"As one of the initial subscribers to GMI in 2005, I have to say without any doubt that this publication is one of the top 5 MUST-READ publications in the world for any investor involved in making judgments about the global macro environment and financial markets more generally. It is an indispensable guide to understanding the important structural changes in the world that effect the decisions that we make about money and value."
The Cost of Navigating Markets Without a Framework
Markets generate more noise than signal. Geopolitical shocks, policy pivots, social media narratives, and short-term volatility create constant pressure to react — to trim positions early, chase momentum late, or abandon a thesis just before it pays off. For most investors, even very good ones, the hardest part isn’t finding the right trade. It’s holding it.
The cost is measurable. Exiting a secular trend mid-cycle because a drawdown felt existential. Missing the final acceleration because the narrative shifted. Spending intellectual capital re-underwriting the same thesis every time sentiment turns. Over a full cycle, the gap between those who stayed positioned and those who didn’t is often the difference between good returns and exceptional ones.
GMI exists to close that gap.
The GMI Advantage
Signal Over Noise
GMI distills the macro landscape into a single, coherent view of where we are in the cycle and what it means for positioning. When narratives conflict, you have a structured framework to anchor your thinking.
Early Conviction on Inflections
Proprietary models and liquidity frameworks identify cyclical turning points before consensus catches up. The research gives you the structural reasoning to act with conviction, not hindsight.
The Discipline to Capture the Full Cycle
The biggest drag on long-term performance isn’t picking the wrong assets — it’s exiting the right ones too early. GMI’s framework shows you where you are in the cycle and why the thesis remains intact through drawdowns.
Independent, First-Principles Analysis
The macro framework — from the Everything Code to the liquidity models — is developed and published here first, often months or years before similar ideas enter broader market discourse.
A Network of Serious Allocators
GMI’s membership includes hedge fund managers, family office principals, sovereign wealth professionals, and RIAs — many subscribers for over a decade. The Annual Roundtable and broader member network create opportunities for collaboration that don’t exist elsewhere.
Intellectual Honesty as Standard
When the thesis is wrong, GMI says so. When the framework misses something, you’ll read about it in the next monthly. Twenty years of rigorous analysis that shows its work.
What's Included
The GMI Monthly Flagship Publication
Each month, GMI publishes a comprehensive research report — typically 80–100 pages — covering the macro cycle, liquidity dynamics, regime analysis, and specific positioning ideas. The report integrates proprietary models with deep structural analysis to produce a single, coherent view of global markets and capital flows. This is where the framework lives.
Quarterly AMAs and Intra-Month Updates
Quarterly AMA sessions give members direct access to the GMI team for deeper discussion of current themes, evolving risks, and how the framework applies to specific areas of interest. When market conditions shift materially between monthlies, intra-month updates are published to keep you positioned — not surprised.
Annual GMI Round Table Event
Once a year, GMI brings members together for a two-day Roundtable in a carefully selected global destination. Past locations have included Mallorca, Napa, and the Cayman Islands. The format is intentionally small and curated — structured presentations, open discussion, and the kind of substantive conversation that only happens when the room is full of people operating at a similar level.
Email Enquiries
Members have direct email access to the GMI team for questions that fall outside the monthly report or AMA discussions — whether that’s a sector-specific view or a second opinion on how a particular development fits into the broader framework.
Your Investment
For many of our members, GMI replaces or supplements the cost of in-house macro research coverage. A single senior analyst focused on global macro, liquidity dynamics, and cross-asset regime analysis represents a compensation package well into six figures — before data terminals, model infrastructure, or management overhead. GMI delivers an equivalent depth of analysis, updated monthly with intra-month alerts, at a fraction of that cost.
For RIAs and smaller firms, GMI functions as an outsourced macro research desk — institutional-grade analysis that would otherwise require dedicated headcount. For larger organizations, it serves as an independent second lens on the macro cycle, stress-testing internal views against a framework with a 20-year track record.
The subscription is structured in three tiers to match how different organizations engage with research:
GMI
Membership
For investors who want full access to the GMI macro framework and monthly intelligence.
$7,000/year for each additional reader
- Flagship monthly research report
- Intramonth market timed updates as needed
- Quarterly AMA with Raoul and team
- One email request per month
- Invitation to Annual RoundTable in-person event
Strategic
Services
For investors who require enhanced interaction with the research team and periodic bespoke insights.
$7,000/year for each additional reader
- All GMI Membership features
- Up to 2 priority email enquiries per month
- 4-6 scheduled discussion calls per year
- Invitation to Annual RoundTable in-person event
Consulting
Services
For principals, CIOs, and teams who want deeper partnership and custom research briefings.
All services are informational and non-advisory in nature
- All GMI Membership features
- 2+ inquiries per month or additional bespoke deliverables
- Up to fifteen (15) hours per year of structured informational discussions, provided on a not-to-exceed basis
- Up to four (4) scheduled board-level or strategic discussions per year
- Invitation to Annual RoundTable in-person event
Enterprise Pricing
GMI Membership features apply to one individual, however read-only access to our flagship research publication can be extended to as many members of your organization as you like. Volume pricing tiers are offered at 5 readers and above.
