Monetary Matters with Jack Farley "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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Apr 14, 2026 
Sean Emory, founder and CIO of Avory & Co, is a data-driven investor focused on tech and consumer names. He rejects the stagflation story and argues the consumer is holding up. He links macro views to high-conviction bets on consumer-facing and platform technology companies. He explains how AI reshapes research, hiring, and trading horizons.
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Tilt Smaller When Mega Caps Become Overconcentrated
- Move down in market cap when mega-cap concentration creates large valuation gaps and tax/refund tailwinds support smaller names.
- Avery shifted toward smaller and mid-cap ideas after spotting a rare 20-year dislocation in valuations.
AI Often Creates Jobs Not Just Cuts Them
- Emory views AI primarily as a productivity tool that will increase output and often lead firms to hire more, not fewer, people.
- He notes companies are adding sales and software headcount because non-tech firms must acquire AI acumen to deploy solutions.
Portfolio Examples Of A Resilient Consumer
- Emory links Clear Secure and First Watch performance to consumer resilience: Clear benefits from travel; First Watch comps positive and skews toward more affluent customers.
- He contrasts company-specific headwinds like Chipotle's pricing mistakes with broad macro weakness.