Moats Make the G.O.A.T.s: Lunch & Learn Recap with Matt Ober

This week, our partner Matt Ober joined Wells Fargo for a “Lunch & Learn” session with investors and equity analysts to discuss the rapidly evolving market data and information services landscape. The discussion centered on how data moats and defensible platforms are driving long-term winners in the age of AI.

Here are a few key takeaways from the session:

Proprietary Data is the New Edge

Matt emphasized that in a world increasingly powered by LLMs and generative AI, companies with proprietary, deeply embedded data assets are best positioned to succeed. S&P Global (SPGI) stood out for its breadth of proprietary content—particularly Platts benchmarks and their IHS datasets—while Moody’s (MCO) and MSCI also earned high marks for their defensibility in ratings and index products, respectively.

Startups Are Driving Workflow Innovation

New entrants like Finchat and AlphaSense are changing the game by offering modular, API-first products tailored for modern workflows. While these firms face the usual challenges of scaling against high switching costs and long sales cycles, Matt noted that their approach is reshaping how institutional clients expect to consume data—on-demand, not bundled.

FactSet’s Strategic Crossroads

Despite a strong reputation for service and a large aggregated data asset, FactSet (FDS) was discussed for relative lack of proprietary content compared to peers. Matt suggested that FDS could bolster its position through strategic acquisitions to deepen its moat, as opposed to continuing to build just more workflows.

AI is Redefining Scale

AI isn’t just enhancing products—it’s changing the operating model. Matt shared how startups are using AI to do more with leaner teams, streamlining data cleansing and structuring that used to require large offshore workforces. The implication? Efficiency, not just scale, is becoming the next battleground.

The Shift to Consumption-Based Pricing

Enterprise buyers are demanding more flexible, usage-based pricing, and Matt highlighted the tension this creates for incumbents. While great for clients, it challenges vendors’ traditional revenue models and forces them to improve observability and analytics around data usage.

This session reaffirmed Matt’s belief that durable data moats, AI integration, and operational agility are the ingredients that will define the next generation of market data winners. Thanks again to the team at Wells Fargo for hosting a thoughtful and timely discussion.