Compare Services
| Feature |
GMI Membership
(ALL SUBSCRIBERS)
|
Strategic
Services (OPTIONAL ADD-ON)
|
Consulting
Services (OPTIONAL ADD-ON)
|
|---|---|---|---|
| Flagship Monthly Research Publication | |||
| Intra-month, market-timed updates as needed | |||
| Quarterly AMA Call | |||
| Email enquiries to GMI Team | 1 per month | Up to 2 per month | 2+ per month |
| Private Calls and Meetings with Raoul or the GMI Team | 4-6 scheduled calls per year | 2-4 board-level/strategy meetings per year and up to 15 hours of informational consulting (NTE) | |
| Annual Roundtable event invitation | |||
| 20 years of archives and iPad App access |
Become a Member
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!
Register Your InterestFrequently Asked Questions
Who is GMI designed for?
GMI is designed for sophisticated investors and professionals who want deep, original macro research and are comfortable engaging with uncertainty, probabilistic thinking, and long-term frameworks. It is not a trading alert service or a short-term market timing product.
Is GMI suitable for retail or beginner investors?
GMI assumes a high level of financial literacy and market experience. Members are expected to interpret research independently and integrate it into their own decision-making framework.
How often is research published?
GMI publishes a comprehensive monthly report, with intra-month updates issued if market conditions warrant it. Members also receive access to the full historical archive.
Does GMI provide trade recommendations or portfolio allocations?
No. GMI focuses on macro frameworks, regime analysis, and probabilistic scenarios rather than explicit trade recommendations or model portfolios.
Is the research actionable?
The research is designed to inform strategic thinking, risk management, and positioning decisions. How it is implemented depends on each member's objectives, constraints, and investment mandate.
Do additional readers have access to events or calls?
Event invitations and live calls are reserved for the primary account holder unless otherwise specified.
What happens at renewal? How do I cancel if I elect not to renew?
GMI subscriptions renew annually. Payment is not automatic, and we do not store payment details on file. Approximately 30 days before your subscription expires, you will be contacted and issued an invoice for the upcoming term. You will have 10 calendar days after receiving your invoice to give notice if you would like to cancel your renewal.
Is my access revoked if I don't renew?
Yes. Access to research and member materials ends if a subscription is not renewed.
Is the content investment advice?
No. GMI provides research and analysis for informational purposes only and does not offer personalized investment advice.
Is member information kept confidential?
Yes. Member details are treated as confidential and are not shared or distributed.
What is the Roundtable?
The GMI Roundtable is an annual event held in select, high-quality locations and designed to bring members together for focused, in-depth discussion. The program spans two days and features presentations from the GMI team, guest speakers, and structured conversations around macroeconomics, global markets, and broader structural themes shaping the world.
The event is intentionally curated and limited in size to preserve the quality of interaction and discussion. Attendance is offered to members subject to availability and is reserved for the primary account holder.
In addition to the formal programming, the Roundtable provides a unique opportunity for members to engage directly with one another, fostering meaningful dialogue and connections among professionals operating at a similar level.
Where is the Roundtable held each year?
Each year a new global destination is selected by the GMI Team, often based on input from members. Always a rejuvenating and inspiring destination, past Roundtable events have been held in Mallorca, Napa, The Cayman Islands.
Can I share my membership with another person?
No. GMI memberships are issued on a per-person basis and may not be shared. Each membership is associated with a single primary account holder. Additional readers can be added to a subscription for research access only. Logins, reports, and materials may not be shared with non-members.
For larger firms or teams, enterprise subscriptions are available. Please get in touch to discuss appropriate access options.
What are the Quarterly AMA calls?
Quarterly AMA calls are live sessions that give members the opportunity to engage directly with the GMI team. These discussions focus on current macroeconomic themes, market dynamics, and evolving risks, with ample time for member questions. The format is conversational and responsive, designed to address what is most relevant in real time rather than follow a scripted agenda.
For members who are unable to attend live, the sessions are recorded and shared afterward.
How does GMI differ from Real Vision?
GMI and Real Vision are separate businesses with distinct objectives. GMI is the original source of Raoul Pal and Julien Bittel's macro framework, delivered through in-depth monthly research, intra-month updates, proprietary models, and direct access. It is designed for sophisticated investors who want comprehensive analysis and full context.
Real Vision produces media and subscription products for a broader audience, offering more distilled and accessible interpretations of macro themes, often with a delay. GMI is where the work begins; Real Vision is one way parts of that thinking are later communicated.
Can I change plans later?
Yes. You may add readers, change the registered user within your firm, or add Strategic or Consulting benefits at any point during the subscription term. Subscription cancellations take effect at renewal and do not apply mid-term.
Do you offer refunds?
No. GMI subscriptions are non-refundable.
What payment methods do you accept?
We accept major credit cards, wire transfers, and select stablecoins. Please get in touch if you have specific payment requirements.