The Wealth Enterprise Briefing

WE Family Offices
  • 5.0 (3)
  • Investing
  • 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. May 21

    Why Are Global Stock Markets Telling Such Different Stories in 2026?

    When global equity markets are up 10% YTD, the temptation is to read that as a broadly shared outcome, but it's not. Beneath the headline figure, individual markets are moving in sharply different directions, driven by forces that have almost nothing in common with one another. In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Senior Investment Manager Sam Sudame examine what lies behind the divergence, tracing the distinct forces shaping market performance across the U.S., Europe, Asia and India. They discuss: Why the ACWI's 10% year-to-date gain is an average of outcomes that vary by as much as 90 percentage points, and the framework used to explain the gap.How the closure of the Straits of Hormuz is producing a supply-side shock that is hitting certain economies far harder than others, and which European markets are absorbing the most pressure.Why Taiwan and South Korea are among the world's strongest performing equity markets this year, and what their earnings projections reveal about the AI hardware cycle.What is behind Japan's emergence as a top developed market performer, and the structural story that brought record foreign investment in April.Why India's equity market tells two entirely different stories depending on whether you look at large caps or small caps, and what the gap between them reveals.What this period of fragmented global performance means for long-term investors and where diversification fits in.If you'd like to discuss how these global market dynamics relate to your portfolio, please reach out. 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.

    15 min

  2. May 8

    Hedge Funds in 2026: Which Strategies Are Working and Why?

    Hedge funds carry a mixed reputation among investors. Concerns about fees, tax implications and limited liquidity are real considerations. But so is the value they can add in the right portfolio for the right investor. In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner, Deputy CIO Matt Farrell, and Investment Associate Andre Westin examine how specific hedge fund strategies performed through the volatility of early 2026 and what investors should weigh before building a position. They discuss: Hedge funds are a structure, not a strategy, and why that distinction is central to how investors should approach them.How to evaluate a fund's performance against the macro environment it was designed to operate in, rather than against a fixed benchmark.Which strategies lagged in 2025 and have since added meaningful value in early 2026, and what shifted between those two periods.Why healthcare hedge funds and merger arbitrage have been among the stronger performers in recent quarters, and what is driving that.What rising equity dispersion signals for quantitative equity strategies going forward.Why the 12-year period, during which the S&P 500 was essentially flat, makes a compelling case for maintaining hedge fund exposure through equity bull markets.If you'd like to discuss how hedge funds might fit within your portfolio construction, please be in touch. 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.

    15 min

  3. Apr 24

    What Should Investors Make of the Market's Pendulum Swing?

    For the past several weeks, global markets have been gripped by the uncertainty surrounding the conflict in the Middle East. But with a temporary ceasefire underway and negotiations begun, the picture is starting to shift. Equity markets have staged a powerful rally, and interest rates have pulled back as fears of a prolonged energy shock begin to ease. In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame look past the volatility to assess what the underlying economic data is actually telling investors and what it means for portfolio positioning from here. They discuss: Diversified portfolios (spanning equities, infrastructure, natural resources, commodities and gold) effectively weathered recent turbulence, proving their worth during acute uncertainty.Market sentiment shifted from fear to optimism, but underlying economic fundamentals provide the most reliable signal.Economic indicators remain strong, supported by resilient consumer spending, 178k new jobs in March, expanding PMIs and rising durable goods orders.Capital expenditures in AI and utilities fuel optimism, with hyperscalers projected to spend $944B this year and utilities $1.5T over five years.Falling oil prices (down from $113 to $82) reduce stagflation risks and create room for yields to drop after a 40+ basis point rate hike.If you'd like to talk through how current market conditions and portfolio diversification apply to your specific situation, please be in touch. 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. Apr 9

    Emerging Markets Outlook: Has the Asset Class Finally Turned a Corner?

    For much of the past 15 years, emerging markets (EM) equities have been a difficult place to invest, marked by significant risk and limited returns relative to U.S. equities. But last year, EM outperformed U.S. equities by its largest margin in years.  In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame examine whether that shift signals something more durable. While the conflict with Iran continues to cloud short-term decision-making, they step back to focus on what may be changing structurally in EM and what investors should watch going forward.  They discuss: Why emerging markets struggled for much of the past 15 years, and what's changed more recently, from weak global growth and China's slowdown to stronger balance sheets, improved profitability and better earnings momentumHow the EM story is evolving beyond a China-led market to a broader mix of economies, particularly across Asia, including India, South Korea and Taiwan, which now make up the majority of the indexWhat's driving earnings growth today, including the role of AI and the positioning of countries like South Korea and Taiwan in the global hardware supply chainWhy valuations remain attractive, especially relative to U.S. equities, and what that could mean for forward-looking returnsHow the Iran conflict is affecting countries differently in the near term—and why the longer-term opportunity may still be intact despite short-term energy disruptionsOur team is continuously monitoring these developments and will share further updates as they become available. We encourage you to contact us directly to discuss how these considerations may apply to your portfolio. 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.

