The Wealth Enterprise Briefing

WE Family Offices
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  • UPDATED BIWEEKLY

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. 12/18/2025

    Considering AI's Long-Term Influence on Markets and Portfolios

    Questions about a possible market bubble have resurfaced this year, driven by rapid gains in AI-related companies and concerns about whether valuations can keep pace with expectations. Families are asking whether today's environment resembles earlier periods of exuberance and what that might mean for long-term positioning. In a previous episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame explored a question many families are asking: Are we in a bubble, particularly in AI-related stocks? Sam's view was clear: Current valuations remain grounded in fundamentals, with earnings growth supporting much of the recent market strength. In this follow-up discussion, they take the conversation a step further. Instead of focusing solely on whether a bubble may eventually form, they examine what AI could mean for the broader market over time and how investors might think about positioning for the next stage of this shift. They talk through: Why long-term opportunities may extend beyond hyperscalers and early AI leadersHow historical cycles show that productivity beneficiaries often drive the next leg of returnsWhat distinguishes today's environment from the dot-com era, particularly around fundamentals and cost efficienciesWhy margin expansion across a wider set of companies could shape future market leadershipHow diversified portfolios can capture AI-related growth while balancing other risks Sam notes that AI is likely at the beginning of a multi-stage cycle: first through infrastructure buildout and next through widespread corporate adoption that could lift productivity and margins. While sentiment may play a role in the near term, the long-term impact of AI could reach far beyond the companies currently in the spotlight. If you would like to review how AI-related developments are reflected in your current allocations, please contact us; we're here to help. Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    12 min

  2. 12/18/2025

    Putting AI-Driven Valuations in Context and What Investors Should Know

    Questions about a possible market bubble have resurfaced this year, driven by rapid gains in AI-related companies and concerns about whether valuations can keep pace with expectations. Families are asking whether today's environment resembles earlier periods of exuberance and what that might mean for long-term positioning. In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner speaks with Global Head of Macro Sam Sudame about how AI investment is shaping markets, what history can teach us and how to think about portfolio construction when enthusiasm and uncertainty coexist. They discuss: How AI spending is supporting growth and how it compares with past innovation cyclesWhat prior eras in railroads, autos and the internet show about valuations and behaviorWhy earnings growth sets today's leading AI names apart from past bubblesHow metrics such as the PEG ratio help judge whether valuations are reasonableWhat to watch next, including capacity constraints and risks to AI-related earningsWhile history shows that great technologies can experience periods of over-optimism, Sam notes that today's fundamentals still support much of the market's enthusiasm. At the same time, both he and Michael emphasize the importance of diversified portfolios that balance exposure to powerful growth themes with counterweights across sectors and asset classes. Families evaluating their equity allocations or thinking about how AI fits within a long-term strategy are welcome to connect with us to discuss how these trends may relate to their overall goals. Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    14 min

  3. 11/25/2025

    Understanding the Forces Behind Interest Rate Volatility

    Bond markets have moved through several phases this year: early optimism, tariff-driven concern, rate cuts from the Federal Reserve and now a renewed bout of volatility. For investors trying to understand what the 10-year Treasury is signaling, the past few weeks have brought important developments. In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner speaks with Global Head of Macro Sam Sudame about what is driving recent rate swings and how to interpret the factors influencing the 10-year. They talk through: How policy uncertainty and mixed data have driven rate volatility this yearWhy the 10-year remains central to valuations, borrowing costs and fixed income spreadsWhat current readings imply for inflation, growth and US debt concernsHow term premium and creditworthiness influence long-term ratesWhy duration management still matters even as short-term rates come downMichael and Sam explain that while the Federal Reserve sets short-term policy rates, the market determines the 10-year, and that distinction matters for investors assessing both risk and opportunity in fixed income. Understanding the drivers behind the 10-year can help families avoid unnecessary interest rate exposure and stay anchored in a thoughtful allocation approach. To discuss how these rate dynamics may relate to your fixed income strategy, please do not hesitate to contact us. Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    12 min

  4. 11/13/2025

    How Diligence and Discipline Shape Outcomes in Private Credit

    Private credit continues to attract attention as investors look for yield in a shifting rate environment. But behind the strong inflows, recent bankruptcies have raised questions about due diligence, loan structures and manager discipline. In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner talks with Deputy CIO Matt Farrell about what recent events reveal about the state of private credit and how investors should evaluate managers in an increasingly crowded space. They discuss:  Why recent high-profile bankruptcies point to gaps in collateral verification and underwritingHow rapid growth in private credit has led to looser lending standards and "covenant-light" structuresWhat investors should examine in a manager's due diligence and credit processWhy speed and deal volume can work against careful underwritingThe core reasons private credit still holds appeal for investors who can tolerate illiquidityWhile headlines may paint a worrying picture, they don't reflect the entire market. For investors who take the time to assess managers carefully and understand the risks, private credit can still serve a meaningful role within a diversified portfolio. To discuss how recent private credit developments may impact your portfolio, please don't hesitate to contact us. Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    13 min

