Monthly market thinking, no noise.

What's in each issue.

Markets, decoded. What we're seeing in markets each month — the signal beneath the noise.

What we're reading. The articles, papers, and reports that shaped our thinking.

From Read Between the Lines. Trevor's monthly video series breaking down the headlines that matter.

Inside Matco. What our team is working on, fund updates, and occasional notes from Bill.

Following the Money: The Question that Defines AI's Next Year

While the first phase of AI rewarded the companies building chips and data centers, the next phase will be judged by which companies can turn AI spending into real margin expansion and stronger cash flow. The key takeaway is to “follow the margin”: AI’s true winners may be the businesses that use it to lower costs, improve productivity, and show measurable gains on the income statement.