Welcome to Notes on the Market
Notes on the Market is a publication of ongoing investment thinking covering financial markets, global macroeconomic conditions, and the analysis of businesses and capital allocation.
It is written for investors who value discipline, sound judgment, and a long-term perspective.
The publication is organized around three formats:
Perspectives are timely observations on markets, macroeconomic conditions, and current events in capital allocation.
Letters are evergreen, thesis-driven writing on investment philosophy, market structure, and long-term thinking. Written to be useful over time, not just at the moment of publication.
Investment Theses includes fundamental in-depth research on specific businesses and industries.
Notes on the Market is an extension of the research and investment framework applied at MXC Global Management.
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, 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, a fundamental value and special situations investment firm, and the owner of MXC Global Enterprises, 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.
Letters and Investment Theses are selectively made public. 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.
