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 expan...

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 A...

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 b...

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, A...

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...

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 platfo...

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 s...

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 B...

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...

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...

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...

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...

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%) • Ge...

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 stro...

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 inves...

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...

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 systema...

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 ch...

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 di...

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, softwar...

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...

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 explai...

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, regulator...

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 cur...

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 f...