Avory’s Mid-2026 View Luis Alvarez and Avory Chief Investment Officer Sean Emory review the first half and outline Avory’s second-half views through five questions: 00:00 Five Big Questions 00:36 Show Format And Macro Setup 01:35 Market Bifurcation And AI Trade 05:00 Laggards, Ceasefire And Rotation 07:45 Is AI Really Macro Immune 10:44 Hyperscaler CapEx Reality Check 12:53 Trim Infrastructure And Be Selective 13:39 First Order Vs Second Order AI 20:08 Second Order Identity And Trust 23:09 Capital Flows And Blackstone Angle 23:51 Where Second Order ROI Shows Up 25:16 Why Zoom Fits The AI Stack 27:07 Zoom as Context Hub 28:49 AI Meeting Workflows 30:04 Anthropic Stake Math 31:34 Real Estate Rate Shock 33:21 AI Deflation Thesis 36:47 Consumer Health Check 38:56 Fed Embraces Real Time 40:25 AI Spend Reality Check 43:57 Durable Compounders Case 47:23 Rapid Fire Wrap Up Hosted by Sean Emory Founder &amp; Chief Investment Officer Avory &amp; Co. Website www.avory.xyz 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 before making any investment decisions. © 2026 Avory &amp; Co. All rights reserved.

Five Questions for the Second Half of 2026

Avory - Markets and Investing

# Full Transcript

**Podcast:** Avory - Markets and Investing

## Transcript

I'm just making sure it's supposed to be doing. Say something? Yes. Alright, cool. Alright, are we in a bubble? Is the rest of the market about to participate? That rotation we have been talking about here at Avory? Are the highest quality compounders being mispriced?

Is identity the most underappreciated layer of the AI stack? Maybe, maybe not. We think so. And is real-time data finally pulling policy towards reality? Something we have been waiting for, for a long time. Those are the five questions we are working through today as we talk about our Avory second half views, a review of the first half, and that is that. Welcome back to Avory Around the Desk. I'm Luis Alvarez, co-founder of Avory & Co..

Each episode, I sit around the desk with my co-founder and Chief Investment Officer of Avory. And we work through one important investment question using data, first principles, and long-term thinking. My job in these conversations is to question every thesis, push on the assumptions, and make sure the framework holds up. Today, we're going to walk through Sean's and Avery's mid-2026 macro view.

It's been a volatile year. And look at the news that mattered last quarter and what it means for how we are positioned. Before we go further, you know, a quick disclosure. This discussion is for educational purposes only. Should not be considered investment advice. Opinions reflect our views as of the recording of this date and those may change. You know, please do your own research. Consult, you know, a professional before making any investment decisions whatsoever.

Sean, let's start at the top. When you look at the market today, what do you actually see? Sean, let's start at the top of the market. Yeah, it's a good question. You know, it's a broad market, a lot going on. You know, I see a market that continues to be very bifurcated. You know, Larry Robbins here recently, I think it was, you know, this week as we record this, you know, the founder of Glenview Capital, a very prominent firm. You know, he said it plainly as anyone, honestly, recently, he's been doing this for decades, you know, very successful in his own right.

And, you know, he said we're he's never seen this level of dichotomy in the markets at all. So you're seeing a lot of separation between, you know, kind of winners and losers. And really, those winners are only in the A.I. trade. You know, if you if you just stopped, you know, this quarter, let's say, and you looked at it, you know, technology was the only sector that actually, you know, beat the market.

And in that, you know, was mostly A.I. So, you know, look, when a long tenured fundamental investor fundamental again focused on the companies and the economics of these business is talking about how we are in such unprecedented times as it relates to movements. I think that's worth analyzing, reviewing. Obviously, we sit on the side of, you know, apprec...

Five Questions for the Second Half of 2026

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Five Questions for the Second Half of 2026

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.