Welcome to
Global Macro Investor

Global Macro Investor, Raoul Pal’s flagship  publication, was founded in 2005 and is widely considered one of the world’s pre-eminent macro research services. Highly innovative, thought-provoking, and wholly independent, GMI provides high-level research and strategy to institutional investors, thought leaders and private individuals alike, helping them navigate both the opportunities and the risks that lie ahead.

Raoul is highly respected within the finance industry as one of the most unique independent thinkers who, with his clear communication style, helps people digest and process complex ideas.

GMI is unique in its focus on the big-picture, long-term trends at the investment nexus of macro, crypto, and technology, where all the opportunities lie. Those long-term trends are viewed within the framework of business cycle analysis, of which GMI is also a pioneer.

You will gain access to the World’s Best Content

With over eighteen years of archives, this abundance of knowledge offers you a masterclass in global macro by allowing you to understand the interplay of the business cycle and the major themes throughout history; all these years of research allow us to analyse patterns and secular themes, apply them to the present and create frameworks for the future. 

Using various proprietary models and frameworks, we simplify complex themes: our unique perspective of seeing through the financial market’s noise is what sets GMI apart. This has led to the GMI portfolio consistently outperforming other global research services, at times even exceeding our own expectations.

In short, GMI will broaden your knowledge, give you unique, variant perspectives and insights, and will provide clarity on how to navigate market opportunities and the economy.

Timeline of GMI

GMI's Major Themes

Raoul Pal

Founder of real vision and GMI

In addition to being one of the best-known and most respected thought leaders and communicators in the financial markets, Raoul Pal is also a prolific entrepreneur. He uniquely focuses on what he sees as the key secular themes in macro, technology and crypto, and how they interplay with the business cycle, to drive outsized investment returns.

Raoul has been writing his flagship publication, Global Macro Investor, since January 2005 to provide original, high-quality, quantifiable and easily readable research for the global macro investment community: hedge funds, family offices, pension funds, sovereign wealth funds, RIAs, and high net worth individuals. His deep experience and highly original, yet process-driven, framework have resulted in GMI’s unparalleled proven track record.


Julien Bittel, CFA

Head of Macro Research at GMI

Julien previously worked at Pictet Asset Management where he co-managed several of Pictet’s Multi Asset Funds, overseeing a total AUM of CHF 5Bn, and won a number of Morningstar Awards, including Multi-Asset Fund of the Year in 2019/2020.

Prior to assuming a fund management role, Julien worked as a Multi-Asset Investment Strategist in London with a focus on global macro investing.

After nearly ten years working in the Asset Management sector, Julien joined Raoul at GMI and is now primarily responsible for macro research and advising clients.

Julien is a Chartered Financial Analyst (CFA) charterholder and holds a BSc in Business Administration with a minor in Economics from the University of Colorado. In addition to speaking at multiple CFA events, Julien has written several pieces for the press, appeared in TV interviews and was a guest speaker at the London School of Economics (LSE) discussing global macro investing.

gmi membership

Join us

Many of the world’s most well-known asset managers, family offices, sovereign wealth funds and hedge fund managers are members of the exclusive GMI network. We are also proud of the many other individual investors, business owners, technologists, and RIAs who subscribe, many of whom have been with us for fifteen years or more (some since inception); once you become part of the family, you tend to stay part of the family!