    11 min

  5. Mar 31

    A Month Into the Conflict: What Has Actually Changed?

    When the conflict with Iran first escalated, markets reacted with fear and uncertainty. A month later, the nature of the shock has changed. What began as a volatility event is evolving into an inflation event, and the data is starting to reflect this. In this follow-up flash episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is again joined by Senior Investment Manager Sam Sudame to take stock of where things stand one month in and what it means for portfolio positioning. They discuss: Why oil rising from $65 to $98 a barrel has pushed the Fed to revise its inflation forecast higherHow yields moved 50 basis points in three weeks — and why bonds have not been the haven investors expectedWhy markets have shifted from pricing two rate cuts to a 50% probability of a hikeWhy energy stocks and natural resources have been the standout diversifiersWhat three possible outcomes for equities look like from here — and why the stalemate scenario may be the most underappreciated riskWhy staying at target equity exposure remains the right call for long-term investorsOur team is continuously monitoring these developments and will share further insights as they become available. We encourage you to contact us directly to review how these market shifts may influence your specific portfolio strategy. 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.

    11 min

  6. Mar 26

    Is the Private Credit Selloff a Signal or a Distraction?

    Private credit has faced a wave of negative headlines recently, touching on fraud concerns, software sector risk and questions about how these vehicles handle redemptions. For investors with existing allocations, it has been easy to wonder whether something more fundamental is shifting. In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Deputy CIO Matt Farrell examine what is actually behind the recent volatility, how the structure of private credit vehicles works in practice and whether the core thesis remains intact. Their view is that despite the noise, fundamental credit quality is holding up and the opportunity still rewards a disciplined, diversified approach. They discuss:  Why the recent fraud headlines are not the whole story on credit qualityHow the structure of public and private BDCs can create a misleading picture of underlying riskWhat a high-profile redemption story actually revealed about how these vehicles are designed to workWhat the current data is showing about the health of private credit portfoliosWhy where you sit in the capital structure matters more than headlines suggestHow diversification remains the most important tool for managing risk in private credit todayFor anyone with existing private credit allocations or those considering new commitments, this conversation offers an in-depth look at what the recent headlines do and do not mean for the long-term role of private credit in a portfolio. If you'd like to talk through how private credit fits into your current allocation, please 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

  7. Mar 10

    What Does the Conflict With Iran Mean for Global Markets?

    Geopolitical events can move markets quickly, and the conflict with Iran is no exception. Within a single week, oil prices rose roughly 50%, the U.S. dollar posted its strongest move in over a year and investors began asking whether the macro backdrop that has shaped portfolio positioning coming into 2026 had fundamentally changed. In this flash edpisode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is joined by Global Head of Macro Sam Sudame to take stock of what has happened in the first week of the conflict, what the data is actually showing and whether the firm's three core portfolio themes remain intact. They discuss: Why the Straits of Hormuz make this conflict a substantial risk to global energy supply and inflationWhat the difference is between an inflationary growth environment and a stagflationary shock, and which one markets are currently pricing inWhat the oil futures term structure is signaling about how long the market expects the disruption to lastWhy the case for staying short to intermediate on duration in fixed income remains intactHow diversified equity portfolios, including exposure beyond mega-cap technology, held up better than expected last weekWhy real assets, including natural resources, infrastructure and real estate, remain a core part of the portfolio thesis in this environmentFor investors who have been following the firm's macro framework heading into 2026, this episode is a timely check-in on where things stand and what to keep watching as the situation develops. As the situation continues to develop, we remain focused on monitoring the data closely and will provide updates as warranted. If you'd like to discuss any possible implications for your portfolio, please be in touch. 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.

    18 min

  8. Feb 26

    Where Are the Real Estate Opportunities in 2026?

    Commercial real estate has had a tough stretch. As interest rates rose quickly starting in 2022, transactions slowed, pricing became harder to pin down and many investors put new equity commitments on pause while the market worked through a reset.  In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Deputy CIO Matt Farrell discuss what drove that slowdown, why the opportunity set has leaned toward private real estate debt and what an inflationary growth backdrop could mean for real estate's role within a real asset allocation. Their view is that conditions may be improving, but results will depend on being selective by strategy, property type and geography. They discuss:  Why rising rates froze transaction volume, pushing the opportunity set toward private real estate debtWhat an inflationary growth backdrop could mean for real estate's role going forwardWhy selectivity matters more now, by asset, strategy and region How multifamily conditions differ across markets as new supply works through the systemWhere opportunistic approaches may find openings, including parts of office at the right priceFor families considering new commitments, the conversation is a reminder that real estate may be re-entering the opportunity set, but broad allocations are less likely to do the job than disciplined manager selection and targeted exposures.  If you'd like to talk through where private real estate debt or selective real estate equity may fit in your plan, please 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.

    10 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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