Short Excerpts from Global Macro Investor
Select musings from my independent research publication (Premium Institutional Service) serving the world's top capital allocators, delivered weekly.
- Top in Finance
- #104
- Subscribers
- 27K
- Followers
- 42K
- Recommends
- 2
- Podcast
- Yes
rounded by Substack
other newsletters
Growth history
Subscribers (thousands, nightly)
27K on Sep 10, 2026 → 27K on Sep 30, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #104 today · #98 a week ago
Stats worth sharing
Tracked since Sep 10, 2026 — 21 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 20%
- Best rank seen
- #89
- Rank, 7 days
- −6 places
- Followers added
- +11
- Posts
- 4
- Reactions per post
- 56
- Reactions tracked
- 785
of 525 ranked finance newsletters
on Sep 26, 2026
since tracking began
last 30 days
average, recent posts
across 14 posts
Most-reacted post we have seen: The Singularity is... — 194 reactions on May 9, 2024.
Recent posts
- Everything Will Be a Token
Back in May 2014 I’d just moved to the Cayman Islands, and I figured the best way to christen the place was to get twenty five GMI members to fly out to Grand Cayman for what turned out to be the first of our Round Tables. It was two days of the biggest ideas anyone in the room had. We talked about China devaluing, about the coming El Niño, and we listened to a guy who’d built a gold storage business which he described, quite proudly, as designed by a paranoid macro investor for other paranoid macro investors. It was a very good weekend. Then a group of long-standing members who’d backed a…
- What if 1929 was our 2008?
Back in January 2024, I wrote a piece for my GMI subscribers about the 1940s and 1950s. For those of you who don’t know, GMI is Global Macro Investor, the research service I’ve written for 21 years for hedge funds, family offices and serious investors. It’s where all my frameworks get built and tested before they go anywhere else, and almost all of it stays behind the paywall. This one I want everyone to read, because it’s a clear case study of something I’ve been saying for a very long time: Demographics are destiny. I know, big word destiny. But it stops sounding dramatic when you realise…
- Why The Buildout Can’t Stop
Is AI a bubble? I think I’ve been asked that more in the past few years than anything else in 30 years of doing this... at dinners, on calls with fund managers, by people who recognise me from a video while we’re standing in an airport queue. I understand the worry. Everyone who was around in 2000 remembers what it felt like to be the last one holding the bag. But look at what a bubble actually is. It’s money pouring into something people believe in, and then finding out the world didn’t need it yet. In 2000, companies like Global Crossing laid cable under the Atlantic for internet traffic…
- Why Traditional Portfolios Stopped Working
You did what you were told to do, and it hasn’t worked. Some savings, a pension, a tracker fund, a house if your timing was good... Once a year a statement turns up with a bigger number on it than last year’s and you file it away, vaguely reassured. Two decades of that can go by while the number climbs and nothing about your actual life changes. You still can’t take a year off. You still can’t turn down the work you don’t want. You should be freer by now than you are. You aren’t, and you’ve probably concluded somewhere along the way that this is your own fault. It’s not. You were told to…
- DeFi Wasn’t Meant For You
I’ll make you a bet. Somewhere on your phone there’s a wallet you haven’t opened since 2021, still holding the dust of some long dead yield farm. If that’s you, you’re in good company. That was most people’s first experience of DeFi: five different apps, three chains, a seed phrase in a drawer somewhere... DeFi was supposed to replace the banks, that was the promise. What you got instead was a part time job with a spreadsheet, gas fees that sometimes cost more than the rewards they claimed, and a low-grade fear of your own phone. But what if it was never meant for you? I assumed, like…
- Intelligence is Growing Legs
There is a car plant in South Carolina where, for most of last year, a robot turned up and did a job. Not a demo. A real job. It loaded sheet metal into a welding line on ten-hour shifts, Monday to Friday, at an eighty-four second cycle time. Over ten months it handled more than ninety thousand parts, logged over twelve hundred hours of runtime, walked something like two hundred miles across the shop floor, and contributed to the production of more than thirty thousand BMW X3s with placement accuracy above ninety-nine percent. This June a newer model arrived at the same plant for a different…
- The Singularity is...
- The Singularity is...
- We've Got 6 Years...
- Postcards from the Exponential Age: Day 5
- Postcards from the Exponential Age: Day 4
- Postcards from the Exponential Age: Day 3
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: Short Excerpts from Global Macro Investor. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Sep 30, 2026.