Avory - Markets and Investing

Avory & Co.
  • 4.8 (22)
  • Investing

Around the Desk: This is where we at Avory think out loud, challenge narratives, and look for signal through the noise. Each episode, the Avory & Co. team dives into what’s moving markets, how companies are performing, and where opportunities may be forming. We break down earnings, macro trends, and investor sentiment — all from the lens of a concentrated, high-conviction portfolio. *** The views expressed on Avory Podcast: Around the Desk are those of the hosts and guests and do not constitute investment advice. This podcast is for informational purposes only and should not be relied upon to make investment decisions. All investments involve risk, including potential loss of capital. Avory & Co. may hold positions in the companies discussed.

  1. 1d ago

    6 Questions on Meta: Burden Today, Moat Tomorrow

    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, Meta’s distribution advantage across 3.56B users, and under-monetized assets like WhatsApp, Threads, and Meta AI. He outlines what to watch next, including signals of CapEx plateauing, revenue momentum, monetization progress, and risks such as a potential equity raise. 00:00 Meta Debate Setup02:19 Six Questions Roadmap03:11 Quick Disclaimer03:41 Dont Bet Against Zuck05:38 What Market Misses10:00 Why Track Record Matters14:03 Distribution Flywheel16:54 CapEx Burden Or Moat22:53 Free Cash Flow Path24:36 What Were Watching27:12 Valuation Discipline28:01 Wrap Up And Next Steps Hosted by Sean EmoryFounder & Chief Investment OfficerAvory & Co. Websitewww.avory.xyz Disclaimer This presentation is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any security. Past performance is not indicative of future results. All opinions expressed are as of the date of recording and are subject to change without notice. Any securities discussed may or may not remain in the portfolio. Please consult with a licensed financial advisor before making any investment decisions. © 2026 Avory & Co. All rights reserved.

    30 min

  2. Jun 12

    Narratives, AI, and Durable Investment Bets

    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 capital intensity, and makes the case for patience and businesses that don't require perfect assumptions. Chapters00:00 Podcast intro00:33 Momentum and narratives01:08 AI trade dominates02:31 Where value accrues03:16 Open source catching up05:10 Models commoditize over time06:28 Multi-model future07:47 Infrastructure crowding risks09:15 Energy bottlenecks10:06 Durable investing mindset10:35 Zoom as durable play13:13 Roblox and creation flywheel14:02 Macro uncertainty cycles16:00 Public AI reality check17:33 Staying patient and closing More from Avory & Co.www.avory.xyz  Informational only. Not personal investment advice. Avory & Co. and Sean Emory may hold positions in securities discussed. Past performance does not guarantee future results.

    19 min

  3. Mar 13

    What Data Says About Oil Spike, Vix Spike, and AI

    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 Overview01:51 Disclaimer and Setup02:10 Oil Spike Playbook03:34 VIX Volatility Spike04:32 Software and AI Reset06:24 Consumer Liquidity Boost07:36 Financial Insider Buying08:26 Oil Impact and Scenarios10:37 Election Incentives11:39 AI Adoption Trends15:33 CapEx Winners and Apple16:57 AI Market Structure and Ads21:28 Earnings Week Ahead22:13 Wrap Up and Key Takeaways Hosted by Sean EmoryFounder & Chief Investment OfficerAvory & Co. Websitewww.avory.xyz Disclaimer This presentation is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any security. Past performance is not indicative of future results. All opinions expressed are as of the date of recording and are subject to change without notice. Any securities discussed may or may not remain in the portfolio. Please consult with a licensed financial advisor before making any investment decisions. © 2026 Avory & Co. All rights reserved.

    23 min

  4. Feb 27

    What did we learn from NVIDIA and Software this Week?

    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 Disclaimer00:43 AI vs SaaS Big Week02:13 Platforms vs Point Solutions03:46 Salesforce Seats + Agents07:06 Jobs Data10:08 Buybacks + Workday12:07 Inflation + Breadth14:17 Nvidia + Valuations17:26 AI Adoption + Limits19:03 Capitulation Setup22:08 Portfolio Updates26:19 Closing Disclaimer This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. The views expressed are as of the recording date and may change. The host and affiliated entities may hold positions in the companies discussed. Investing involves risk, including potential loss of principal. Always conduct your own research and consult a licensed financial advisor before making investment decisions. © 2026 Avory & Co. All rights reserved.

    28 min

  5. Feb 20

    Are we closing in on a Software Bottom or No?

