The Wealth Enterprise Briefing

In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, discuss how recent tariff policies are affecting the U.S. economy and financial markets. Their conversation provides a clear perspective on economic trends, market reactions and what investors should consider moving forward.Topics covered include:The effect of tariffs on consumer and business confidence, with sentiment reaching multi-year lowsEconomic projections showing slower growth and higher inflation due to trade restrictionsSignals from manufacturing data and corporate earnings that reflect the broader impact of policy changesHow investor sentiment has shifted, with readings showing increased cautionWhy maintaining flexibility, diversification and liquidity remains essential in uncertain market conditionsMichael and Sam emphasize the importance of long-term decision-making, offering a level-headed approach to market fluctuations caused by policy shifts.As always, we encourage you to contact us if you'd like to discuss how these insights apply to your financial strategy or if you have any questions about portfolio positioning in the current environment.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 or other type of asset, 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.

How should investors adjust their expectations as market conditions evolve?In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner and Deputy CIO Matt Farrell of WE Family Offices, break down the role of capital market assumptions in portfolio construction and what the latest projections mean for investors in 2025.Key takeaways include:Understanding Capital Market Assumptions – How historical data and forward-looking projections shape asset allocation.Lower Return Expectations – Why projected returns have declined across most asset classes and what this means for investors.The Role of Private and Alternative Investments – How illiquid assets may offer enhanced returns in a lower-yield environment.Michael and Matt emphasize that while capital market assumptions provide a valuable framework, they are not predictive—investors must balance data-driven insights with flexibility in their long-term strategies.For more information and insights on capital market assumptions, listen to the full episode.As always, if you have any questions or need further insights, 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 or other type of asset, 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 the latest episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Matt Farrell, Deputy CIO of WE Family Offices, address a challenge many investors face: how investors can approach decision-making during periods of uncertainty about the future. They explore how the Investment Policy Statement (IPS) acts as a guiding framework, helping investors align daily decisions with their long-term objectives.Key points from this episode include:A foundational plan: How the IPS sets clear targets for asset allocation, liquidity needs and return expectations.Adapting to changes: Why quarterly and annual updates are essential to ensure the IPS reflects current family needs and market conditions.Guardrails for decision-making: How the IPS provides boundaries to manage short-term fluctuations without losing sight of the bigger picture.Understanding market cycles: Using the IPS to navigate economic shifts and maintain a focus on overarching goals.Michael and Matt emphasize that the IPS is not a static document but a dynamic tool, designed to guide decisions and reduce uncertainty at every step of the investment process.As always, if you have any questions or need further insights, 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 or other type of asset, 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 the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices discuss recent changes in interest rates and how these shifts could impact investors. With rising bond yields and shifting guidance from the Federal Reserve, the conversation explores how these adjustments may shape portfolio strategies in the months ahead.Key Themes Discussed:Interest Rates and Market Impact: The rise in public bond market yields and the shift toward a higher-for-longer rate environment.Understanding Term Premiums: What the recent increase in term premiums signals for both equity and fixed income markets.Practical Portfolio Adjustments: The importance of maintaining flexibility in investment strategies by staying neutral to asset allocation targets and focusing on shorter-duration bonds.The conversation emphasizes that while the U.S. economy remains strong, rising term premiums suggest potential risks tied to fiscal policy and long-term stability. These factors may prompt investors to approach portfolio management with a focus on balancing growth opportunities and risk control.Listen to the full episode for more perspectives on these economic shifts and their potential influence on long-term planning.As always, if you have any questions or need further insights, 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 or other type of asset, 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 the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices explore how political instability and new fiscal policies may create divergent outlooks between U.S. and non-U.S. markets. They also discuss opportunities in real assets, particularly in infrastructure, as inflationary pressures persist.Discussion themes include:Global Market Risks: Political uncertainty and new tariffs are weighing on international markets, with countries highly dependent on U.S. exports, such as Vietnam and Mexico, facing heightened risks.Real Assets and Inflation: Real assets like infrastructure and commodities could provide inflation protection. U.S. infrastructure projects, particularly in power generation and data centers, are highlighted as a promising investment theme.Adapting Strategies: The conversation touches on the importance of maintaining flexibility as fiscal policies evolve throughout 2025, with a focus on adjusting portfolio exposure based on real economic developments.Listen to the full episode to hear their thoughts on how investors can balance risk and opportunity as the year unfolds.As always, if you have any questions or need further insights, 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 or other type of asset, 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 the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices discuss how the shift from 2024's Goldilocks economy—a period of balanced growth and stability—to a potentially reflationary government in 2025. This change, driven by new administration policies, may bring both opportunities and challenges for investors.Discussion highlights include:Policy Impacts: Tariffs, immigration reforms, deregulation and tax changes are creating conditions that may affect growth and inflation.Fixed Income Considerations: With inflation concerns on the rise, a focus on credit exposure over longer-term duration is recommended. Floating rate debt and asset-backed securities are highlighted as potential options.Equity Market Outlook: While earnings growth may continue to support equities, high valuations and liquidity concerns could influence returns.The discussion emphasizes how new policies and economic shifts could influence investment strategies, balancing potential risks with areas for strategic focus in 2025.Find practical strategies for maintaining flexibility and preparing for what 2025 may bring by listening to the full episode.As always, if you have any questions or need further insights, 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.

