Avory Foundational ETF $AVRY | Asset Manager | Investing Forward. | High conviction equity portfolios. Not investment advice.
Joined March 2015
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Apr 1
🔔 It was an honor to ring the bell as we continue building at Avory.
This moment reflects more than a milestone, it’s a step forward in how we think about investing: focused, intentional, and built around investing forward.
As markets evolve, so does the need for strategies grounded in clarity, discipline, and long-term thinking.
Grateful for the opportunity, thankful for our partners, and even more excited for what’s ahead.
$SPX $TLT
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Jun 12
EPISODE 85: Narratives, AI, and Durable Investment Bets
youtu.be/uKrleelJPFQ?is=N6V1…
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Jun 12
From the desk: $ZM stake is marked at Anthropic's $380B Series G. Anthropic has since 2.5x'd to $965B Series H. IPO at a premium puts the stake at $5.5B to $11B. Implied op business: $10.7B, 5.4x FCF, on a re-accelerating top line. Not a recommendation.
ALT Zoom sum of the parts: market cap $27.07B, cash $8.33B, Anthropic stake carry $1.27B with hidden mark-up, implied operating business $10.7B at 5.4x FCF.
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Jun 10
Real wages by Truflation: 1.3%.
Real wages by CPI: -0.7%.
Same paycheck. Two inflation series. Positive every month for two years on the cleaner one. The consumer story under the noise.
ALT Real wages by Truflation 1.3% vs CPI -0.7% chart, June 2026
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Jun 8
Monday chart. BofA card data, Feb vs May spending growth, ex-gas.
Most categories sit above the 45-degree line. May ran hotter than Feb.
Real wages above inflation. The consumer absorbed the gas spike.
ALT BofA card spending scatter showing May ran hotter than Feb across most ex-gas categories
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Jun 8
The AI story isn't just chips. It's the building those chips sit inside.
ALT Hook slide.
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Jun 8
The full stack.
Land holds power. Power feeds infra. Infra makes tokens. In that order.
ALT Full stack.
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Jun 8
Land. Power. Infrastructure. In that order. Always.
Full guide. Visit our site for more research and our investment strategies: linktr.ee/avoryco
ALT Close slide.
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Jun 8
Every AI prompt starts with dirt and electricity.
The new guide from Avory & Co. Land. Power. Infrastructure. In that order.
ALT Avory Data Center Guide cover.
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Jun 8
"Sovereignty over workflows and datasets" - Robert F. Smith on enterprise software survival
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