Welcome to Notes on the Market
Notes on the Market is a publication of ongoing investment thinking and analysis of businesses, industries, capital allocation, financial markets, and global macroeconomic conditions.
It is written for investors who value discipline, sound judgment, and a long-term perspective.
The publication is organized around two formats.
Perspectives is writing on markets, macroeconomic conditions, capital allocation, and investment philosophy. Some pieces are anchored in current conditions and some are not, and both are written to be worth reading after the moment has passed.
Research is fundamental, in-depth analysis of specific businesses and industries.
Shorter observations are published to Notes.
Notes on the Market is an extension of the research and investment framework applied at MXC Global Management LLC.
The MXC Global Initiative
Notes on the Market is published alongside a broader commitment. The MXC Global Initiative is the philanthropic program of MXC Global Management LLC, supporting organizations that expand access to healthcare, education, and economic opportunity for underserved communities.
The Initiative is funded from the management company’s revenues, not from investor capital, and currently operates as a donor-advised fund, with plans to establish The MXC Global Foundation as a standalone charitable entity as the firm scales.
Subscription revenues from Notes on the Market contribute to the Initiative.
More on the mission, focus areas, and structure can be found here.
About The Author
Notes on the Market is written by Michele Chiacchio. Michele is the founder and portfolio manager of MXC Global Management LLC, an investment management firm focused on long-term fundamental investing in high-quality businesses with durable competitive advantages, and in opportunities where market dislocations or active ownership can accelerate the realization of intrinsic value. He is also the owner of MXC Global Enterprises LLC, a private holding company focused on permanent ownership and long-term value creation across operating businesses.
His career spans global equity markets, structured finance, risk management, private credit and asset management, with experience at J.P. Morgan, Antares Capital, and Fidelity Investments. He earned an MBA from Columbia Business School and a BS in Economics and Political Science from Florida State University. He is a CFA® charterholder.
Subscription
Public Perspectives are available to all subscribers.
Research and selected Perspectives are made public from time to time. Paid subscribers receive full access to all research, including the complete archive.
Important Disclosures
All publications are provided for informational and educational purposes only and do not constitute financial, investment, or economic advice. Investing involves risk, including the possible loss of principal. The views expressed are solely those of the author and do not necessarily reflect those of any affiliated organizations.
MXC Global Management LLC and its affiliates, principals, and employees may hold long or short positions in the securities discussed in any publication at the time of publication, and may buy or sell such securities without notice. Positions may have changed since the date of publication. No publication constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase or sell any security. MXC Global Management LLC has no obligation to update any publication or to inform any reader of changes to the views expressed.
