Avory - Markets and Investing

Welcome to Avory Around the Desk Podcast... 

Sean Emory, Founder and CIO of Avory & Co., asks whether prediction markets like Kalshi are really about betting, or whether they could expand society's capacity to transfer risk. Using Florida's hurricane insurance crunch, the Generac hedge, and AI-enabled micro-insurance, he argues insurance is capacity, and technology may finally be able to expand it. 

Chapters
00:00 Welcome and setup
01:19 Why prediction markets matter
02:49 Markets as information engines
05:55 From betting to bigger thesis
07:17 Insurance prices uncertainty
09:28 Capacity and risk transfer
11:41 Florida hurricanes case st...

Avory’s Mid-2026 View 

Luis Alvarez and Avory Chief Investment Officer Sean Emory review the first half and outline Avory’s second-half views through five questions: 

00:00 Five Big Questions
00:36 Show Format And Macro Setup
01:35 Market Bifurcation And AI Trade
05:00 Laggards, Ceasefire And Rotation
07:45 Is AI Really Macro Immune
10:44 Hyperscaler CapEx Reality Check
12:53 Trim Infrastructure And Be Selective
13:39 First Order Vs Second Order AI
20:08 Second Order Identity And Trust
23:09 Capital Flows And Blackstone Angle
23:51 Where Second Order ROI Shows Up
25:16 Why Zoom Fits The AI Stack<...

Burden Today or a Moat for Tomorrow.

On the Avory Around the Desk podcast, Sean Emory of Avory & Company discusses why Meta may be misunderstood despite being the cheapest of the Mag 7, the second-fastest grower behind Nvidia, and having the highest gross margins in the group. 

He frames the key debate around whether Meta’s aggressive AI and infrastructure CapEx is a near-term free cash flow burden or a long-term competitive moat, arguing AI is directly strengthening Meta’s core ad business through better recommendations, engagement, and advertiser ROI. Sean highlights Zuckerberg’s capital-allocation track record...

AI narrative momentum, durable value, and why Zoom and Roblox stand out | Around the Desk Ep. 85

Sean Emory, founder and CIO of Avory & Co., on the "AI on, AI off" market: where durable value actually accrues, why models may commoditize as open source catches up, and why ecosystem and context end up mattering more than the model itself. Plus a look at Zoom (Avory's top holding) for its cash, Anthropic stake, and communication-context data, and Roblox for consumer engagement and AI-enabled creation. He expects public AI listings to force scrutiny on profitability, margins, and...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., walks through several market signals that stood out this week.

Markets are seeing multiple spikes simultaneously:

• Oil prices jumping sharply
• Volatility surging
• Corporate insider buying rising in financials
• Massive AI infrastructure spending from hyperscalers

Rather than reacting to headlines, we step back and ask the more important question: what do these signals historically mean for markets?

00:00 Market Signals Overview
01:51 Disclaimer and Setup
02:10 Oil Spike Playbook
03:34 VIX Volatility Spike
04:32 Software and AI R...

AI vs SaaS: Seat + Consumption Can Coexist

Salesforce, Workday, Nvidia, Zoom, Block | Around the Desk

This week on Around the Desk, Sean Emory breaks down a pivotal week for AI and enterprise software.

Are seat-based models being replaced?
Or is AI expanding the value of platforms?

Using earnings and data from Salesforce, Workday, Nvidia, Zoom, and Block, Sean argues AI is enhancing durable platforms, not eliminating them. The winners are likely multi-product ecosystems with compliance depth, proprietary data, and embedded workflows. Not point solutions.

00:00 Welcome and Disclaimer
00:43...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., walks through the key market signals this week and asks a central question:

Are we getting close to a bottom in software?

Insiders are buying.

Business formations are surging.
Software job postings are rising.
App creation is accelerating.

Yet sentiment remains stretched.

We break down what the data is actually saying.

 00:00 Welcome + Disclosures
 00:41 AI & Software Focus
 01:20 Insider Buying Spike
 02:50 Tariffs Update
 05:25 Business Formation Surge
 06:27 Travel & Dining Stable...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down the recent software selloff and the broader AI scare trade.

Inflation is cooling.
Jobs are stable.
Earnings are holding up.

Yet parts of software are trading as if AI is about to eliminate entire business models.

