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 Welcome
01:16 Alex’s Background & Investing Roots
03:51 Research Process & Transparency
05:07 Core Investment Philosophy
07:05 Baseball Analogies & Decision-Making
10:13 Portfolio Construction & Concentration
12:11 Dollar General Overview
14:19 Competitive Landscape (Walmart, Amazon)
16:40 Pandemic Impact & E-commerce
18:21 Margin Pressure & Execution Risks
21:39 Store Growth & Home Depot Analogy
44:15 Dollar Tree vs. Dollar General
52:31 Capital Allocation & Valuation
60:26 Key Takeaways
62:40 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.

This 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.

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.

Block Q3 2025 Post-Mortem: Acceleration With An AI Engine

Post Mortem

In 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.

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.

Google Q3 2025 Post-Mortem: AI Execution Over AI Hype

Post Mortem

In 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 peers

Disclaimer 

Avory is an investor in Alphabet

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. 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. 

Meta just reported Q3 earnings

Revenue 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.

Navigating Market Dynamics with Seth Golden: Insights on Fed Policy, Economy, and Investment Opportunities

Join 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 Welcome
00:52 Catching Up in Orlando
02:45 Discussion on the Federal Reserve's Recent Rate Cut
06:54 Real-Time Indicators and Inflation
14:42 Labor Market and Economic Outlook
21:33 Consumer Behavior and Spending
29:38 Impact of Tariffs on Inflation
35:57 Investment Opportunities Ahead
36:50 Analyzing Costco's Resilience and Investment Potential
38:49 Kava and Chipotle: Comparing Growth and Investment Strategies
42:07 Financials and Healthcare: Future Prospects and Current Trends
46:06 Real Estate Market Insights and Regional Growth
48:32 Bubble Concerns and Market Comparisons: 2000 vs. Today
54:54 Parabolic Stocks: Risks and Opportunities
01:03:51 AI Investment and Market Risks
01:09:58 Small and Mid-Cap Stocks: Potential Catalysts and Future Outlook
01:11:00 Conclusion and Final Thoughts

—

Hosted by:
Sean Emory, Founder & Chief Investment Officer, Avory & Co.
https://www.avory.xyz

Guest:
Seth Golden

Follow Avory & Co or Sean Emory
📩 [email protected]
🌐 Website: www.avory.xyz
🎙️ Podcast: Operator Mode and Around the Desk
📺 YouTube: @AvoryCo

—

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 for personalized investment advice.

© 2025 Avory & Co. All rights reserved.
Unauthorized use, reproduction, or distribution of this content is strictly prohibited.

Avory Around the Desk Podcast

In 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 Podcast
00:13 Meet Garth Friesen: Investor, Author, and Consultant
00:49 Garth's Career Journey and Current Activities
01:19 Current Market and Macro Environment
04:01 Impact of Tariffs and Market Reactions
13:36 Fed's Role and Economic Indicators
16:12 Inflation, Data Accuracy, and Fed's Decision Making
23:02 Strategic Views on Fed's Easing Cycle
25:59 Impact of Fed Policies on Long-Term Rates
27:29 Current State of the Real Estate Market
29:08 Opportunities in Commercial Real Estate
34:26 AI's Role in Investment Strategies
45:01 Advice for Retirees and New Investors
48:03 Where to Follow the Speaker's Work

—

Hosted by:
Sean Emory, Founder & Chief Investment Officer, Avory & Co.
https://www.avory.xyz

Guest:
Garth Friesen

Follow Avory & Co or Sean Emory
📩 [email protected]
🌐 Website: www.avory.xyz
🎙️ Podcast: Operator Mode and Around the Desk
📺 YouTube: @AvoryCo

—

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 for personalized investment advice.

© 2025 Avory & Co. All rights reserved.
Unauthorized use, reproduction, or distribution of this content is strictly prohibited.

In 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 shop

Whether 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.

Chapters

00:00 The Evolution of Value Investing
02:31 Warren Buffett's Investment Philosophy
05:43 Intangible Assets and Modern Investing
08:17 The Role of AI in Investment Strategies
10:58 Building Sparkline Capital
13:45 The Future of Financial Analysis
16:56 The Strategy Behind Sparkline's ETFs
25:52 Valuing Intangible Assets in Business
27:44 The War for AI Talent
29:58 Human Capital and Its Impact on Valuation
32:38 The Long-Term Value of Intangible Investments
35:16 Transitioning from Intangible to Tangible Assets
36:41 AI Infrastructure and Historical Context
38:34 Risks of Infrastructure Investment in AI
40:22 Identifying Early Adopters in the AI Space
43:00 Building a Successful Investment Firm
49:19 Utilizing AI Tools in Finance

—

Hosted by:
Sean Emory, Founder & Chief Investment Officer, Avory & Co.
https://www.avory.xyz

Guest:
Kai Wu, Founder & Chief Investment Officer, Sparkline Capital
https://www.sparklinecapital.com

Follow Avory & Co or Sean Emory
📩 [email protected]
🌐 Website: www.avory.xyz
🎙️ Podcast: Operator Mode and Around the Desk
📺 YouTube: @AvoryCo

—

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 for personalized investment advice.

© 2025 Avory & Co. All rights reserved.
Unauthorized use, reproduction, or distribution of this content is strictly prohibited.

In 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.xyz

Guest:
Loujaina Abdelwahed, PhD — Senior Economist at Revelio Labs

Follow Avory & Co or Sean Emory
📩 Questions? Contact us at: [email protected]
🌐 Website: www.avory.xyz
🎙️ Podcast: Operator Mode & Around the Desk
📺 YouTube: @AvoryCo

—

Disclaimer
This 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

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., sits down with Anthony Power, co-founder of Power Mining Analysis and a leading voice in the mining world, to break down how the economics of Bitcoin mining are evolving and why many are shifting toward high-performance compute (HPC) infrastructure.

This isn’t just about mining anymore, it's about building the digital infrastructure stack of the future.

Chapters

00:00 Introduction to Bitcoin Mining and Power Mining Analysis
04:56 Current State of Bitcoin Mining
10:14 Challenges and Adaptations in Mining
14:43 The Shift to High-Performance Computing (HPC)
19:14 Future of Bitcoin Mining and HPC
24:26 Funding and Infrastructure for HPC
29:05 Emerging Players in Mining Technology
37:39 Conclusion and Future Outlook

Whether you're long, short, or just curious about the future of mining infrastructure — this one goes deep.

—

Hosted by:
Sean Emory — Founder & Chief Investment Officer, Avory & Co.
https://www.avory.xyz

Guest:
Anthony Power — Co-founder of Power Mining Analysis
Contributing Writer at Compass Mining

Follow Avory & Co or Sean Emory
📩 Questions? Contact us at: [email protected]
🌐 Website: www.avory.xyz
🎙️ Podcast: Operator Mode & Around the Desk
📺 YouTube: @AvoryCo

—

Disclaimer
This conversation is for informational purposes only and does not constitute investment advice. We may hold positions in some of the companies discussed. Please do your own research before making any investment decisions.

© 2025 Avory & Co. All rights reserved.

—

Hashtags (10):
#BitcoinMining, #HPCInfrastructure, #DigitalEnergy, #CryptoMarkets, #BitcoinEconomics, #AICompute, #MiningMargins, #CompassMining, #AroundTheDesk, #AvoryPodcast