"The world has changed." Buffett’s Lessons for the AI Era with Kai Wu

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 shop

Whether 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.

Chapters

00:00 The Evolution of Value Investing
02:31 Warren Buffett's Investment Philosophy
05:43 Intangible Assets and Modern Investing
08:17 The Role of AI in Investment Strategies
10:58 Building Sparkline Capital
13:45 The Future of Financial Analysis
16:56 The Strategy Behind Sparkline's ETFs
25:52 Valuing Intangible Assets in Business
27:44 The War for AI Talent
29:58 Human Capital and Its Impact on Valuation
32:38 The Long-Term Value of Intangible Investments
35:16 Transitioning from Intangible to Tangible Assets
36:41 AI Infrastructure and Historical Context
38:34 Risks of Infrastructure Investment in AI
40:22 Identifying Early Adopters in the AI Space
43:00 Building a Successful Investment Firm
49:19 Utilizing AI Tools in Finance

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Hosted by:
Sean Emory, Founder & Chief Investment Officer, Avory & Co.
https://www.avory.xyz

Guest:
Kai Wu, Founder & Chief Investment Officer, Sparkline Capital
https://www.sparklinecapital.com

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Disclaimer

This 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.

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