Avory & Co.

Our new Bank Sentiment reading is green across the board on the economy. Banks are telling us activity is healthy.

Fresh issue is out. Banks, Netflix, Buffett, autonomous, Venmo. All in 13 charts.

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investingwithdata.com

Discipline. Future Focused. Discipline.

AVRY was built to serve as a long-term core equity holding. It is actively managed, non-index, intentionally concentrated, and unconstrained by benchmarks or rigid cash targets.

The portfolio focuses on approximately 20–30 high-quality businesses that are foundational to their industries and positioned for durable, secular growth, while remaining valuation-aware.

This is not a thematic ETF.

It is not designed to chase short-term narratives.

AVRY is built for durability, discipline, and long-term compounding.

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Infographic Source: Avory & Co.

As of Date: 12/01/25

Being right on EVs did not mean it was a good bet.

Since 2020, the EV IPO and S**C universe has produced one winner and a graveyard.

Tesla is up 1,284%. Everyone else, adjusted for reverse splits, is down 82% to 100%. Nikola bankrupt. Fisker liquidated. Canoo delisted. Lordstown, Proterra, Hyzon, Arrival all wiped. Lucid down 98% after a 1-for-10 reverse split. Polestar down 96% after a 1-for-30. Rivian down 83%.

As we have been suggesting, thematic conviction and stock returns are not the same trade.

And the irony: the sole winner is winning mostly outside of its EV direct business.