Avory - Markets and Investing

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.

Avory - Markets and Investing is a business podcast hosted by Unknown Host, with 115 episodes on record and a Required Pod Score of 80.

Unknown Host hosts Avory - Markets and Investing, a business show with 115 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Episode #93

  Meta Muse hit #1. What it means for Meta, and for OpenAI.

  Sep 20, 202623 minS15

  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. Chapters 00:00 Muse goes viral 01:28 What Muse is 02:58 Money-saving use cases 04:11 Why it actually works 07:24 Why Meta wins 11:53 My personal workflows 13:18 Brand trust shift 15:11 Competitive fallout 17:31 How Meta monetizes 19:40 Risks and what we watch 21:23 Closing takeaways Follow Avory & Co. Website: https://avoryfunds.com Newsletter: Investing with Data YouTube: https://youtube.com/@avoryco Disclosure For educational purposes only. Not investment advice. Avory & Co. and Sean Emory may hold positions in the companies discussed.

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  Episode #92

  Oura's IPO and the consumerization of healthcare.

  Sep 9, 202622 minS15

  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. Chapters 00:00 Oura IPO Snapshot 01:10 Channel Intro and Approach 02:03 Why Oura Matters Now 03:56 Big Tech Health Moves 04:51 Three Forces Driving Change 07:04 Who Uses Oura 09:56 Winning the Finger 13:31 Subscription and Engagement Loop 16:06 6M Investor Lens 19:59 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.

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  Episode #91

  They were wrong: software and AI are running together

  Aug 27, 202619 minS15

  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. Chapters 00:00 The SaaS is dead narrative 01:07 Intro and disclosures 01:50 Is the SaaS apocalypse wrong 03:52 Backlog signals: CRPO 04:16 Salesforce and Agentforce 05:50 ServiceNow and Okta 06:52 MongoDB and Zoom 08:31 Four layers of the AI stack 12:37 NVIDIA's full stack strategy 16:31 Risks and what to watch 18:11 Wrap up More from Avory & Co. Newsletter: investingwithdata.com Website: avoryfunds.com Disclaimer For 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.

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  Episode #90

  Debrief: 4 things we learned from Meta.

  Jul 29, 202614 minS15

  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 11:01 CapEx Outlook And Bottlenecks 13:04 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.

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  Episode #89

  Humans Buy Platforms. AI Buys Capabilities.

  Jul 21, 202624 minS15

  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 buying 01:44 Three eras of software 03:10 Composable software era 03:55 Agents versus humans 05:06 Orchestrator as new OS 07:46 Capabilities escaping platforms 08:33 Examples: Shopify, Stripe, Zoom 12:28 New scorecard for winners 15:32 Two questions for companies 17:22 Where this could be wrong 19:48 Big picture takeaways 23:22 Closing and subscribe Listen on: Apple Podcasts: https://podcasts.apple.com/us/podcast/avory-markets-and-investing/id1504555573 Spotify: https://open.spotify.com/show/3A8acTyfhhxpUFoFLEKeMJ YouTube: https://youtube.com/@avoryco Follow Sean and Avory & Co.: X: https://x.com/avoryco X: https://x.com/_SeanDavid LinkedIn: https://www.linkedin.com/company/avory-co Website: 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.

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