The Wealth Enterprise Briefing

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.

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.

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 portfoliosAs 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.

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.

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.

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.

Private credit has experienced explosive growth in recent years, attracting significant attention from investors and financial professionals alike. But with rapid expansion comes new risks and challenges.In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner sits down with Deputy CIO Matt Farrell to examine the current state of private credit, including the warning signs that investors should be watching and the impact of market "froth."Specifically, they discuss: How private credit evolved from a post-financial crisis niche to a mainstream marketWhy covenant-light lending now dominates and what it means for investorsThe impact of slower growth and higher inflation on default riskWarning signs in spreads, interest coverage and payment-in-kind structuresWhat to look for in managers who can adapt in today's environment"For a savvy investor...who knows what to look for in a private credit manager, who knows how to, hopefully, minimize the impact of some of the froth, there is still opportunity, but it is a space that one has to be very careful at this moment." — Michael ZeunerIf this episode raises questions about the private credit space, 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.

Economic headlines have been mixed all year, but recently, the tone of the data has shifted.In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame to revisit the macroeconomic picture and unpack what's showing up in both soft and hard data as of late summer 2025.They discuss the delayed impact of tariff policy, why recent inflation spikes are especially important and what slowing consumption and production could signal for the months ahead. They also examine how these risks fit into long-term portfolio positioning, particularly in the context of rising markets and resilient earnings.Key points in their discussion include:What worsening hard data reveals about growth and inflationWhy 2025 may now reflect a stagflationary patternImplications for interest rate exposure and bond portfoliosHow markets are reacting to earnings even as fundamentals weakenThe case for rebalancing and staying diversified through cyclesWhile the data is pointing toward more turbulence ahead, Michael and Sam reinforce the value of thoughtful planning, realistic expectations and long-term focus.If this environment has you rethinking how your portfolio is positioned, please reach out to us. We're here to help you think it through.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.

After several years of growing attention, the secondary private equity market is in a new phase, one defined less by dislocation and more by competition.In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, sits down with Deputy CIO Matt Farrell to examine what's changed in 2025 and how families should evaluate current opportunities more selectively.They break down how the market functions, where pricing pressure is showing up and why supply-demand imbalances are no longer tilting entirely in the buyer's favor. Matt explains that "...the ultimate return of the secondaries fund is a function of a discount for whatever you paid," which helps explain why thoughtful asset selection, manager discipline and caution around discounted deals matter so much.Key topics include:How secondary transactions are structured and pricedWhat drove activity in 2022 and 2023Why discount levels are compressing in 2025Where deal size and seller profile still create value gapsThe importance of asset selection and pacingAs capital continues to chase opportunity, Michael and Matt explain why discipline, selectivity and patience remain essential in this part of the market.If this episode raised questions about your family's approach to private investing, we welcome the opportunity to talk further, so 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.

In this mid-year edition of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices revisit the macro themes shaping 2025 and assess whether their core investment strategy still holds.What began as a year marked by policy uncertainty is starting to crystallize. Tariffs, once assumed to be negotiation tools, have become real economic levers, now filtering into inflation data. Meanwhile, tax cut extensions have delivered short-term stimulus but added to long-term fiscal pressures. Together, these forces are reshaping expectations for growth, inflation and interest rates.Michael and Sam examine:Why inflation ticked up again in JuneThe effects of deferred capital spending and weakening residential real estateHow markets are rallying on sentiment and liquidity despite softening fundamentalsWhether AI optimism is justified or premature in its earnings impactWhat the current term premium says about future rate expectationsWhy diversification has delivered for investors in 2025While some uncertainty has resolved, much remains, particularly around the durability of stimulus, the impact of trade policy and the trajectory of growth. The core recommendation remains unchanged: stay invested, maintain optionality and avoid large directional bets.To explore how these mid-year shifts may align, or conflict, with your family's priorities, please don't hesitate to reach out to 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.