Podcast
Avory - Markets and Investing
Hosted by Avory & Co. · EN
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.
21episodes
Episodes
Newest firstAll episodes
Is Software Dead? and What Big Tech's Spending Reveals About the Future...
Feb 600:18:12Tap to summarizeIn 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 themThis 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._____DisclaimerAvory 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.
Transcribe →Inside Dollar General & Dollar Tree: with TSOH Investing Owner Alex Morris
Jan 601:06:39Tap to summarizeIn 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.Chapters00:00 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 & OutroFind his book: Buffett and Munger Unscripted: - https://www.amazon.com/Buffett-Munger-Unscripted-Investment-Shareholder/dp/1804091413DisclaimerAvory 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.
Transcribe →Fireside Chat with Fiverr Founder and CEO Micah Kaufman
Dec 900:38:59Tap to summarizeThis 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 future, emphasizing its resilience and leadership in the digital services economy.DisclaimerAvory 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.
Transcribe →Block Q3 Postmortem: Foot on Gas No Breaks.
Nov 700:13:30Tap to summarizeBlock Q3 2025 Post-Mortem: Acceleration With An AI EnginePost MortemIn 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.DisclaimerAvory 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.
Transcribe →Google Q3 2025 Postmortem: Why the market likes it...
Oct 3000:08:04Tap to summarizeGoogle Q3 2025 Post-Mortem: AI Execution Over AI HypePost MortemIn 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 (+46%)• How AI integration is lifting engagement and monetization• Why Google’s AI flywheel looks more efficient than peersDisclaimer Avory is an investor in AlphabetAvory & 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. Please be aware that while we monitor comments and “likes” left on this page, we do not endorse or necessarily share the same opinions expressed by site users. While we appreciate your comments and feedback, please be aware that any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please honor our request to limit your 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.
Transcribe →Meta Q3 2025 Post-Mortem: AI Spend vs ROI
Oct 3000:07:37Tap to summarizeMeta just reported Q3 earningsRevenue 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 long-term vision and near-term returns • What this shift could mean for broader AI infrastructure players⚡ Clear growth, rising scrutiny: Meta’s results mark a turning point in how markets judge AI investment.
Transcribe →Decoding Market Dynamics with Seth Golden.
Sep 2601:11:35Tap to summarizeNavigating Market Dynamics with Seth Golden: Insights on Fed Policy, Economy, and Investment OpportunitiesJoin 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 Welcome00:52 Catching Up in Orlando02:45 Discussion on the Federal Reserve's Recent Rate Cut06:54 Real-Time Indicators and Inflation14:42 Labor Market and Economic Outlook21:33 Consumer Behavior and Spending29:38 Impact of Tariffs on Inflation35:57 Investment Opportunities Ahead36:50 Analyzing Costco's Resilience and Investment Potential38:49 Kava and Chipotle: Comparing Growth and Investment Strategies42:07 Financials and Healthcare: Future Prospects and Current Trends46:06 Real Estate Market Insights and Regional Growth48:32 Bubble Concerns and Market Comparisons: 2000 vs. Today54:54 Parabolic Stocks: Risks and Opportunities01:03:51 AI Investment and Market Risks01:09:58 Small and Mid-Cap Stocks: Potential Catalysts and Future Outlook01:11:00 Conclusion and Final Thoughts—Hosted by:Sean Emory, Founder & Chief Investment Officer, Avory & Co.https://www.avory.xyzGuest:Seth GoldenFollow Avory & Co or Sean Emory📩 team@avoryco.com🌐 Website: www.avory.xyz🎙️ Podcast: Operator Mode and Around the Desk📺 YouTube: @AvoryCo—DisclaimerThis 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 for personalized investment advice.© 2025 Avory & Co. All rights reserved.Unauthorized use, reproduction, or distribution of this content is strictly prohibited.
