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

In this episode of Around the Desk, Sean Emory sits down with three investors who have been closely following IREN — the Bitcoin miner now pivoting toward high-performance computing (HPC). We dig into the key questions: • Can a miner really become an AI infrastructure player? • What’s happening on the ground with grid capacity, permitting, and capex? • Are they executing or just announcing? Guests Kama, Frans, and Dulce join anonymously (X-style) to break down their views — from land records and site visits to financial modeling and risk. This is a technical, high-conviction conversation for anyone trying to understand the shift from Bitcoin mining to AI compute infrastructure. 0:00 Intro 1:50 Backstory 4:15 Kama view on the pivot to HPC 8:15 HPC execution? 9:20 Dulce adds in to HPC pivot thoughts... 16:40 Frans adds in. 52:20 Valuation views? 62:45 Risks — Hosted by: Sean Emory, Co-Founder & CIO of Avory Podcast: Around the Desk by Avory — ⚠️ Disclaimer: This podcast is for informational purposes only and does not constitute investment advice. All views expressed are those of the individual participants and do not represent the opinions of Avory or its affiliates. Always do your own research before making investment decisions. $IREN $CORE $NVDA

Welcome to the Avory & Co. Earnings Webcast – July 2025 Edition. In this episode, we dive into: • Macro headwinds vs tailwinds • Why small caps are trading at generational discounts • The biggest investment trends in AI, autonomous vehicles, and digital work • Company insights on Zoom, Meta, Fiverr, Block & more • How we’re positioning our portfolio around where the world is headed We also explore: – The valuation spread between large and small caps – The rise of AI infrastructure and agentic models – How platforms like Meta and Zoom are embedding intelligence across their ecosystems – What gives us conviction in companies with pricing power and durable growth Avory & Co invests with one mission: back the companies shaping the future. Let’s break down what’s driving markets—and what we’re watching next. Timing 0:00 Intro 1:17 Disclosure 2:00 Sean Emory Opening Agenda 5:35 Macro Views 22:03 AI Views 31:00 Autonomous Car Views 37:15 Zoom 48:12 Meta 52:20 Fiverr 1:01:00 Block 1:04:00 Clear Secure , Mister Car Wash, Legal Zoom , First Watch 1:05:00 Watch List: Snowflake , Iren , Dutch Bros... 1:07:00 Questions 📩 Questions? Contact us at: team@avoryco.com 🌐 Website: www.avory.xyz 🎙️ Podcast: Operator Mode & Around the Desk 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. $YOU $META $XYZ $BTC $FVRR $CORE $ SNOW $BROS $IREN IREN STOCK #IRENSTOCK

Inside Our Latest Investments: A Live Q&A New investments on Clear Secure, Legal Zoom, First Watch, and Mister Car Wash. More on Avory: https://linktr.ee/avoryco​ Subscribe Here: https://www.youtube.com/channel/UCoH5... Sean's Twitter: / _seandavid Disclaimer: Avory & Company, LLC statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. This presentation is for informational purposes only. No information contained on this presentation constitutes investment advice. This presentation should not be considered a solicitation, offer or recommendation for the purchase or sale of any securities or other financial products and services discussed herein. Please reach out to Houston Hess our head of Compliance and Operations for any further details. Find more here https://www.avory.xyz/disclaimer-page

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