Avory - Markets and Investing

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

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

    Oura's IPO and the consumerization of healthcare.

    Sean Emory, Founder and CIO of Avory & Co., discusses Oura's planned IPO and argues it signals the accelerating consumerization of healthcare. He highlights Oura's scale and financials, $1.2B in revenue, 74% growth, GAAP profitability, 5M paying subscribers, and 3.6M rings sold in the past 12 months, while emphasizing the story is bigger than "the next Fitbit." He frames the shift as driven by cheaper and smaller sensors, consumers paying more directly for health through higher deductibles, GLP-1s, and cash-pay services, and AI making health data more usable. Using Oura's S-1 cohort data (72% women, 73% age 45 or younger, 63% earning $100K or more, over half with a chronic condition), he explains why Oura won by targeting finger-based wearables, improving signal quality and wear time, and pairing hardware with subscriptions. He runs Oura lightly through Avory's 6M framework and flags retention and churn as the key unknown until more cohort data is public. Chapters00:00 Oura IPO Snapshot01:10 Channel Intro and Approach02:03 Why Oura Matters Now03:56 Big Tech Health Moves04:51 Three Forces Driving Change07:04 Who Uses Oura09:56 Winning the Finger13:31 Subscription and Engagement Loop16:06 6M Investor Lens19:59 What Comes Next More from Avory & Co.Newsletter (Investing with Data): www.investingwithdata.com  Website: avoryfunds.com Informational only. Not personal investment advice. Opinions reflect Avory & Co.'s views as of the recording date and may change. Avory & Co. and Sean Emory may hold positions in securities discussed. Do your own research and consult your financial professional before making investment decisions.

  2. Aug 27

    They were wrong: software and AI are running together

    They were wrong: software and AI are running together Sean Emory of Avory & Co. argues the SaaS apocalypse narrative is broken. CRPO accelerations at Salesforce, ServiceNow, Okta, Palantir, MongoDB, and Zoom, plus NVIDIA's data center guide, show software and AI are compounding together, not cannibalizing. Sean walks the four layers of the AI stack, why distribution wins at the application layer, and where the real risks sit. Chapters00:00 The SaaS is dead narrative01:07 Intro and disclosures01:50 Is the SaaS apocalypse wrong03:52 Backlog signals: CRPO04:16 Salesforce and Agentforce05:50 ServiceNow and Okta06:52 MongoDB and Zoom08:31 Four layers of the AI stack12:37 NVIDIA's full stack strategy16:31 Risks and what to watch18:11 Wrap up More from Avory & Co. Newsletter: investingwithdata.comWebsite: avoryfunds.com DisclaimerFor educational purposes only. Not investment advice. Opinions reflect our views as of the recording date and may change. Avory & Co. and Sean Emory may hold positions in securities discussed. Do your own research and consult a professional before making investment decisions.

  3. Jul 29

    Debrief: 4 things we learned from Meta.

    Sean Emory of Avory & Co. debriefs Meta's July 29, 2026 earnings call, framing four key questions: AI monetization, open vs closed source strategy, enterprise AI, and the CapEx path into 2027 and 2028. Chapters 00:00 Meta Earnings Debrief01:14 Show Intro & Disclosures01:55 Revenue & Guide Highlights02:55 AI Monetization Flywheel06:49 Open Versus Closed Models08:46 Enterprise AI On WhatsApp11:01 CapEx Outlook And Bottlenecks13:04 Wrap Up & Key Takeaways This discussion is for educational purposes only and should not be considered personalized investment, legal, or tax advice. Views reflect our opinions as of the recording date and may change.

  4. Jul 21

    Humans Buy Platforms. AI Buys Capabilities.

    Sean Emory of Avory & Co. explores how AI could change software competition if agents become buyers, not just users, shifting value from platform suites to composable, standalone capabilities. He frames three eras of software: individual tools, integrated platforms, and an emerging era where AI orchestration acts like a new operating system that selects the best capability for a task regardless of UI or vendor. In this model, winning depends less on distribution, brand, and long contracts, and more on reliability, latency, accuracy, security and governance, API quality, cost per call, and task success rates. Sean argues platforms won't disappear. They may become command centers for permissions, compliance, and governance, while features "escape" suites. He walks through examples from Shopify, Shop Pay, Stripe, Twilio, Zoom, Box, Salesforce, Adobe, and HubSpot. Chapters:00:00 AI changes software buying01:44 Three eras of software03:10 Composable software era03:55 Agents versus humans05:06 Orchestrator as new OS07:46 Capabilities escaping platforms08:33 Examples: Shopify, Stripe, Zoom12:28 New scorecard for winners15:32 Two questions for companies17:22 Where this could be wrong19:48 Big picture takeaways23:22 Closing and subscribe Listen on:Apple Podcasts: https://podcasts.apple.com/us/podcast/avory-markets-and-investing/id1504555573Spotify: https://open.spotify.com/show/3A8acTyfhhxpUFoFLEKeMJYouTube: https://youtube.com/@avoryco Follow Sean and Avory & Co.:X: https://x.com/avorycoX: https://x.com/_SeanDavidLinkedIn: https://www.linkedin.com/company/avory-coWebsite: https://avoryfunds.com Disclaimer The content on this channel is for informational and educational purposes only. It does not constitute personal investment advice, a solicitation, or an offer to buy or sell any security. Views expressed are those of Sean Emory and Avory & Co. as of the recording date and are subject to change without notice. Avory & Co. and Sean Emory may hold positions in the securities and companies discussed. Any references to specific companies, products, or services are for illustration only and should not be interpreted as recommendations. Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. Consult a qualified financial advisor before making any investment decision.

  5. Jul 8

    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

  6. 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.

  7. 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.

  8. 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.

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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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