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. Timestamps: 00:00 Introduction and Podcast Overview 00:38 Block Q3 2025 Postmortem: Initial Thoughts 02:00 Cash App Momentum and Growth 05:10 Square's Accelerating Growth 07:45 AI Integration and Future Prospects 10:10 Leadership and Strategic Shifts 11:10 Proto Mining and Upcoming Catalysts 12:44 Conclusion and Final Thoughts 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.

Meta's Q3 2025 Earnings: A Deep Dive into AI Investments and Market Reactions Avory Around the Desk Podcast - the post-mortem edition Meta's Q3 2025 earnings. Join Sean Emory, Chief Investment Officer and co-founder at Avory & Co, as he explores the 26% year-over-year revenue growth, robust engagement metrics, and the record 51.2 billion in revenue. Despite beating market expectations, Meta's stock has fallen due to concerns about skyrocketing operating and capital expenses, driven primarily by AI investments. 00:00 Intro 00:17 Meta's Q3 2025 Earnings Overview 00:50 Engagement and User Metrics 01:50 Focus on Operating Expenses and CapEx 02:48 AI Investment and Market Reactions 03:32 Meta's AI Returns and Market Concerns 06:24 CapEx Discipline and Broader Market Implications 07:07 Conclusion and Final Thoughts Disclaimer Avory has a position in Meta. 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. Find more here https.⁠www.avory.xyz/disclaimer-pagee Avory is an investor at the time of this recording.

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. Find more here https.⁠www.avory.xyz/disclaimer-pagee Avory is an investor at the time of this recording.

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 📩 team@avoryco.com 🌐 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 📩 team@avoryco.com 🌐 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 📩 team@avoryco.com 🌐 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: team@avoryco.com 🌐 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: team@avoryco.com 🌐 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

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., sits down with Travis Brooks — operator, researcher, and the voice behind Let’s Talk Joby to break down the business model behind Joby Aviation and the broader eVTOL landscape. This is more than just flying cars it's an entire tech and infrastructure stack. From aircraft manufacturing to consumer apps, software platforms, and vertiport networks — where will the real value accrue? We cover: • Why manufacturing might get commoditized • The risk/reward of owning the consumer relationship • Platform potential if Joby owns the software layer • Vertiports as the underrated competitive advantage • How Blade and Archer are approaching the market • What history tells us about margins and defensibility Whether you're long, short, or just curious about air mobility, this one dives deep. — Hosted by: Sean Emory — Founder & Chief Investment Officer, Avory & Co. Guest: Travis Brooks — Operator & creator of Let’s Talk Joby Follow Avory & Co or Sean Emory 📩 Questions? Contact us at: team@avoryco.com 🌐 Website: www.avory.xyz 🎙️ Podcast: Operator Mode & Around the Desk YouTube: @AvoryCo 0:00 : Intro 1:17 Disclosure 1:30 Sean Emory opening agenda 2:30 Elevator pitch on Joby 11:20 Can they build vertically? 17:50 The stack — 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. — #JobyAviation, #eVTOL, #FutureOfTransportation, #UrbanAirMobility, #AirTaxis, #TechStack, #MobilityPlatforms, #FlyingCars, #AviationTech, #AvoryPodcast