We give a semi-small orthogonal decomposition of the Chow ring of a matroid M. The decomposition is used to give simple proofs of Poincaré duality, the hard Lefschetz theorem, and the Hodge-Riemann relations for the Chow ring, recovering the main result of [AHK18]. We also show that a similar semi-small orthogonal decomposition holds for the augmented Chow ring of M.