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.
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...
The Private Credit Surge: What Investors Can’t Afford to Miss
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:Â
Strong Markets, Weak Data: What Families Should Pay Attention to Now
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...
Understanding Today’s Secondary Market: 2025 Trends & Opportunities
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...
Mid-Year Review: Staying Disciplined Amid Mixed Signals
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...Private Investing in 2025: Vintage Timing, Real Returns
Private markets are facing headwinds, from reduced liquidity to fewer distributions, and many investors are wondering whether these assets still belong in a long-term portfolio.
In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Deputy CIO Matt Farrell revisit the fundamentals of private investing and explore how families can approach this space more deliberately during challenging cycles.Â
They offer perspective on how to think about recent performance data, why IRRs can mislead in periods of low exit activity and what to keep in mind when evaluating new opportunities. They also highlight w...
Signals in Conflict: What to Make of Mixed Economic Data
In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices unpack the widening disconnect between what stocks and bonds appear to be pricing in. While optimism around trade has lifted consumer confidence and driven a surge in retail trading activity, key indicators tied to corporate sentiment and activity are pointing to a slowdown.
Key topics include:
Manufacturing and services PMIs have moved into contractionCEO sentiment and new orders data signal margin pressureRetail trading is driving equity gains, despite weaker fundamentalsRising term premiums and a steepening yield curve in bondsThe...Private Liquidity, Public Assumptions: Rethinking Perpetual Vehicles
Perpetual private equity vehicles are gaining traction, but what exactly are investors signing up for?
In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Deputy CIO Matt Farrell explore the growing use of semi-liquid structures in private markets. These vehicles offer the promise of periodic liquidity without the long lockups of traditional drawdown funds. But behind that flexibility are important structural trade-offs and a need for clear alignment between investor expectations and manager terms.
Michael and Matt walk through what families need to know about how these vehicles function, where they...
Market Update: Temporary Relief, Lingering Risks and What Investors Should Watch Now
In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, revisit the state of the capital markets following recent tariff announcements and shifting investor sentiment.
While equity markets have recovered to pre-April levels and the S&P 500 is flat year-to-date, Michael and Sam caution that the broader economic picture remains uncertain. Growth expectations have softened, financial conditions have tightened and inflation risks persist despite a temporary de-escalation in trade tensions.
Key points during their discussion:
The U.S. and China's 90-day agreement...Why Long-Term Commitments Still Matter in Private Markets
What happens when private market investments fall short of expectations and how should investors respond?
In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Matt Farrell, deputy CIO of WE Family Offices, discuss what families are seeing in their private capital portfolios this year. After optimism earlier in 2025, distribution activity has slowed, and many investors are left questioning whether these holdings are delivering on their goals.
Michael and Matt address the frustration many investors are feeling, including declining IRRs, softer MOICs and fewer realizations, and explain why standard...
U.S. Market Volatility and Global Opportunities
In a rare market pattern, stocks, bonds and the dollar have all moved lower together, signaling deeper concerns about confidence in U.S. economic leadership.
In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices discuss how rising tariffs, questions around the Federal Reserve's independence and broader policy uncertainty are reshaping global investor sentiment.
Key discussion points include:
Infrastructure Investing in 2025: Opportunities, Risks and Strategy
Infrastructure is attracting renewed interest as shifts in technology, government policy and inflation expectations reshape the opportunity set.
Michael Zeuner, managing partner, and Matt Farrell, deputy CIO of WE Family Offices, examine how investments tied to real assets like energy networks, transportation and data centers can fit into a broader investment plan.
Discussion points include:
How long-term contracts and inflation-linked revenue streams position infrastructure assets differently than traditional equitiesThe influence of AI-driven energy demand and government spending initiativesWhy selecting specialized managers and maintaining asset diversification matterTrade-offs between public and private infrastructure strategiesRisks investors need...Market Update: Tariffs Spark Volatility – How to Approach the Road Ahead
In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, examine how sweeping new tariffs are reshaping the U.S. economic outlook and financial markets. Their conversation provides a clear assessment of the potential shift from strong fundamentals to a stagflationary environment.
Topics covered include:
Private Market Perspectives: Staying Strategic in a Shifting Environment
How should investors think about private market commitments amid persistent inflation, policy uncertainty and a “higher for longer” interest rate environment?
In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, and Matt Farrell, deputy CIO of WE Family Offices, discuss what long-term investors should keep in mind as private markets continue to shift in 2025.
Key takeaways include:
Staying on Plan – Why annual commitments, vintage year diversification and asset class balance are essential regardless of macro shifts.Adapting Strategy – How today's themes—elevated rates, sticky inflation and regulatory shifts—impact deal activity and return e...The 10-Year Yield: A Guide to Economic Growth, Inflation and Market Signals
How can investors interpret public bond market signals to understand economic growth, inflation and market conditions?
In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices analyze the 10-year Treasury yield and its role in shaping expectations for inflation and growth. They discuss the disconnect between the Federal Reserve's policy and market signals, as well as how shifts in interest rates may impact portfolios.
