Advertise on podcast: Avory - Markets and Investing

Sean Emory, founder and CIO at Avory & Co., breaks down Meta Muse after its first week at number one in the App Store. He walks through what Muse actually is, a personal agentic app that plugs into Meta's ecosystem across Instagram, Facebook, and WhatsApp and delivers on what Zuckerberg has been calling personal superintelligence. The viral use cases are real. People are sourcing cheaper auto insurance quotes, canceling forgotten subscriptions, and getting hundreds of dollars of value back in the first week. Sean explains why the product actually works, and why Meta's computer use approach, running secure virtual browsers on a per-user VM, outperforms the older connector-only stack. The core thesis: an agent needs three things to be useful. It needs to know you, it needs to reach you, and it needs to act for you. Meta is the only company at consumer scale that has all three natively. Sean walks through his own scheduled Muse tasks, including a monthly cheapest-per-ounce seltzer run across Instacart and Amazon, and a daily baseball-schedule check for his son that quietly adds new games to his calendar. He also gets into the piece nobody is talking about, the brand inflection. Consumers just handed Meta access to their bank accounts, calendars, and payments. That is a shift the market has not priced. The ripple hits ChatGPT and Anthropic. ChatGPT is going to start looking a lot more like Muse. Anthropic has a real on-ramp problem if the consumer market gets split between Meta and OpenAI. Chapters00:00 Muse goes viral01:28 What Muse is02:58 Money-saving use cases04:11 Why it actually works07:24 Why Meta wins11:53 My personal workflows13:18 Brand trust shift15:11 Competitive fallout17:31 How Meta monetizes19:40 Risks and what we watch21:23 Closing takeaways Follow Avory & Co.Website: https://avoryfunds.comNewsletter: Investing with DataYouTube: https://youtube.com/@avoryco DisclosureFor educational purposes only. Not investment advice. Avory & Co. and Sean Emory may hold positions in the companies discussed.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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: [email protected]🎙 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.

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: [email protected]: 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.

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.

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.