The Wealth Enterprise Briefing

WE Family Offices
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The Wealth Enterprise Briefing

The Wealth Enterprise Briefing highlights the latest trends in investment strategies for ultra-high-net-worth families. Join host Michael Zeuner, Managing Partner at WE Family Offices for interviews with industry experts about financial news and investment topics impacting enterprising families.

  1. 7 NOV

    Evaluating Investment Managers During Downturns

    In the most recent episode of The Wealth Enterprise Briefing, WE Family Offices’ Michael Zeuner and Matt Farrell explored the process of evaluating investment managers during periods of underperformance. They discussed the importance of assessing managers based on both market context and strategy alignment, underscoring the need for a balanced perspective when managing long-term investments. Key points from the discussion included: Establishing a recommended three-year holding period for investment managers, except when red flags emerge.Using qualitative and quantitative methods to evaluate managers, focusing on communication and risk management.Special challenges involved in evaluating hedge funds, especially in volatile markets, which call for strong conviction and thorough analysis.The episode also touched on the psychological factors investors face when managers underperform, including the discipline required to maintain a long-term perspective. Michael and Matt suggested that clear initial underwriting and regular assessments provide a foundation for confident decision-making during both positive and challenging market cycles. Listen to the full episode for deeper perspectives into evaluating managers effectively during times of underperformance. As always, if you have any questions or need further insights into your investment strategy, please don’t hesitate to contact us. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    13 min

  2. 24 OCT

    How a Steeper Yield Curve Affects Equity Markets

    As interest rates potentially come down, driven by the Federal Reserve, the landscape for investors is shifting. In this episode of The Wealth Enterprise Briefing, managing partner Michael Zeuner and senior investment manager Sam Sudame continue their series on the implications of a steeper yield curve, discussing how it could impact equity investors. Key insights discussed: Lower interest rates reduce the cost of capital, encouraging business investment.Value sectors like industrials, materials, and real estate should benefit.Small and mid-cap stocks could outperform due to lower rates boosting earnings.A domestic U.S. focus supports small and mid-cap growth.Sam explains that the dominance of tech and growth stocks may give way to value stocks, as modest inflation and higher growth favor sectors that previously underperformed. Additionally, Sam recommends investors consider diversifying portfolios to balance growth with value saying, "I recommend investors be better diversified. Keep a balance between value and growth and have allocations to not just large caps but mid-caps and small caps to have a more holistic equity allocation." Missed the previous episode on the yield curve's implications on fixed-income strategy? Tune in here. As always, if you have any questions or need further insights into your investment strategy, please don’t hesitate to contact us. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    5 min

  3. 10 OCT

    Unlocking Fixed Income Strategy in a Changing Yield Curve

    For the past few years, short-term bonds and money market instruments have offered investors attractive returns, typically without requiring substantial exposure to interest rate risk. However, as the yield curve normalizes, the short end of the curve may no longer represent the most strategic opportunity. In the latest episode of The Wealth Enterprise Briefing, managing partner Michael Zeuner and senior investment manager Sam Sudame discuss the implications of a more normalized or steeper yield curve, focusing on its impact for fixed-income investors. Key points discussed include: Yield curve transformation: The curve has moved from inverted to positively sloping, indicating a new dynamic for investors.The need to shift: With the Federal Reserve expected to continue reducing rates in the coming years, fixed-income investors need to consider adjusting their strategy.The “sweet spot”: The middle part of the yield curve, commonly known as the "belly," presents an opportunity for investors to achieve solid returns while limiting exposure to excessive interest rate risk.Avoid long durations: For the majority of individual investors, the risks linked to longer durations tend to outweigh the potential rewards.Stay tuned for the next episode, where Michael and Sam will discuss the broader implications of a more normalized, steeper yield curve for the equity market. As always, if you have any questions or need further insights into your investment strategy, please don’t hesitate to contact us. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    7 min

  4. 26 SEPT

    Decoding the Federal Reserve’s Rate Cut

    In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, and Sam Sudame, senior investment manager, discuss the Federal Reserve's decision to reduce interest rates by 50 basis points. During the conversation, they analyze the reasoning behind this decision and its comprehensive impact on the U.S. economy. Sudame explained that the Fed's rate cut marks a shift in monetary policy with two main drivers behind this decision: inflation control and economic growth support. Over the past few years, inflation surged to a staggering 9%, prompting the Fed to raise rates by 500 basis points. Now that inflation has cooled to around 2%, the Fed has greater flexibility to adjust its approach, no longer needing restrictive rates to keep inflation in check. With inflation stabilized, the Fed can pivot towards nurturing economic growth. The rate cut is intended to prevent high borrowing costs from impeding business expansion or tipping the economy into a recession. Additionally, they discussed: How this rate cut may signal the end of the pandemic-era economic policies and the beginning of a new, more stable phase.The key sectors that may benefit from the rate cut include housing, the auto industry and Corporate Investment (Capex).How the reversion of the yield curve to a positive slope occurred and why it is a key signal of economic optimism.Stay tuned for future episodes when Michael and Sam will further discuss the implications of the yield curve's shift and what it means for fixed-income investments. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    12 min