    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 06:58 Software Washout Signal 08:41 AI vs Jobs Data 10:05 App Creation Surge 11:08 Zoom + Car Wash Update 12:37 Big Earnings Week 13:50 Are We Near a Bottom?  AI is reshaping software. But the data suggests expansion, not contraction. Hosted by:Sean Emory : Founder & Chief Investment Officer, Avory & Co.  https://www.avory.xyz 📩 Questions: team@avoryco.com🎙 Podcast: Around the Desk📺 YouTube: @AvoryCo Disclaimer This content is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Opinions expressed are as of the recording date and are subject to change. We may hold positions in companies discussed. Investing involves risk, including potential loss of principal. Please conduct your own research or consult a licensed financial advisor before making investment decisions. © 2026 Avory & Co. All rights reserved.

    15 min

  6. Feb 13

    The AI Scare Trade: Jensen Says Its Illogical - We Agree

    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 + Disclaimer00:40 Software Selloff vs AI Boom02:20 Inflation Cooling: CPI, Break-evens, Rates03:55 Jobs & Wages: Stability vs AI Fears07:00 Zillow: Growth in a Flat Market08:10 Airbnb: Global Growth + AI Tailwinds08:45 The AI Scare Trade11:05 Bonds Calm, Stocks Volatile12:10 If AI Wins: Model Layer + Zoom’s Anthropic Upside15:50 What Flips the Narrative: CapEx, Valuations, Retention, Buybacks19:05 Positioning: Earnings Up, Prices Down20:55 Closing: AI Expands Software, Not Shrinks It We cover macro signals, earnings from Zillow and Airbnb, headline-driven AI panic across industries, why credit markets look far calmer than equities, and the asymmetric upside in model-layer winners. AI is transformative. But transformation does not automatically mean extinction. When narrative and fundamentals diverge, opportunity can emerge. — Hosted by:Sean Emory — Founder & Chief Investment Officer, Avory & Co.https://www.avory.xyz Questions: team@avoryco.comPodcast: Around the DeskYouTube: @AvoryCo — Disclaimer: This content is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Opinions expressed are as of the recording date and are subject to change. We may hold positions in companies discussed. Investing involves risk, including loss of principal. Please conduct your own research or consult a licensed financial advisor before making any investment decisions. © 2026 Avory & Co. All rights reserved.

    22 min

  7. Feb 6

    Is Software Dead? and What Big Tech's Spending Reveals About the Future...

    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 the true health of the underlying economy. Topics covered include: • The scale of Big Tech AI CapEx and why it matters more than feature launches • Defensive vs offensive AI spending and how to think about moats • Why AI CapEx is also an economic confidence signal • Different monetization paths at Amazon, Microsoft, Meta, and Google • Why Meta may be the cleanest AI beneficiary • The narrative vs data gap around Google Search and AI disruption • Why the “AI breaks software” panic may be overdone • Enterprise security, governance, and why AI rollout feels fast and slow at the same time • Platforms vs single-purpose tools and where risk actually sits • What recent software earnings say about demand, renewals, and long-term contracts • How AI likely becomes embedded inside platforms rather than replacing them This conversation is for informational purposes only and should not be considered investment advice. Avory & Co. may hold positions in some of the companies discussed. Please do your own research before making any investment decisions. _____ Disclaimer Avory is not an investor in either company mentioned. . 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 a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation. Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.

    18 min

  8. Jan 6

    Inside Dollar General & Dollar Tree: with TSOH Investing Owner Alex Morris

    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 retailers evolve, where risks remain, and what ultimately drives long-term value. Chapters 00:00 Intro & Guest Welcome01:16 Alex’s Background & Investing Roots03:51 Research Process & Transparency05:07 Core Investment Philosophy07:05 Baseball Analogies & Decision-Making10:13 Portfolio Construction & Concentration12:11 Dollar General Overview14:19 Competitive Landscape (Walmart, Amazon)16:40 Pandemic Impact & E-commerce18:21 Margin Pressure & Execution Risks21:39 Store Growth & Home Depot Analogy44:15 Dollar Tree vs. Dollar General52:31 Capital Allocation & Valuation60:26 Key Takeaways62:40 Where to Find Alex & Outro Find his book: Buffett and Munger Unscripted: - https://www.amazon.com/Buffett-Munger-Unscripted-Investment-Shareholder/dp/1804091413 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 & 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 a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation. Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.

    1h 7m
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About

Around the Desk: This is where we at Avory think out loud, challenge narratives, and look for signal through the noise. Each episode, the Avory & Co. team dives into what’s moving markets, how companies are performing, and where opportunities may be forming. We break down earnings, macro trends, and investor sentiment — all from the lens of a concentrated, high-conviction portfolio. *** The views expressed on Avory Podcast: Around the Desk are those of the hosts and guests and do not constitute investment advice. This podcast is for informational purposes only and should not be relied upon to make investment decisions. All investments involve risk, including potential loss of capital. Avory & Co. may hold positions in the companies discussed.

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