As 2026 begins, families are weighing two forces at the same time. The economic data still looks constructive, while headlines and geopolitical uncertainty can make the market feel less steady day to day.

In Part 1 of this two-part episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame talk about how WE separates fundamentals from sentiment, and why that distinction matters when building and maintaining a long-term portfolio.

They discuss:

• Why sentiment moves markets short term, while earnings and dividends matter longer term
• Why Sam sees U.S. fundamentals as strong entering 2026
• What could shift the outlook: weaker jobs, softer spending or slowing AI capex
• Why productivity matters for margins and inflation
• How geopolitics can rattle markets without changing the economic base
• Why global investors have used gold as a hedge during uncertainty

In Part 2, Michael and Sam will continue the conversation and explore what these themes could mean for investors.

If you would like to discuss what these themes may mean for your portfolio, 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.

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 leaders
• How historical cycles show that productivity beneficiaries often drive the next leg of returns
• What distinguishes today's environment from the dot-com era, particularly around fundamentals and cost efficiencies
• Why margin expansion across a wider set of companies could shape future market leadership
• How 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.

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 cycles
• What prior eras in railroads, autos and the internet show about valuations and behavior
• Why earnings growth sets today's leading AI names apart from past bubbles
• How metrics such as the PEG ratio help judge whether valuations are reasonable
• What to watch next, including capacity constraints and risks to AI-related earnings

While 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.