Avory - Markets and Investing

Avory & Co.
  • 4.8 (22)
  • Investing
  • Updated Weekly

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. 21h ago

    Prediction Markets Aren't Really About Betting... Maybe?

    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.  Chapters00:00 Welcome and setup01:19 Why prediction markets matter02:49 Markets as information engines05:55 From betting to bigger thesis07:17 Insurance prices uncertainty09:28 Capacity and risk transfer11:41 Florida hurricanes case study13:06 Hedging with opposite exposures15:04 Micro risks and AI automation18:31 Tech stack enables new markets21:15 Liquidity, market makers, regulation22:56 Wrap up and key takeaway DisclaimerThis conversation is for educational and informational purposes only. Nothing discussed is personalized investment, legal, tax, or insurance advice. Views reflect our thinking as of the recording date and may evolve as new information becomes available. Do your own research and consult a qualified professional before making financial decisions. More at avoryfunds.com

    25 min

  2. Jul 2

    Five Questions for the Second Half of 2026

    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 Questions00:36 Show Format And Macro Setup01:35 Market Bifurcation And AI Trade05:00 Laggards, Ceasefire And Rotation07:45 Is AI Really Macro Immune10:44 Hyperscaler CapEx Reality Check12:53 Trim Infrastructure And Be Selective13:39 First Order Vs Second Order AI20:08 Second Order Identity And Trust23:09 Capital Flows And Blackstone Angle23:51 Where Second Order ROI Shows Up25:16 Why Zoom Fits The AI Stack27:07 Zoom as Context Hub28:49 AI Meeting Workflows30:04 Anthropic Stake Math31:34 Real Estate Rate Shock33:21 AI Deflation Thesis36:47 Consumer Health Check38:56 Fed Embraces Real Time40:25 AI Spend Reality Check43:57 Durable Compounders Case47:23 Rapid Fire Wrap Up Hosted bySean 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.

    53 min

  3. Jun 26

    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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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
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4.8
out of 5
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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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