  5. 19 SEPT

    Beyond Surface Metrics of Private Market Investments: A Conversation with Michael Zeuner & Matt Farrell

    In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, is joined by Matt Farrell, senior investment manager, to explore how private investors can gain better insights into their portfolios by looking beyond traditional metrics like Internal Rate of Return (IRR) and Net Asset Value (NAV). Key points discussed include: The widespread decline in venture capital returns across recent years and what it means for investors.Why focusing solely on IRRs and NAVs can be misleading for assessing investment health.The value of understanding company-level metrics like operating income and occupancy rates.How transparency and detailed reporting from fund managers are essential for evaluating the real performance of assets.Patience is crucial — why long-term growth in underlying assets may not immediately reflect in returns.Michael and Matt underscore the importance of going beyond surface-level data to truly understand the health of underlying assets in a portfolio. They emphasize that while the path can be slow and require patience, private investors who focus on detailed metrics and maintain transparency with fund managers are better positioned to make informed decisions.  As always, if you have any questions or need further insights into your investment strategy, please don't hesitate to contact us. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    11 min

  6. 5 SEPT

    The Critical Role of Interest Rates in Market Valuations: A Conversation with Michael Zeuner & Sam Sudame

    In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, and Sam Sudame, senior investment manager, examine the impact of interest rates on global capital markets and asset valuations in depth. They discuss why market participants closely watch the Federal Reserve's every move and the anticipation of Fed Chairman Jerome Powell's insights at the upcoming Jackson Hole meeting. Key discussion points include: How interest rates shape asset valuations and capital marketsThe relationship between interest rates and bond pricesThe Federal Reserve’s dual mandate of inflation and employment, and its influence on interest rate policyExpectations for upcoming rate cuts and their potential effects on economic growthThe significance of a "soft landing" for the economy and why it’s crucial for investorsMichael and Sam break down the Federal Reserve's monetary policy, highlighting its broader economic implications and how staying up-to-date on interest rate trends could affect your investment approach. As always, if you have questions about your investment strategy or would like to talk about incorporating these perspectives into your financial situation, please don't hesitate to contact us. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    11 min

  7. 22 AUG

    Understanding the Corporate Transparency Act: A Conversation with Michael Zeuner & Joseph Kellogg

    In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner, Managing Partner at WE Family Offices, discusses with Joseph Kellogg, Partner and Head of Wealth Planning, the intricacies of the newly implemented Corporate Transparency Act (CTA) and its far-reaching implications for both U.S. and international families. Key points explored in this episode include: The scope and purpose of the Corporate Transparency Act, including which entities are affectedDetailed explanation of reporting requirements, including what information must be filed and with whomThe concept of "ultimate beneficial ownership" and its complexities in various entity structuresCritical deadlines for compliance and the potential consequences of non-compliancePrivacy considerations and how FinCEN manages reported informationMichael and Joseph offer helpful discernment for understanding this new regulatory landscape. They emphasize understanding one's obligations under the CTA and stress the need for expert guidance in complex situations, particularly for families with intricate entity structures or international connections. As always, if you have questions about your investment strategy or would like to discuss how these insights apply to your personal financial situation, please don't hesitate to contact us. Important Information: This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.

    16 min

  8. 15 AUG

    Market Update: Understanding the Latest Market Volatility

    In this flash episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, and Sam Sudame, senior investment manager, dissect recent market turbulence and its implications for informed investors. Their discussion cuts through the noise to focus on long-standing investment principles and economic realities. Key topics explored include: Decoding the recent spike in market volatility and its connection to Japanese market dynamicsThe critical distinction between market sentiment and fundamental economic indicatorsWhy knee-jerk reactions to short-term market fluctuations can be detrimental to long-term investment strategiesA balanced perspective on current economic data, including a nuanced look at unemployment figures and growth indicatorsThe ongoing validity of a "soft landing" scenario and its potential impact on investment approachesMichael and Sam emphasize the importance of maintaining a long-term, fundamentals-based investment outlook, even in the face of dramatic short-term market movements. They provide a measured analysis of recent economic reports, cautioning against overreaction to isolated data points without considering the broader economic context. As always, we encourage you to contact us if you'd like to discuss how these insights apply to your personal financial strategy or if you have any questions about positioning your portfolio in the current economic landscape.

    14 min
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The Wealth Enterprise Briefing highlights the latest trends in investment strategies for ultra-high-net-worth families. Join host Michael Zeuner, Managing Partner at WE Family Offices for interviews with industry experts about financial news and investment topics impacting enterprising families.

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