Does that make sense?

Chapters:

00:00 Welcome + Disclaimer
00:40 Software Selloff vs AI Boom
02:20 Inflation Cooling: CPI, Break-evens, Rates
03:55 Jobs & Wages: Stability vs AI Fears
07:00 Zillow: Growth in a Flat Market
08:10 Airbnb...

In this episode of Around the Desk, Sean Emory, Founder and Chief Investment Officer at Avory & Co., steps back from the AI noise to focus on what actually matters right now.

Using recent earnings from Google, Microsoft, Amazon, and Meta, this conversation breaks down what the massive AI CapEx buildout really signals, how different business models monetize AI very differently, and why many of the fears around software disruption may be overstated.

This episode explores AI through a capital allocation lens, separating defensive spending from offensive opportunity, and what Big Tech behavior tells us about...

In this episode of Around the Desk, Sean Emory, Founder and CIO of Avory & Co., sits down with Alex Morris of TSOH Investment Research to unpack investing philosophy, portfolio construction, and the real fundamentals behind dollar store economics.

Alex shares his path into finance, the influence of Warren Buffett, and why transparency and process matter in research. The conversation then dives deep into Dollar General (DG) and Dollar Tree (DLTR), covering store traffic, margin pressure, capital allocation, and how these businesses are adapting amid competitive and operational challenges.

A grounded, fundamentals-first discussion on how mature...

This fireside chat with Micha Kaufman, founder and CEO of Fiverr, hosted by Sean Emory and the Avory team. 

The discussion covers Fiverr's origin story, its evolution into a leading global freelance marketplace, and the dynamics of its two-sided platform connecting buyers and sellers across nearly 800 service categories. 

Micha explains how Fiverr has adapted to changing trends, including the rise of AI, and highlights the company's focus on trust, repeat business, and expanding services for both small businesses and large enterprises. The conversation also touches on Fiverr's financial growth, operational strategies, and vision for the fu...

Block Q3 2025 Post-Mortem: Acceleration With An AI Engine

Post Mortem

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why Block is re-accelerating across Cash App and Square, how Borrow economics compound inside the ecosystem, and why Goose AI is the quiet operating layer powering efficiency and product velocity.

Disclaimer

Avory is an investor in Block.

Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory...

Google Q3 2025 Post-Mortem: AI Execution Over AI Hype

Post Mortem

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why investors are rewarding Google’s spending while punishing others, and how its strategy from TPUs to Gemini shows real ROI in the new compute era.

We cover:
• Revenue acceleration across Search, YouTube, and Cloud (+15% to +34%)
• Gemini’s rapid growth to 650M users, 300M paid
• Why CAPEX to $93B is seen as productive, not reckless
• Anthropic’s commitment to TPUs and the growing Cloud backlog...

Meta just reported Q3 earnings

Revenue up +26% Y/Y, engagement accelerating, and yet the stock fell 8%.

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why the market is suddenly questioning Meta’s $70B+ AI spending plans, what this means for ROI, and whether we’re entering “Metaverse 2.0” territory.

We explore:

 • Why Meta’s core business is stronger than ever
 • How AI infrastructure is driving engagement and ad performance
 • Why investors are beginning to push back on CAPEX at all costs
 • The tension between lo...

Navigating Market Dynamics with Seth Golden: Insights on Fed Policy, Economy, and Investment Opportunities

Join Sean Emory, Founder and Chief Investment Officer of Avory & Company, as he hosts Seth Golden, market strategist and founder of Finom Group, in this episode of Avory's Around the Desk podcast. 

They delve into the Fed's recent rate cut, its impact on the economy, and discuss key investment opportunities and risks in the current market landscape. 

00:00 Introduction and Guest Welcome
00:52 Catching Up in Orlando
02:45 Discussion on the Federal Reserve's Recent Rate Cut
06:54 Real-Time Indicators and In...

Avory Around the Desk Podcast

In this episode of Avory Around the Desk Podcast, host Sean Emory, founder and Chief Investment Officer of Avory & Co, welcomes Garth Friesen, an acclaimed investor, author, consultant, and former hedge fund manager. Garth shares his insights on a wide range of topics including market outlook, macroeconomic trends, the Federal Reserve's policies, and the impact of geopolitical events. Discussions also cover the effects of tariffs, real estate investment opportunities, and the transformative role of AI in various sectors. Whether you're a seasoned investor or new to the field, this episode offers valuable...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., sits down with Kai Wu, Founder & CIO of Sparkline Capital, for a deep dive into investing beyond the balance sheet.

