Macro research on Capital Markets, Geopolitics & the Madness of Crowds — all through the lens of the Dollar Milkshake Theory. By Brent Johnson.
| Platform |  | Pricing | Freemium | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 271 | Founded | 2 years ago | Last Issue | 4 days ago |
| Active | |||||
Read this Newsletter
research.santiagocapital.comLatest Issues
Think, Laugh, Cry #56
How the arrangement of one song...not its notes...reveals what we actually fall in love with when music moves us.
THINK Musicians have a word for everything a song is besides its notes. They call it the arrangement. The melody is the skele...
Mercury Retrograde
The VIX jumped a third last week, credit spreads are widening, and a Mercury retrograde window just opened. One of these is not like the others.
Last week the market got nervous.
Macro Pilgrim's Ledger| October 25, 2026
The Santiago Way
"Walking the path of global markets, one step at a time."
TRACK RECORD
Power, Politics, and Financing the AI Buildout
LETTER TO READERS
Follow the Custodian
The headline last week was that China is hiding Treasuries in Canada. Pull back and foreign holdings are at a record high. The real story is in the data.
A headline went around last week, more than once, from more than one place.
Audience Metrics
Subscribers, engagement, traffic and sponsorship for Santiago Capital.
| Subscribers | Engagement | 78 | Monthly Web Visits | ||
|---|---|---|---|---|---|
| Accepts Sponsors | Estimated Cost per Ad | ||||
Chart Rankings
How this newsletter ranks in the official Substack charts.
| #192 | |
| #201 | |
| #94 |
Authors
The writers behind this newsletter.
We cover the intersection of financial markets, geopolitics and the madness of crowds as we view them through our famework of the Dollar Milkshake Theory.
macro, investing.
Frequently Asked Questions
How can I access the email archive for Santiago Capital?
You can find recent issues that have been published by Santiago Capital on Reletter by scrolling up to where it says Latest Issues. Tap on the link for any of the most recent emails or hit More Issues to see older ones.
How many subscribers does Santiago Capital have?
To see how many people subscribe to Santiago Capital, simply upgrade your Reletter account. We provide readership numbers and lots of other stats for this newsletter so you can decide if it's worth reaching out to.
How can I advertise in Santiago Capital?
Newsletter advertising can be extremely effective when it's done right. Before you pitch Santiago Capital as a potential sponsor or partner, make sure that you've done your research and checked its newsletter stats with Reletter.
Then, personalize one of our winning pitching templates and send it to the right person using the contact info provided.
How much does it cost to sponsor a publication like Santiago Capital?
Newsletter ad rates (or CPM) vary depending on many factors, including industry, number of subscribers, open rate, ad placement and more.
To find out how much an ad will cost, contact Santiago Capital using the contact information provided and ask for a copy of their media kit.
How can I find newsletters related to Santiago Capital?
Scroll up to where it says Related Newsletters to see other publications like Santiago Capital. You can also search our email newsletter directory to discover other newsletters that cover the topics you're interested in.
How do I contact Santiago Capital?
Reletter provides this newsletter's website URL above, where you will often find their contact information. We also provide links to associated social media accounts and pitching templates so you can reach out fast.