I regularly share a quick update on how the newsletter is evolving, and today I wanted to give you the latest on where Macro Notes stands.
Macro Notes is becoming one of the largest macro and finance newsletters on Substack.
We’re now close to reaching 1,000 Premium subscribers and 100 Founding members — a milestone I expect us to hit by the end of the year, in line with the goals we set for 2026.
On the readership side, we recently removed around 5,000 inactive accounts, which temporarily brought our subscriber count down to roughly 55,000. In just three months, we gained those 5,000 subscribers back through entirely organic growth, bringing us back to around 60,000 readers.
This has also helped us reach an average 30% open rate, which is a particularly strong level for a newsletter of this size and makes the audience very attractive to advertisers.
One of our recent partnerships was with Coinrabbit. Here is the dedicated edition we produced in collaboration with them:
If you’d also like to advertise on Macro Notes and get exposure to a highly qualified investor audience, contact me at pierre@altis.finance to discuss a tailored partnership.
A dedicated edition presenting your company, written in the style of a regular Macro Notes issue, can be sent to our 60,000 readers.
This is far more effective than a simple ad placement, because this type of edition creates much deeper engagement with your brand and helps build trust directly with the audience.
Of course, we carefully select every partnership. Our goal is not to run a large number of sponsored campaigns, but to work with a small number of companies that are genuinely relevant and valuable to our readers.
The price of Macro Notes Premium has now permanently increased to $500 per year to reflect the additional value we’ve added, including access to Altis.finance and our full archive of past research.
The price will not increase again and will remain at $500 per year for the Premium plan.
Of course, we’ll continue improving Altis.finance over time — expanding the indexes included with your subscription, including those published by Macro Notes and Altis Research, and building new tools to make the platform more complete and useful.
If you’re already a subscriber, the price you pay will never change. You’ll remain on the rate that was in place when you originally subscribed.
The launch of Altis.finance has received very positive feedback, even though the platform is still an MVP.
We also recently renamed Portfolios to Indexes.
Altis.finance is a platform that lets you follow our investment theses through indexes — portfolios of stocks built around a specific theme or thesis. You can track their performance over time and receive ongoing insights and updates on the indexes you follow.
The idea behind Altis.finance is simple: when we introduce an investment thesis in a Macro Notes edition, you now have a dedicated place to follow how that thesis evolves and how it performs against the market.
You can see how we are positioned, the trades we make over time, and the key developments affecting each thesis.
Macro Notes covers a very wide range of macro and investment themes, so it was never realistic to publish full updates on every single thesis directly in the newsletter. Some readers are mainly interested in AI infrastructure, others in financial themes, others in biotech, and so on.
With Altis.finance, you can now access more than 100 indexes that we publish and continuously update with the help of AI agents.
And most importantly, you can also create your own indexes and share them with your own subscribers — on Substack or elsewhere — by becoming a contributor for free.
Last week, more contributors have started sharing their portfolios on Altis.finance, including:
Aerospace Stock
He created and published Aerospace Compounders on Altis.finance—an index tracking the aerospace companies with the greatest potential to outperform over the long term.
You can explore and follow it here, and I encourage you to subscribe to his newsletter. Personally, I often find writers with a clear area of expertise, like Cade, far more interesting than those who cover investing in overly broad terms.
Solo Capitalist
He has published several portfolios on Altis.finance to track his investment ideas, focusing on global entrepreneurship and the rise of expats building online businesses in thriving cities around the world.
Macro Engine
Macro Engine has shared his portfolio on Altis.finance to track how his macro convictions play out over time. It gives readers a practical way to follow the investment ideas behind his research.
Explore his portfolio on Altis.finance, and subscribe to his newsletter for the analysis behind it.
That’s where Macro Notes stands today.
What started as a newsletter is gradually becoming something broader: a research platform, a growing network of contributors, and a place where investment theses can be followed over time rather than disappearing after a single edition.
There is still a lot we want to build — especially around Altis.finance, the indexes, and the tools available to Premium members.
As always, thank you for reading, subscribing, sharing the newsletter, and supporting the project.
We’re still early.
Team Macro Notes & Altis.finance