Macro Notes
Investor Due Diligence Report
substackFinance
Contrarian investment theses on the macro shifts most investors are ignoring.
60K
1.7K paid
-0.9%
-6.3%
net churn
Pricing
$49/mo
$300/yr annual option
$50K
1.7K paid subs
$50K/mo – $50K/mo(±0%)
0.1
12.5
0.02%
(comments + likes) / subscribers
~3x per week
3.0 posts/week
76/100
Consistent (~2.4d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Benzinga | Ring The Bell | 814K | N/A | Free | substack |
| The Contrarian | 492K | -0.1% | $7/mo | substack |
| Unusualwhales Newsletter | 386K | -0.3% | $10/mo | substack |
| Stephen Leeb, PhD > Turbulent Times Investor | 356K | -0.1% | Free | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 63K | $59,843.7 | — |
| Mar 2026 | 65K | $61,727.4 | +3.1% |
| Apr 2026 | 64K | $60,800.04 | ~0% |
| May 2026 | 63K | $59,843.7 | ~0% |
| Jun 2026 | 60K | $56,974.68 | -4.8% |
Platform Dependency
Hosted on substack subdomain
Publishing Consistency
Regular publishing schedule
Key Person
Single-author publication — key-person dependency
Audience Concentration
Consistent engagement across posts
Subscriber threshold
60K subscribers — above the 3K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 36 similar-size peers in Finance have paid tiers
Pricing position
$49/mo vs $12/mo category median (1206 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Apr 2026 | $49 | $300 |
| Mar 2026 | $30 | $300 |
| Mar 2026 | $30 | $200 |
Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 30/100 | 30% |
| Paid Subscriber Ratio | 47/100 | 25% |
| Growth Consistency | 76/100 | 15% |
| Publishing Consistency | 62/100 | 10% |
| Belanger Trading |
| 326K |
| N/A |
| $1,400/mo |
| substack |
Revenue Model
Active paid subscription tier