1912 – 2006
Economist
Milton
Friedman
Nobel Prize–winning economist and champion of free markets who showed how economic freedom drives innovation and prosperity.
Read about Friedman Milton FriedmanInvesting in the future replacing the past.
Milton Maxwell is a research-driven investment firm at the intersection of AI and finance. We invest in the public companies and emerging industries reshaping how the world works, and we use AI throughout our own research process to find them.
- Focus
- AI
- Range
- Public companies to startups
- Based in
- San Francisco
- Est.
- 2025
Investing
A directional view on the AI buildout.
Invested across the life of a company, public equities, private growth-stage, angels, and funds, plus the deal flow we work within our network.
See how we invest
Writing
Essays and notes on companies, capital, and the technology cycles that move them.
Published as we work. Long-form essays alongside monthly updates from the desk.
Read our writing
About
Two principals, 30 years in tech and investing between us.
Building Milton Maxwell out of our space at SF Patchworks, surrounded by the engineers and operators whose work shapes the companies we follow.
Meet the firm
Latest writing
We write publicly about how we think and the companies we follow. Essays and monthly notes from the desk.
- Nov 12, 2025/Essay
China's 15th Five-Year Plan Preview
A comprehensive guide to China's 15th Five-Year Plan (2026–2030), the policy framework, key priorities in industrial upgrade and tech self-reliance, and investment implications for U.S. equity markets.
- Oct 10, 2025/Newsletter
Milton Maxwell, September 2025 Update
Last month's picks ran +29% to +130% in a +6% QQQ. The long/short thesis we keep coming back to, investing in the future replacing the past. Notes from Singapore.
- Sep 02, 2025/Newsletter
Milton Maxwell, August 2025 Update
Powell hints at a rate cut; Nvidia's blowout Q2; Figma's IPO; tariff escalation and the U.S. Intel stake. Four quality companies we're tracking. Notes from a busy month in private deals.
- Jul 22, 2025/Essay
Investing in Great Companies: A Framework for Long-Term Value
A guide to the core principles of long-term investing. How to identify high-quality businesses, value them accurately, and build a resilient portfolio for the future.
Why the name
Milton
1831 – 1879
Physicist
James Clerk
Maxwell
Scottish physicist whose electromagnetic equations set off the electrical revolution that has powered much of human progress over the past 150+ years.
Read about Maxwell James Clerk MaxwellThe synthesis
Free markets and technological innovation, the twin engines of human flourishing.
We write publicly about how we think and what we're watching.
Read our latest, or reach out if you'd like to be in touch.