Today, I want to take you behind the scenes of Macro Notes—and share what I’m building next.
I recently secured MacroNotes.com for $10,000, and we’ve just launched our new website.
It brings together our research approach, membership plans, and wider newsletter collection, including Public Markets, which, like Macro Notes, is a Substack Bestseller.
You can explore it here (it’s a first version, with more to come): Visit MacroNotes.com →
The website is our new front door. The newsletter, subscriptions, and your existing membership remain on Substack.
Investing more in the research you receive
More of you are reading Macro Notes, sharing our work, and becoming Premium subscribers.
That support gives me both the means and the motivation to keep improving what we publish: deeper investigations, stronger analysis, and more original research.
So far in 2026, I’ve invested a little over $70,000 in developing Macro Notes, including detailed investigations into specialized sectors such as AI infrastructure.
In 2027, I plan to double that investment.
There is still so much we can build. I want to bring in more independent analysts with specific industry expertise, expand our coverage of global macro developments and investment strategies, and uncover insights that are difficult to find through conventional research.
The purpose is straightforward: give you better evidence to understand which investment theses deserve your attention—and why.
How we turn global shifts into investment theses
Macro Notes takes a global macro, top-down approach.
We start with the forces reshaping the economy: technological change, geopolitical shifts, industrial policy, infrastructure investment, and changing flows of capital.
Then we work down to the industries and businesses affected.
Where is demand growing? Where are the bottlenecks? Which companies can capture the value being created? And how much of that opportunity is already reflected in their valuations?
We follow more than 100 investment theses across areas such as AI infrastructure, defense, healthcare, and emerging industries. Dedicated market indexes help us track how these themes evolve over time.
But market performance is only one part of the picture. We also examine business fundamentals, industry developments, catalysts, and the evidence that could challenge our assumptions.
Each month, we select the thesis we believe offers the most compelling combination of potential, supporting evidence, and risk relative to the possible return.
The goal is to narrow a broad universe of ideas down to a few candidates worth researching in depth—and keep following them as the evidence changes.
A wider research collection with Founding
The Founding membership includes the full Macro Notes Premium research, access to our wider newsletter collection, and participating partner newsletters.
Public Markets and its Private Markets coverage are part of that broader perspective, alongside publications such as Solo Capitalist.
It’s a way to explore different markets and research approaches through one membership, while supporting the continued development of Macro Notes.
You can find the full list of included publications and membership details on our new website.
If you currently subscribe to Premium Monthly and would like to move to Premium Yearly or Founding, reply directly to this email.
I’ll work out an upgrade rate that takes into account how long you’ve been a subscriber and what you’ve already paid.
What’s next for Altis.finance
We’re also developing a more complete version of Altis.finance, the research platform behind our investment thesis indexes and portfolios.
The ambition is to go beyond viewing performance charts. We want to help you work through investment ideas: explore the businesses behind a thesis, compare opportunities, assess risks, and follow how the evidence develops.
We’re also working on a rebrand. “Altis” is already widely used across the financial industry, and I want the platform to have a more distinctive identity.
I’ll share more as the development progresses.
Our latest must-read editions…
The $5 Trillion Opportunity to Turn Intelligence Into Movement
When we think about AI, we think about ChatGPT, Claude, AI agents in CRMs, and all kinds of applications serving the virtual world. We might also think about film production, content creation, and so on.
Introducing a monthly guest edition
We recently published our first guest edition with MarketFighter, exploring his systematic approach to investing:
This Simple Rules-Based Strategy Keeps Outperforming the S&P 500
Today’s edition is a guest post from MarketFighter, an investor who takes a very different approach from the thesis-driven research we usually publish at Macro Notes.
His approach differs from our usual thesis-driven research, which is precisely why I wanted to share it.
I plan to publish one guest edition each month, with a different contributor bringing a perspective, idea, or strategy worth exploring.
I’ll be selective. The quality of the work, the reasoning behind it, and its relevance to you will matter more than the author’s subscriber count.
If you publish investment research or write a newsletter and would like to contribute an edition to Macro Notes, reply to this email and tell me about your work.
Soon: follow our investment thesis indexes on MacroNotes.com
The website we’ve just launched is the first version of MacroNotes.com. It will evolve over time, with one goal: to improve your experience beyond the newsletter itself.
Our investment thesis indexes will soon be available directly on MacroNotes.com for Premium and Founding subscribers.
You’ll be able to track the market performance of the themes we research in one place, without having to sign up for Altis.finance or create a separate account on another platform.
This is the next step toward bringing our research and its ongoing performance tracking together, so you can more easily follow a thesis from the edition where we introduce it through its subsequent development.
Thank you for reading, subscribing, and helping this publication grow. Your support makes these next steps possible.
Pierre MJ
Founder, MacroNotes.com