"I Don't Believe the Stagflation Narrative": How the Strong Consumer and AI Tailwinds Shape Sean Emory's Bullish Blueprint | Avory & Co

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In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell.

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Timestamps:

00:00 Intro

01:26 Avery Investing Style

02:56 Oil Shock Consumer Check

06:27 Housing Inflation Outlook

10:37 K Shaped Economy

13:50 AI, Employment, and Flows

18:06 Pictet AI-Enhanced Equity ETFs

19:41 Using AI for Investment Research

28:12 How AI is Making Trading More Short Term

31:09 Block ($XYZ) Investment Thesis

36:26 Zoom ($ZM) Investment Thesis

43:35 Defining Small Caps

45:57 Omnicell ($OMCL) Investment Thesis

53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis

54:58 Zillow Flywheel Explained

01:02:02 Housing Catalysts

01:04:30 Waiting Out AI Valuations

01:07:31 SpaceX IPO Speculation

01:09:31 Outro