  5. 10/30/2025

    Inside the 2025 Allocation Outlook and Positioning for What's Next

    Following a series of investment committee meetings, WE Family Offices shares its latest perspectives on asset allocation and how investors might think about positioning as market conditions evolve. In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame and Matt Farrell to discuss how shifts in policy, earnings and valuations are influencing opportunities across fixed income, equities and real assets. Their discussion highlights how recent rate cuts, easing uncertainty around tariffs and taxes and stronger corporate performance are creating a more favorable backdrop, but one that still requires selectivity and diversification. Key discussion points include: What the Fed's rate cuts could mean for both short- and long-term yieldsWhy equity opportunities are broadening beyond large-cap techHow diversification across geographies, styles and market caps adds resilienceThe growing importance of real assets in portfolios As they note, investors don't need to overhaul their allocations but the mix beneath the surface matters more than ever. If you're rethinking how your portfolio is positioned for the next stage of the cycle, we'd be happy to start that conversation with you.   Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    14 min

  6. 10/16/2025

    Rate Cuts, Resilient Growth and Rising Valuations: A Look Ahead to 2026

    The Federal Reserve's decision to lower rates has set a new tone for the capital markets, influencing everything from liquidity and valuations to the broader economic outlook. In the latest episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner and Sam Sudame discuss what the Fed's shift means for investors and how factors like AI spending, resilient growth and improving trade conditions are shaping the equity market and global markets heading into 2026. They discuss: Why the Fed acted despite steady growth and persistent inflationHow strong liquidity and corporate earnings are supporting higher valuationsThe impact of rising AI spending on economic growth and market performanceKey implications for investment strategies across equities, real assets and fixed incomeEven with elevated valuations and policy uncertainty, Michael and Sam stress the importance of thoughtful investment strategies, including staying diversified, managing risk and aligning portfolios with long-term objectives. As always, please reach out to us if you have any questions.  Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    13 min

  7. 10/02/2025

    The Fed's Rate Cut: Implications for Portfolios and Markets

    The Federal Reserve lowered rates, raising important questions about the balance between inflation risks and continued economic growth. In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame to discuss what the Fed's decision could mean for interest rates, equity markets and long-term investment planning. They consider why the Fed acted despite resilient growth and persistent inflation, how loose financial conditions and fiscal stimulus may shape the outlook and where investors should be particularly attentive in their portfolios. From the pressure on fixed income returns to the potential stability of real assets, Michael and Sam address both the risks and opportunities families need to evaluate. Key points in their discussion include: Why the Fed is cutting rates in a non-recessionary environmentHow equity markets may continue higher despite elevated valuationsThe inflationary implications of "double stimulus" from monetary and fiscal policyThe role of real assets such as real estate, commodities and infrastructureWhat to watch in fixed income markets, especially with negative real returns on cashHow to approach investment strategy in the context of growth, inflation and policy shiftsEven in uncertain conditions, Michael and Sam stress the importance of maintaining diversification, focusing on real returns and aligning investment strategies with long-term objectives. If you are reassessing your portfolio in light of changes in rates, inflation or opportunities in real assets, we invite you to contact us. Our team can help you evaluate strategies and remain positioned for long-term success. Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    13 min

  8. 09/18/2025

    Strategic Choices in Fixed Income for Long-Term Investors

    After several years of unusually high returns in money markets and short-term instruments, the environment for fixed income is shifting. In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame and Matt Farrell for a discussion on how investors should be thinking about fixed income portfolios in today's market. They look at the macro drivers shaping the yield curve, what the Fed's policy path could mean for investors and how to approach duration and credit exposure with care. The conversation also addresses why real yields remain positive and how bonds may once again play a meaningful role in long-term allocations. Key discussion points include: The Fed’s expected rate cuts and implications for yieldsWhy three to five years may be the right duration rangeManaging credit risk across corporate, asset-backed, and structured creditThe role of diversification as cash becomes less rewardingAs Michael, Sam and Matt emphasize, fixed income may be more complex to manage than in recent years, but with selectivity, discipline and a long-term view, it can once again be a compelling part of investor portfolios. If you'd like to explore what these shifts could mean for your own plan, just reach out, we're here to help. Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing 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 in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

    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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