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Around the Desk: This is where we at Avory think out loud, challenge narratives, and look for signal through the noise.

Author: Avory & Co.

Around the Desk: This is where we at Avory think out loud, challenge narratives, and look for signal through the noise. Each episode, the Avory & Co. team dives into whats moving markets, how companies are performing, and where opportunities may be forming. We break down earnings, macro trends, and investor sentiment all from the lens of a concentrated, high-conviction portfolio. *** The views expressed on Avory Podcast: Around the Desk are those of the hosts and guests and do not constitute investment advice. This podcast is for informational purposes only and should not be relied upon to make investment decisions. All investments involve risk, including potential loss of capital. Avory & Co. may hold positions in the companies discussed.
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"The world has changed." Buffett’s Lessons for the AI Era with Kai Wu
Episode 19
Friday, 15 August, 2025

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 shopWhether 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.Chapters00:00 The Evolution of Value Investing02:31 Warren Buffett's Investment Philosophy05:43 Intangible Assets and Modern Investing08:17 The Role of AI in Investment Strategies10:58 Building Sparkline Capital13:45 The Future of Financial Analysis16:56 The Strategy Behind Sparkline's ETFs25:52 Valuing Intangible Assets in Business27:44 The War for AI Talent29:58 Human Capital and Its Impact on Valuation32:38 The Long-Term Value of Intangible Investments35:16 Transitioning from Intangible to Tangible Assets36:41 AI Infrastructure and Historical Context38:34 Risks of Infrastructure Investment in AI40:22 Identifying Early Adopters in the AI Space43:00 Building a Successful Investment Firm49:19 Utilizing AI Tools in Finance—Hosted by:Sean Emory, Founder & Chief Investment Officer, Avory & Co.https://www.avory.xyzGuest:Kai Wu, Founder & Chief Investment Officer, Sparkline Capitalhttps://www.sparklinecapital.comFollow Avory & Co or Sean Emory📩 team@avoryco.com🌐 Website: www.avory.xyz🎙️ Podcast: Operator Mode and Around the Desk📺 YouTube: @AvoryCo—DisclaimerThis 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.