Third Quarter 2025 Letter to Investors

Many of you have asked about the state of the economy. The stock market has continued to climb, even though several economic indicators are weak. The headlines scream about the stock market being overvalued, AI companies creating a bubble, weak job growth, and consumer confidence plummeting. Yet, the underlying fundamentals of the economy and the business environment are still solid. This quarter, we explore the competing forces shaping the economy and try to make sense of all the noise. We will also investigate whether AI will make us rich or take our jobs.

MCRM Quarterly Letter 2025 Q3.pdf

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