"I Don't Believe the Stagflation Narrative": Sean Emory's Bullish Blueprint | Avory & Co

Watch on YouTube ↗  |  April 14, 2026 at 13:04  |  1:11:06  |  Monetary Matters
Speakers
Sean Emory — Founder, Blockworks

Summary

Sean Emory, founder of Avery and Co., discusses his investment philosophy and current market views. He rejects the stagflation narrative, arguing the consumer remains strong due to tax refunds and a stable housing market. He shares several high-conviction long-term investments in companies like Clear Secure, First Watch, Block, Zoom, Omnicell, Zillow, Airbnb, and Blackstone, and discusses the potential for a better entry point in AI chip stocks.

  • Sean Emory's firm focuses on data-driven, high-conviction portfolios with a GARP (growth at a reasonable price) approach.
  • He rejects the stagflation narrative, believing inflation is a lagged indicator and the consumer is in fine shape.
  • He is bullish on small and mid-cap stocks due to valuation dislocation.
  • He discusses specific long positions in consumer-oriented and tech companies, each with detailed theses.
  • He uses AI tools internally but believes the investment industry is still far from relying on AI for accurate analysis.
  • He sees AI as a productivity tool that may lead to more hiring in some areas.
  • He is monitoring AI chip stocks for a potential correction before considering an entry.
  • He believes in the long-term potential of companies that are building platforms and have strong competitive advantages.
Trade Ideas
Sean Emory Founder, Blockworks 4:05
Bullish on small and mid-cap stocks.
Valuation gaps between small/mid-caps and large caps have created a massive dislocation, and with strong tax refunds offsetting oil price impacts, the consumer is in fine shape, making smaller caps attractive.
IWM MED
Sean Emory Founder, Blockworks 8:25
Bullish on Clear Secure due to travel.
Clear Secure is an identity platform benefiting from strong consumer travel trends (TSA throughput at record highs) and is expanding into enterprise, making it more than just an airport business.
YOU HIGH
Sean Emory Founder, Blockworks 8:57
Bullish on First Watch restaurant chain.
First Watch is a fast-growing restaurant chain that is comping positive in a concerned consumer environment, skews affluent (benefiting from K-shaped economy), and is executing well despite valuation pressure.
FWRG HIGH
Sean Emory Founder, Blockworks 31:31
Bullish on Block due to acceleration and AI.
Block has refocused its business, flattened the organization, and is infusing AI. Its multiple businesses (Square, Cash App, Afterpay) are accelerating, showing operating leverage, and it has a strong cash position. The stock is cheap at low teens multiple, and inflation helps point-of-sale providers.
SQ HIGH
Sean Emory Founder, Blockworks 35:33
Bullish on Zoom as a platform company.
Zoom has transitioned from a single product to a platform (Zoom Phone, contact center, team chat) with a strong balance sheet (cash, no debt) and a valuable stake in Anthropic. Growth is accelerating, and it is winning in Office 365 accounts. Valuation is attractive at low teens free cash flow multiple.
ZM HIGH
Sean Emory Founder, Blockworks 44:27
Bullish on Omnicell due to refresh cycle.
Omnicell is a duopoly in medication management with a 10-year refresh cycle for its medication robot cabinets. It has sole source contracts, is moving towards recurring revenue, and is benefiting from automation in healthcare to reduce costs, errors, and waste.
OMCL HIGH
Sean Emory Founder, Blockworks 44:45
Bullish on Zillow's multiple revenue streams.
Zillow has multiple revenue streams (lead generation, rentals, mortgage, payments) and is a top internet asset with high traffic but undervalued. It is growing mid-teens even in a flat housing market and is using AI to enhance its offerings. The rental business is growing quickly, and the company is expanding margins.
Z HIGH
Sean Emory Founder, Blockworks 53:50
Bullish on Airbnb's growth and experiences.
Airbnb is reaccelerating growth, has big events this year, and its experiences tab is resonating. It is building a super app within travel and also owns HotelTonight. The company is benefiting from the experience economy and has the ability to spin up new products quickly.
ABNB HIGH
Sean Emory Founder, Blockworks 54:00
Bullish on Blackstone due to valuation.
Blackstone's valuation has compressed dramatically, presenting an opportunistic buy in the asset management space. The firm is a leader in private equity, private debt, and real estate, and the current valuation does not reflect its long-term prospects.
BX HIGH
Sean Emory Founder, Blockworks 65:09
Watching AI chip stocks for correction.
The AI chip and ecosystem companies (like Nvidia, AMD, ARM, Meta, Google, Amazon, Microsoft) are transformative but may be overvalued in the short term. Waiting for a better entry point after a potential correction and more clarity on which companies are actually winning.
NVDA AMD ARM META GOOGL AMZN MSFT MED
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This Monetary Matters video, published April 14, 2026, features Sean Emory discussing IWM, YOU, FWRG, SQ, ZM, OMCL, Z, ABNB, BX, NVDA, AMD, ARM, META, GOOGL, AMZN, MSFT. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sean Emory  · Tickers: IWM, YOU, FWRG, SQ, ZM, OMCL, Z, ABNB, BX, NVDA, AMD, ARM, META, GOOGL, AMZN, MSFT