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…
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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 Debrief 01:14 Show Intro & Disclosures 01:55 Revenue & Guide Highlights 02:55 AI Monetization Flywheel 06:49 Open Versus Closed Models 08:46 Enterprise AI On WhatsApp…
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…
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.…
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 Questions 00:36 Show Format And Macro Setup 01:35 Market Bifurcation And AI Trade 05:00 Laggards, Ceasefire And Rotation 07:45 Is AI Really Macro Immune 10:44 Hyperscaler CapEx Reality Check 12:53 Trim Infrastructure And…
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…
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,…
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…
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…
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.…
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 + Disclaimer 00:40 Software Selloff vs AI Boom…
