where supply cannot respond quickly, and which companies could capture the resulting profits.
I also care about making the reasoning visible. A strong narrative needs supporting evidence. A profitable position can still carry significant risk. And a thesis that once made sense can stop making sense.
When the evidence changes, the analysis and positioning should change with it.
Portfolios on Altis.finance may use Locked or Journal mode. Locked portfolios record trades as they are entered; Journal portfolios can include historical entries to document how a thesis developed. That distinction matters when interpreting their histories and performance.
The ambition behind Macro Notes
I want Macro Notes to help you discover promising investment theses, understand them well enough to form your own view, and stay informed as they evolve.
The newsletter explains the opportunity. Altis.finance lets you follow it over time.
Start with the free research, or join Premium for the complete analysis and portfolio access.
— Pierre MJ
