A New Format for Notes on the Market
Notes on the Market is evolving, and I wanted to take a moment to explain what that looks like going forward.
The publication is now organized around three distinct formats, each serving a different purpose and written with a different time horizon in mind.
Perspectives are the ongoing work. Timely observations on markets, macroeconomic conditions, and current events in capital allocation. Shorter in form, closer to the moment.
Letters are longer and meant to last. Thesis-driven writing on investment philosophy, capital allocation, and how I think about markets across cycles. The goal is for a Letter published today to be just as useful to read in five years.
Investment Theses are fundamental research on specific businesses and industries. Deep work on individual companies, competitive positioning, and long-term value.
The reason for the structure is simple: not everything worth saying belongs in the same format. A reaction to this week’s Fed commentary is a different kind of work than a framework for thinking about capital allocation over a decade. The format should reflect that distinction.
The content and voice remain the same. The thinking is ongoing. This is just a cleaner way to organize it.
As always, all notes, letters, and theses are open for discussion. Thoughtful questions and pushback are welcome.
— Michele Chiacchio