Michael Zeuner and Sam Sudame of WE Family Offices discuss 2024's economic developments and share their 2025 outlook on portfolio strategies and market trends in the latest episode of The Wealth Enterprise Briefing. They examine how the Federal Reserve's policies, the persistence of a strong job market and shifts in savings and consumption patterns have shaped the investment landscape.Discussion highlights include:Understanding Normalization: Differentiating economic stabilization from a recession and how it impacted market performance.Fixed Income Strategies: The importance of focusing on intermediate-term bonds amid changing interest rate expectations.Equity Market Outlook: How modest reflation could drive growth in high-quality stocks.Economic Influences: The role of pandemic-era savings in shaping growth and inflation patterns.The conversation also touches on the changing role of monetary policy and its influence on both risks and opportunities for the year ahead.Learn more about these economic changes and their effect on investment strategies by listening to the full episode.As always, if you have any questions or need further insights, 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.

In the latest episode of The Wealth Enterprise Briefing, WE Family Offices' Michael Zeuner and Sam Sudame examine the U.S. economy’s strong fundamentals as it enters a new economic cycle. They explore what these developments mean for investors and how market dynamics are shaping opportunities.Highlights from their discussion include:Caution with bond duration: Interest rate trends require careful attention to duration risks in bond investments.Equity market trends: The S&P 500's rally this year has been driven by fundamentals, valuations, sentiment and liquidity.Earnings growth and diversification: While early market gains were concentrated in the Mag 7 tech stocks, earnings are now expanding across sectors, creating fresh opportunities.Global opportunities: Mid-cap stocks and international markets in Europe and Japan offer more favorable valuations than U.S. large-cap growth stocks.Strategic diversification: Equal-weighted indices are gaining attention as a way to balance portfolios more effectively.Michael and Sam also discuss political and geopolitical factors, such as the U.S. election results and rising deficits, which could influence market dynamics in the medium term.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.

In the latest episode of The Wealth Enterprise Briefing, WE Family Offices’ Michael Zeuner and Sam Sudame discuss insights from WE’s newly released Q3 macro update, providing an overview of current economic conditions and essential macro factors shaping the outlook. They highlight the resilience of the U.S. economy despite fluctuations in interest rates, discussing both positive indicators and potential challenges that investors should monitor.Key insights from their discussion include:Optimistic economic indicators: The U.S. economy shows strength, with the City Surprise Index and U.S. composite PMIs pointing to solid growth. Services are outperforming manufacturing, while the yield curve disinversion signals economic normalization.Growth drivers and risks: Economic growth is propelled by capital expenditures, autos and real estate. Real estate, however, faces headwinds from rising mortgage rates. Key risks include potential job market shifts and inflation spikes, which could influence Federal Reserve policies.Federal Reserve’s recent moves: The Fed’s recent 50-basis-point rate cut is a significant factor, with fixed-income investors advised to manage duration risk carefully to balance returns against potential reinvestment risk.Looking ahead, Michael and Sam hint at further discussions on equity markets and their response to these macro factors. For those interested in a sweeping view of the economy’s trajectory and its investment implications, listen to the full episode for an in-depth exploration.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.

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.