Transcribe →How Bullish Are You? 1 - 10 With Garth Friesen ex NY Fed Advisor, Forbes, III Capital
Sep 1400:49:02Tap to summarizeAvory Around the Desk PodcastIn 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 perspectives on navigating today's complex financial landscape.00:00 Introduction to Avory Around the Desk Podcast00:13 Meet Garth Friesen: Investor, Author, and Consultant00:49 Garth's Career Journey and Current Activities01:19 Current Market and Macro Environment04:01 Impact of Tariffs and Market Reactions13:36 Fed's Role and Economic Indicators16:12 Inflation, Data Accuracy, and Fed's Decision Making23:02 Strategic Views on Fed's Easing Cycle25:59 Impact of Fed Policies on Long-Term Rates27:29 Current State of the Real Estate Market29:08 Opportunities in Commercial Real Estate34:26 AI's Role in Investment Strategies45:01 Advice for Retirees and New Investors48:03 Where to Follow the Speaker's Work—Hosted by:Sean Emory, Founder & Chief Investment Officer, Avory & Co.https://www.avory.xyzGuest:Garth FriesenFollow Avory & Co or Sean Emory📩 team@avoryco.com🌐 Website: www.avory.xyz🎙️ Podcast: Operator Mode and Around the Desk📺 YouTube: @AvoryCo—DisclaimerThis 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 for personalized investment advice.© 2025 Avory & Co. All rights reserved.Unauthorized use, reproduction, or distribution of this content is strictly prohibited.
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"The world has changed." Buffett’s Lessons for the AI Era with Kai Wu
Aug 1500:54:31Tap to summarizeIn 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 advantages• The “lazy analyst” problem in the AI era• Tech giants moving from asset light to heavy AI infrastructure• Lessons from past tech revolutions for investors• Inside a modern quant shopWhether you are a fundamental investor, quant, or simply curious about how AI is reshaping investment strategy, this conversation delivers both the philosophy and the playbook.Chapters00:00 The Evolution of Value Investing02:31 Warren Buffett's Investment Philosophy05:43 Intangible Assets and Modern Investing08:17 The Role of AI in Investment Strategies10:58 Building Sparkline Capital13:45 The Future of Financial Analysis16:56 The Strategy Behind Sparkline's ETFs25:52 Valuing Intangible Assets in Business27:44 The War for AI Talent29:58 Human Capital and Its Impact on Valuation32:38 The Long-Term Value of Intangible Investments35:16 Transitioning from Intangible to Tangible Assets36:41 AI Infrastructure and Historical Context38:34 Risks of Infrastructure Investment in AI40:22 Identifying Early Adopters in the AI Space43:00 Building a Successful Investment Firm49:19 Utilizing AI Tools in Finance—Hosted by:Sean Emory, Founder & Chief Investment Officer, Avory & Co.https://www.avory.xyzGuest:Kai Wu, Founder & Chief Investment Officer, Sparkline Capitalhttps://www.sparklinecapital.comFollow Avory & Co or Sean Emory📩 team@avoryco.com🌐 Website: www.avory.xyz🎙️ Podcast: Operator Mode and Around the Desk📺 YouTube: @AvoryCo—DisclaimerThis 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 for personalized investment advice.© 2025 Avory & Co. All rights reserved.Unauthorized use, reproduction, or distribution of this content is strictly prohibited.
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Jobs in the Age of AI: What’s Actually Changing with Revelio Labs
Jul 30, 202500:38:26Tap to summarizeIn 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 attrition• Why AI is altering — not eliminating — roles• Declining demand for AI-exposed roles• Generational shifts: why younger workers are leaving• The changing public workforce and retention challenges• Why employee sentiment is deteriorating — and what it means• How AI adoption is correlated with productivity and satisfaction• Which jobs are growing while others stagnate—Hosted by:Sean Emory — Founder & Chief Investment Officer, Avory & Co.https://www.avory.xyzGuest:Loujaina Abdelwahed, PhD — Senior Economist at Revelio LabsFollow Avory & Co or Sean Emory📩 Questions? Contact us at: team@avoryco.com🌐 Website: www.avory.xyz🎙️ Podcast: Operator Mode & Around the Desk📺 YouTube: @AvoryCo—DisclaimerThis conversation is for informational purposes only and should not be considered investment advice. We may hold positions in some of the companies discussed. Please do your own research before making any investment decisions.—Hashtags (10):#LaborMarket #AIJobs #WorkforceTrends #RevelioLabs #AroundTheDesk #JobTrends #EmployeeSentiment #FutureOfWork #AIImpact #WorkforceEconomy
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