It’s been an intense few weeks. Between the European defense supercycle accelerating, Big Tech’s $650 billion infrastructure rush, central banks panic-buying gold, and the launch of our 100 Investment Theses project — Macro Notes has published some of its most important research to date.
If you missed any of it, here’s everything in one place — with direct links to each article. I’d especially recommend the defense and AI infrastructure pieces if you’re building long-term positions right now.
The fundamentals are moving faster than the headlines.
📌 The 100 Investment Theses We’re Tracking in 2026
March 15, 2026 · Special Edition
The full Macro Notes system laid bare. 100 structural themes — from humanoid robots to uranium bottlenecks — filtered through a rigorous tunnel: thesis → deep-dive → position. This is how every article, every trade, and every call I make connects back to a single research framework. Includes thesis summaries, past winning trades, and the link between the 100 Theses and the Macro Notes Index.
Themes: AI Infrastructure · Defense · Critical Materials · Energy · Robotics
📌 100 Theses — The Complete List
March 13, 2026 · Special Edition
The companion piece listing all 100 investment theses with short summaries — from GLP-1 obesity drugs (#5) to AI labor displacement (#100). This is the reference map for every deep-dive we publish. Each thesis links to upcoming or already-published research with exact positions, entry zones, and risk registers.
Themes: Reference · Research Framework
📊 The Macro Notes Index Is Coming Soon
March 13, 2026 · Performance
A first look at the Macro Notes Index — a performance tracker of all my active positions, updated quarterly. The index significantly outperforms the S&P 500. Positions include Eli Lilly, several European defense names, and lesser-known tech plays. Nvidia is notably absent. Premium subscribers get full position breakdowns every quarter.
Themes: Portfolio · Performance Tracking
🛡️ The Defense Investor’s Playbook: How I’m Playing the $2.6 Trillion Rearmament Supercycle
February 28, 2026 · Defense
My most detailed defense piece yet. 14 positions across European Tier 2/3 defense suppliers, a full contract calendar for 2026–2027, 2x leveraged positions on three names, a hedging strategy including a short on an overvalued US prime contractor, and the three kill scenarios that would invalidate the thesis. Poland’s $301.6 billion defense pipeline through 2030 is just the starting point.
Themes: European Rearmament · Poland · NATO · Tier 2 Suppliers
🥇 The $5,000 Asset That Central Banks Are Panic-Buying — And What It Means for Your Portfolio
February 25, 2026 · Gold & De-dollarization
Gold crossed $5,100. Poland is targeting 700 tonnes in reserves. China bought for 14 consecutive months. But the real story isn’t the metal — it’s the parallel financial system being built around it. My 7-position de-dollarization portfolio includes gold infrastructure plays, alternative settlement systems, and one “chokepoint” company sitting on a critical bottleneck in the physical gold supply chain.
Themes: Central Banks · Gold · CIPS · De-dollarization
⚡ The $650 Billion Bottleneck: Big Tech Is Spending a Fortune on AI — But They Can’t Plug It In
February 15, 2026 · AI Infrastructure
$650 billion in hyperscaler AI capex in 2026 alone. Microsoft has billions in GPUs sitting idle — because the grid can’t power them. The chokepoint isn’t chips. It’s power transformers. I traced the entire supply chain to a handful of companies — including a small-cap that supplies 4 of the 5 largest transformer manufacturers on Earth, trading at 9.2x forward earnings. The “picks and shovels” trade of the AI era.
Themes: Power Grid · Transformers · Data Centers · Small-Cap
🎯 The Massive $2.6 Trillion Defense Supercycle Nobody’s Talking About
February 8, 2026 · Defense
The piece that started the defense series. Global defense spending hitting $2.6 trillion by year-end 2026 — an 8.1% annual increase in an industry that grew 2-3% for two decades. European defense budgets accelerating regardless of Ukraine outcomes. NATO’s new baseline: 5% of GDP by 2035. Why the “peace dividend crash” consensus is wrong, and where the real money is flowing — European suppliers, Korean exporters, and defense-tech companies with software-grade margins.
Themes: $2.6T Supercycle · European Defense · Korean Exporters · Defense Tech
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© 2026 Macro Notes · Nothing published by Macro Notes constitutes investment advice.