Kai shares how Sparkline Capital applies machine learning, AI, and alternative data to measure intangible assets such as human capital and intellectual property and integrate them into a systematic value investing framework.

We explore:

• Buffett’s three career phases from tangible to intangible moats
• Why patents, brand equity, and PhD talent are undervalued
• Using unstructured data to find adv...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., sits down with Loujaina Abdelwahed, PhD — a senior economist at Revelio Labs — to break down what’s really happening in the labor market.

We dig into the shifting workforce, the nuanced role AI is playing in reshaping jobs, and the generational divide in employee sentiment and retention.

From federal workforce changes to AI adoption curves — this is the kind of analysis that tells us where the labor market is actually headed.

We cover:

• Slowing hiring and historically low attrit...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., sits down with Anthony Power, co-founder of Power Mining Analysis and a leading voice in the mining world, to break down how the economics of Bitcoin mining are evolving and why many are shifting toward high-performance compute (HPC) infrastructure.

This isn’t just about mining anymore, it's about building the digital infrastructure stack of the future.

Chapters

00:00 Introduction to Bitcoin Mining and Power Mining Analysis
04:56 Current State of Bitcoin Mining
10:14 Challenges and Adaptations in Mining
14:43 The Sh...

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., sits down with Travis Brooks — operator, researcher, and the voice behind Let’s Talk Joby to break down the business model behind Joby Aviation and the broader eVTOL landscape.

This is more than just flying cars it's an entire tech and infrastructure stack.

From aircraft manufacturing to consumer apps, software platforms, and vertiport networks — where will the real value accrue?

We cover:

• Why manufacturing might get commoditized
• The risk/reward of owning the consumer relationship
• Platform pot...

In this episode of Around the Desk, Sean Emory sits down with three investors who have been closely following IREN — the Bitcoin miner now pivoting toward high-performance computing (HPC).

We dig into the key questions:
• Can a miner really become an AI infrastructure player?
• What’s happening on the ground with grid capacity, permitting, and capex?
• Are they executing or just announcing?

Guests Kama, Frans, and Dulce join anonymously (X-style) to break down their views — from land records and site visits to financial modeling and risk.

This is a technical, high-convict...

In this episode of Inside Scoop Podcast, founder and Chief Investment Officer Sean Emory from Avory & Co. talks to Yuma Heymans, founder and CEO of O-mega AI, a pioneer in the field of autonomous business operations. They delve into O-mega AI's vision of fully automating company tasks such as software engineering, marketing, sales, and operations with minimal human intervention. Heymans explains the benefits, challenges, and future implications of implementing AI agents in business workflows. They also discuss the evolving role of humans in an AI-driven world, investment opportunities in the AI landscape, and how companies can prepare for a...

In this conversation, Freshta Farzam, founder and CEO of LYTE Aviation, discusses the future of EVTOLs (Electric Vehicle Takeoff and Landing) and the aviation industry. She highlights the need for innovation in air transportation, particularly through the use of hydrogen propulsion and the potential for autonomous flight. The discussion covers market opportunities, safety considerations, regulatory challenges, and the competitive landscape in the EVTOL space.

Chapters

00:00 Introduction to LYTE Aviation and EVTOLs

03:02 The Current State of the Aviation Industry

05:49 Hydrogen Propulsion: A Game Changer

09:13...

Summary In this conversation, Jeremy Schwartz, the Global Chief Investment Officer at WisdomTree, discusses the evolution of ETFs with Sean Emory, Founder of Avory & Co. They discuss the impact of tokenization on asset management, and the future of digital wallets. Jeremy emphasizes the importance of adapting to macro trends and shares insights on investing in Japan and the significance of currency hedging. Schwartz also highlights the innovative strategies WisdomTree is implementing to stay ahead in the fintech landscape. Chapters 00:00 The Evolution of WisdomTree and ETFs 04:05 Tokenization and Its Impact on Asset Management 11:17 The Future of Digital Wallets and Consumer...

