Research for investors
who want to understand.
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 Macro Notes Terminal to share my own investment theses through indexes and 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.
Explore Macro Notes TerminalStart with the context.
Go deeper with Premium.
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.
Subscribe for freeWhat you unlock with Premium
Premium takes you from understanding a theme to examining how we position around it.
- Complete investment researchCompany analysis, potential beneficiaries, valuations, catalysts and risks.
- Our positioningThe stocks we select, portfolio allocations and the reasoning behind investment decisions.
- Ongoing thesis updatesWhat has changed, what we’re watching and when the original case needs to be reconsidered.
- Macro Notes portfolios on TerminalFollow positions, trade histories, performance and the notes behind portfolio changes.
- The full Macro Notes newsletter archiveExplore 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.
Our monthly Research & Models are included with Founding membership at $1,500 per year. Custom research is commissioned separately.
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.
Reading portfolio histories
Portfolios on Macro Notes Terminal 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 built Macro Notes around the research I want to read as an investor: emerging investment ideas, the businesses behind them, and enough evidence to decide whether they deserve further attention.
My commitment is to keep improving that research—and to keep following our theses as the facts change.