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Macro Notes · Legal

Terms & Legal Notice

Who operates Macro Notes, how to use our research, and the limits of our general information service.

Last updated: 17 October 2026
PrivacyTerms & Legal Notice
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Who operates Macro NotesScope of these termsGeneral research · no personalised adviceInvestment risks and performanceResearch limitationsHoldings, sponsorships and conflictsSubscriptions and third-party servicesUsing our contentAvailability and liabilityChanges, governing law and contact

Who operates Macro Notes

Macro Notes and macronotes.com are operated by ALTIS RESEARCH LTD (“we”, “us”, “our”), a private limited company registered in England and Wales under company number 16971024. Our registered office is 124–128 City Road, London, England, EC1V 2NX, United Kingdom.

We are an independent equity research firm and publisher. We publish general research on companies, public equities, industries and global macroeconomic themes. “Equity research firm” describes our publishing activity; it is not a claim of regulatory authorisation, approval or endorsement. Contact: pierre@macronotes.com. Our registration can be checked on Companies House ↗.

Scope of these terms

These terms explain the use of this website and our research content. Read them together with our Privacy Policy and the offer and checkout terms applicable to a specific subscription. They do not replace mandatory consumer rights or retrospectively remove benefits already purchased.

General research · no personalised advice

Our content is general research and information, not personalised investment advice. Articles, company analyses, investment theses, indexes, examples, tools and discussions are not prepared for any individual reader’s financial circumstances, investment objectives, experience or tolerance for risk.

We do not assess whether an investment is suitable or appropriate for you. References to securities, valuations, price targets, model allocations or an author’s transactions express general research views and are not personal recommendations for you to buy, sell or hold an investment. Content is not an offer to sell, or a solicitation to purchase, a security or investment service.

Membership, email exchanges, group discussions and one-to-one Founding calls do not create an investment advisory, fiduciary or portfolio management relationship. Calls discuss general research and market themes; they do not provide individual portfolio reviews, trading instructions or personalised recommendations. We do not execute trades or manage or hold readers’ investment assets.

Make your own assessment and seek advice from a suitably authorised professional where needed. Our research is not a substitute for investment, legal, tax or accounting advice tailored to your circumstances.

Investment risks and performance

Investments can fall as well as rise in value. You may lose some or all of your capital. Currency movements, liquidity, concentration, leverage and changing market conditions can increase risk.

Past performance is not a reliable indicator of future results. Forecasts, targets and scenarios are uncertain and may not occur. No investment outcome, return or level of accuracy is guaranteed.

Thesis or index returns shown on this website illustrate selected research examples. They are not a reader’s actual investment return, a complete track record or a promise of results. Where a figure is simulated, modelled or backtested, it is not live investment performance. Refer to each example’s dates, methodology and disclosures. Fees, taxes, dividends, transaction costs and execution differences can materially affect actual returns; do not assume that displayed figures account for them unless expressly stated.

Research limitations

We use sources we consider credible, but information can be incomplete, delayed or incorrect. Opinions and estimates reflect the date of publication and may change. An older article may no longer reflect our current view. We do not promise continuous updates to every article, thesis or data point. Third-party and automated research outputs require independent verification.

Holdings, sponsorships and conflicts

Authors, contributors or the company may hold positions in securities discussed and may buy or sell those positions. A published opinion should not be read as a statement that an author holds, or continues to hold, a position. Relevant material interests should be disclosed with the research concerned.

We offer paid newsletter placements and dedicated sponsored editions. Paid promotional content must be identified as sponsored or advertising. Where we earn an affiliate or referral commission, that relationship must be disclosed alongside the relevant link or content. A commercial relationship is not a guarantee of a product’s quality or suitability, and a general footer disclosure does not replace an article-specific disclosure.

Subscriptions and third-party services

Subscriptions are purchased through the linked checkout, including Substack where indicated. Before purchasing, review the plan, price, currency, billing period, introductory period, renewal price, taxes and cancellation terms shown there. Recurring subscriptions renew as disclosed at checkout unless cancelled in accordance with that offer.

You can manage a Substack subscription through your Substack account. Contact us if you need help with access, activation, billing or cancellation. Refunds and withdrawal rights are governed by applicable law and the terms agreed at purchase; these terms do not impose a blanket “no refunds” rule or waive statutory rights.

Partner newsletters and separately operated platforms may have their own terms and privacy notices. Links to third-party services do not mean that we control their content, security or availability.

Using our content

Unless stated otherwise, our original content and branding belong to ALTIS RESEARCH LTD or the relevant rights holder. Subscription access is for the use permitted by your plan. Do not redistribute paid articles, share account access, resell our content or reproduce substantial parts without permission. Limited quotation, linking and other uses permitted by law remain allowed. Contact us for commercial, team or republication licences.

Do not attempt unauthorised access, disrupt the website, introduce malicious code or use the service unlawfully.

Availability and liability

We aim to keep the website and research accessible but cannot guarantee uninterrupted availability or error-free content. You remain responsible for your own investment decisions. To the extent permitted by law, we are not liable for investment losses arising from reliance on general research, or for indirect or consequential losses.

Nothing in these terms excludes or limits liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot lawfully be excluded or limited. Your mandatory consumer rights, including rights relating to digital content and services, remain unaffected.

Changes, governing law and contact

We may update these website terms and will show the revised date above. Material changes affecting an ongoing paid service will be communicated where required by law; changes do not retrospectively remove accrued rights.

These terms are governed by the law of England and Wales. Courts of England and Wales have jurisdiction, subject to any mandatory rights you have as a consumer to rely on the laws and courts of your country of residence.

For questions or complaints, email pierre@macronotes.com or write to ALTIS RESEARCH LTD at the registered office above.

macronotes.com

Macro Notes is operated by ALTIS RESEARCH LTD, an independent equity research firm and publisher registered in England and Wales.

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Research, not personalised investment advice. Our publications and discussions provide general research and information only. They do not take account of your financial circumstances, objectives or risk tolerance and do not constitute a personal recommendation to buy, sell or hold any investment. Investing involves risk, including the loss of capital. Past performance is not a reliable indicator of future results. Read the full disclaimer.

© 2026 ALTIS RESEARCH LTD. All rights reserved.Company no. 16971024 · Registered office: 124–128 City Road, London, England, EC1V 2NX