Avory Idea Day 2024 with Sean Emory and Mark Mahaney In this conversation, Mark Mahaney discusses the current state of the internet, highlighting positive macro trends and the impact of AI on business efficiency and product innovation. He emphasizes the importance of careful expense management among companies and shares insights from his book, 'Nothing but Net,' focusing on investment strategies for high-quality stocks. The discussion also touches on the future of decentralized internet and the potential of companies like Uber in the evolving market landscape. Chapters 00:00 Introduction to Avory Idea Day 2024 01:31 The Current State of the Internet 05:42 Macro Trends...

In this conversation, Founding Partner and Chief Investment Officer at Avory & Co. Sean Emory interviews Christopher Shasse, founder of Rocketman Tech, discussing the role of Jamf in managing Apple devices in enterprise environments. They explore Jamf's history, its relationship with Apple, and the competitive landscape, particularly focusing on Microsoft Intune as a significant competitor. The discussion also touches on Jamf's security solutions and the future direction of the company following the JNUC conference. Learn more about Rocketman Tech: https://www.rocketman.tech/Linkedin: https://www.linkedin.com/company/rocketman-tech/about/Youtube Video: Intune vs Jamf: https://www.youtube.com...

ABOUT AVORY & CO. Avory & Co is an asset manager focused on Investing Where the World is Headed. Managing high-conviction equity strategies, emphasizing Secular Growth and Transformation Stories. We seek exceptional teams. TODAY'S EPISODE In this episode, Sean Emory, the Founder and Chief Investment Officer at Avory & Co. provides a postmortem Block's earnings report.

Chapters

00:00 Square's Focus on Product and Profitable Growth

01:14 Exceeding Guidance and Share Buyback

03:11 Strong Performance in the Cash App Ecosystem

06:33 Expanding Partnerships and Streamlining the App

ABOUT AVORY & CO. Avory & Co is an asset manager focused on Investing Where the World is Headed. Managing high-conviction equity strategies, emphasizing Secular Growth and Transformation Stories. We seek exceptional teams. TODAY'S EPISODE In this episode, Sean Emory, the Founder and Chief Investment Officer at Avory & Co. provides a postmortem Fiverr's earnings report. He discusses Fiverr earnings and possibility of why the 20% increase in stock price. They announced a plan for $300 million in cumulative cash flow over the next three years and highlighted the convergence of Gap and Non-Gap as their stock-based compensation plans start to lap. They also...

ABOUT AVORY & CO.

Avory & Co is an asset manager focused on Investing Where the World is Headed. Managing high-conviction equity strategies, emphasizing Secular Growth and Transformation Stories. We seek exceptional teams.

TODAY'S EPISODE In this episode, Sean Emory provides a postmortem on Meta's earnings report. He discusses the revenue, profits, user engagement, and growth of Meta. He highlights the success of Meta's VR and AR experiences, particularly the demand for their Ray-Ban meta glasses. Sean also explores how AI is being embedded across Meta's platforms, including Facebook, Instagram, WhatsApp, and the Quest and AR platform. <...

Sean Emory, the founder and Chief Investment Officer at Avory & Co. breaks down Google's earnings report and highlights the strong performance of its cloud business, with revenue reaching $84 billion and operating margins expanding.

Google Cloud surpassed $10 billion in a single quarter and generated $1 billion in operating profit. However, YouTube's revenue missed expectations, although it still experienced low double-digit growth.

The report also emphasizes Google's focus on AI, with 1.2 million developers working on their platforms and the introduction of the Gemini model for generative search.

The earnings call...

In this conversation, Sean Emory, founder and Chief Investment Officer at Avory & Co. discusses the potential of Tesla's full self-driving capabilities and its impact on the market.

He explores the different approaches to autonomous vehicles, comparing Tesla's camera-based approach to Waymo's LiDAR-based approach.

Sean also delves into the market potential of autonomous vehicles, considering the number of vehicles on the road and the cost of autonomous technology.

He raises questions about Tesla's position in the market and the future of hybrid vehicles.

<...