Key discussion points include:
Market Update: Tariffs, Market Volatility and Investor Strategy
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:
Capital Market Assumptions and Portfolio Strategy: Key 2025 Takeaways
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...Building Stability in an Uncertain Market
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...A Closer Look at Term Premiums and Their Impact on Capital Markets
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:
2025 Investment Outlook Part II: Real Assets and International Risks
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...2025 Investment Outlook: Preparing for Reflationary Changes
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...2024 in Review: Key Lessons for Portfolio Management in 2025
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:
A Positive Start to a New Economic Cycle: Exploring Broader Market Opportunities
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 co...Outlook on U.S. Economic Strength and Emerging Risks
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...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, es...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...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...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...
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...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...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...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:
Navigating Economic Transitions with Steady Market Positioning
In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, is joined by Sam Sudame, global head of macro, to discuss asset allocation guidance for the second quarter. Their conversation focuses on the current economic landscape, market trends and strategic investment approaches in light of recent economic conditions.
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Key points discussed include:
Why is a broadly neutral asset allocation stance appropriate in the current market, and how should investors approach fixed income?Analysis of the U.S. economic cycle, including moderating growth and inflation trendsThe potential impact o...The Changing Terrain of Private Markets
In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, is joined by Matt Farrell, head of investments, to discuss current challenges and opportunities within the private markets amidst recent economic conditions. Their discussion covers the impact of valuation declines, liquidity issues and the extended holding periods that have tested private investors' patience.
Key points discussed include:
Assessing your investment capacity: Is private investing suitable for you?What’s driving the lack of patience for private investors and how to maintain patience amidst volatile market conditions?The significant decline in de...Macroeconomic Insights: The Long-Term Outlook for Capital Markets
The ever-changing landscape of macroeconomic data plays a pivotal role in shaping investment strategies. With the Federal Reserve's data dependency and shifting trends in inflation and economic growth, it's crucial for investors to stay informed about these developments. Understanding how these macroeconomic factors influence capital markets can provide valuable insights for long-term planning and decision-making.
In our latest episode of The Wealth Enterprise Briefing, WE Family Offices Managing Partner Michael Zeuner is joined by Senior Investment Manager Sam Sudame. Together, they discuss the complexities of macroeconomic data and its implications for the medium to...
Maximizing High-Interest Environments: Opportunities in Private Credit
In this episode of The Wealth Enterprise Briefing, WE Family Offices Managing Partner Michael Zeuner and Senior Investment Manager Matt Farrell continue a previous discussion about the effects of prolonged higher interest rates on private investment markets, this time examining the opportunities presented.
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Michael and Matt explore where the current market environment offers prospects for deploying capital despite the challenges posed by sustained higher interest rates.
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Key topics addressed during this episode include:
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• The impact of higher interest rates on real estate, highlighting both equity and debt persp...
Private Markets and Persistent High Interest Rates: Challenges and Opportunities
In this new episode of The Wealth Enterprise Briefing, WE Family Offices Managing Partner Michael Zeuner and Senior Investment Manager Matt Farrell discuss an issue increasingly relevant to investors: the effect of prolonged higher interest rates on private investment markets.
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Key topics Michael and Matt address include:
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·    The impact of higher interest rates on the present value of companies, particularly in venture capital and real estate.
·    The challenges faced by buyout strategies due to increased debt costs and reduced deal attractiveness.
·    The varied effects on different managers and sectors, emph...
Private Markets in Focus: Long-Term Impacts of Higher Interest Rates
While our past discussions have focused on forward-looking strategies in private markets amidst current capital market conditions, in our latest episode of The Wealth Enterprise Briefing, WE Family Offices Managing Partner Michael Zeuner and Senior Investment Manager Matt Farrell, CAIA®, take a reflective turn. Michael and Matt analyze the performance and trends of private investment vehicles over the past five years, focusing on the impact of prolonged higher interest rates on various asset classes, including private credit, venture capital, secondary markets and real estate.
Key takeaways from the episode include:
Performance trends in p...Understanding Market Sentiment vs. Fundamentals
In the latest episode of The Wealth Enterprise Briefing, we discuss the nuanced interplay between short-term sentiment and long-term fundamentals in shaping market activity. Join host Michael Zeuner, managing partner and Sam Sudame, senior investment manager, to dissect the recent market turbulence in April and offer strategic insights for investors.
Throughout the episode, they discuss:
April's Market Recap: The performance of the bond and equity markets during April, examining the immediate reactions to economic indicators versus the ongoing economic shifts.Economic Landscape Recap: Recent economic shifts, noting signs of a new cycle amid April's softening data...The Current Venture Capital Outlook
While the U.S. has averted any kind of serious recession and slow down, there are a few lingering areas of concern. On a previous episode of The Wealth Enterprise Briefing, we discussed concerns in the commercial real estate space, and in our latest episode, WE Family Offices Managing Partner Michael Zeuner and Senior Investment Manager Matt Farrell, CAIA, examine the challenges and potential opportunities in the venture capital space and discuss how investors may navigate fluctuating market dynamics.
Specifically, they discuss:
The Impact of Interest Rates: Higher interest rates have led to...
