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.

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 year
• Why the 10-year remains central to valuations, borrowing costs and fixed income spreads
• What current readings imply for inflation, growth and US debt concerns
• How term premium and creditworthiness influence long-term rates
• Why duration management still matters even as short-term rates come down

Michael 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 underwriting
• How rapid growth in private credit has led to looser lending standards and "covenant-light" structures
• What investors should examine in a manager's due diligence and credit process
• Why speed and deal volume can work against careful underwriting
• The core reasons private credit still holds appeal for investors who can tolerate illiquidity

While 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 yields
• Why equity opportunities are broadening beyond large-cap tech
• How diversification across geographies, styles and market caps adds resilience
• The growing importance of real assets in portfolios

As 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 inflation
• How strong liquidity and corporate earnings are supporting higher valuations
• The impact of rising AI spending on economic growth and market performance
• Key implications for investment strategies across equities, real assets and fixed income

Even 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 environment
• How equity markets may continue higher despite elevated valuations
• The inflationary implications of "double stimulus" from monetary and fiscal policy
• The role of real assets such as real estate, commodities and infrastructure
• What to watch in fixed income markets, especially with negative real returns on cash
• How to approach investment strategy in the context of growth, inflation and policy shifts

Even 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.