Summary

Fiverr reported strong earnings, beating their own guidance on revenue and adjusted EBITDA. The company has been impacted by the health of the economy and concerns around AI, but they have addressed these issues and showcased the positive impact of AI on their platform. Fiverr is focused on moving upmarket and increasing spend per buyer, while also improving their take rate through promoted gigs and their Seller Plus platform. They have seen growth in complex services and repeat buyers, indicating a strong recurring nature of the business. Fiverr plans to expand their Generative AI Search and...

Summary

Dutch Bros and Starbucks are taking different approaches in the coffee market. Dutch Bros focuses on decadent offerings and drive-through service, while Starbucks offers a mass-market, somewhat premium experience. Dutch Bros is experiencing strong growth in units, revenue, and same-store sales, while Starbucks is seeing negative same-store sales. Dutch Bros emphasizes brand identity, customer service, and experiential moments, while Starbucks is leaning towards discounting to bring back customers. We break it down more.

Chapters

00:00 Introduction and Background

02:26 Dutch Bros' Growth: Units, Revenue, and Margins<...

This week's Inside Scoop covers the Fed's stance on inflation and jobs, as well as earnings reports from companies like Square, Apple, Zillow, and Omnicell.

The Fed expressed neutrality towards inflation and jobs, while the conversation around inflation focused on its moderation. Square had an incredible quarter, with a pivot to profitability and a focus on Bitcoin. Apple reported a decline in revenue, but services and Mac sales grew. Omnicell beat their own guidance and saw improvement in the hospital system. Zillow reported strong earnings, with a focus on rentals and their mortgage business.

This week's Inside Scoop episode focuses on the earnings reports of major tech companies, including Tesla, Microsoft, Google, Meta, and ServiceNow. The conversation covers several themes, including the Cloud Wars, ad spending, and the future of AI. The key takeaways include the strong demand for cloud services from Microsoft and Google, the growth of AI unicorns as customers of Google Cloud, the positive ad revenue growth rates for Meta, Snapchat, and YouTube, and the challenges faced by Tesla in terms of revenue and margins. The discussion also touches on the potential impact of AI on productivity and job growth.<...

In this episode, Sean Emory, Founder of Avory reviews Block's earnings and focuses on the two main segments: Cash App and Square.

Overall the messaging from management emphasizes a focus on growth and efficiency. The discussion highlights the efforts to build a suite of banking solutions within Cash App and the focus on productivity and margin expansion. The performance and growth of the company are analyzed, with a particular focus on Cash App's user base and the success of Cash App Borrow and Cash App Pay. The incorporation of Afterpay and the threat it...

Investment Primer on Zoom From management to product, to growth profile, we dig into the investment case for Zoom. ______ Disclaimer Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from...

In this episode of Inside Scoop, host Sean Emory sits down with Harlan Rapoport, also known as the Fiverr Guy. They discuss the potential impact of GPT or chat GPT on Fiverr's buyer behavior and activity. Harlan shares that he hasn't seen much change in clients' needs from a financial perspective. They also break down the differences between Upwork and Fiverr and provide details of the product launches such as Fiverr Neo, Promoted Gigs, and Subscriptions. Rapoport shares his journey from working in finance to discovering Fiverr and offering email marketing and prospecting services. He talks about the autonomy...

The podcast features Sean Emory from Avory & Co discussion with Soren Larson from Crosshatch, a company focused on personalized AI. Larson discusses his background in ad tech and fighting Russian bots, as well as his experience with personalization at Walmart. The mission of Crosshatch is to hyper-personalize the internet in a safe way.

00:03:52 Hyper-personalizing the internet safely.

00:05:27 Hyper-personalization is the future.

00:11:06 Personalization through generative AI.

00:17:14 Data sharing should be contextual.

00:22:49 Identity layer enables personalized experiences.

00:25:42 Unlocking new digital experiences through safe data sharing.

In this episode of Inside Scoop with Sean Emory, the focus is on the recent earnings reports from major tech companies like Google and Meta. The discussion revolves around what these reports reveal about the consumer market and the broader economy. Meta's 23% growth and Google's advertiser-driven revenue are seen as positive signals for the consumer market. The episode also touches on the strong GDP growth driven by consumer consumption. Overall, the earnings reports provide valuable insights into the battles within the tech industry and their implications for the economy.00:03:05 Digital advertising market is growing.00:06:54 Cloud revenue growth remains strong. ______ ...