Entering 2026, the market is bracing for a shift. While the consensus expects inflation to cool, the fundamentals suggest a different path: inflationary growth.

In the second half of the conversation on The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame move beyond sentiment to discuss how this "stubborn" inflationary environment should reshape a private investor's portfolio.

They discuss:

• Why Sam expects inflation to stay sticky in 2026
• What inflationary growth can mean for cash and bonds
• Why duration risk matters if rates rise
• Where credit and structured fixed income may fit
• Why equities can benefit, unless policy turns restrictive
• Why real assets may play a bigger role when pricing can adjust

Sam also notes that growth support is not limited to the U.S., pointing to policy support abroad as another factor to watch as the year develops.

Listen to the full briefing below to hear Sam's specific outlook on why international stimulus in Europe and Japan makes overseas risk assets particularly attractive right now.

Have questions about how inflationary growth affects your specific allocation? 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.

Private market investors have been feeling the effects of slower exits and fewer distribution events, particularly in venture. That strain has made it harder for families to keep commitment pacing steady, even when their long-term conviction has not changed.

In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner sat down with Deputy CIO Matt Farrell to discuss what many are calling a "thaw" in private markets. The core question was simple: Are we seeing real improvement in liquidity, or just hopeful headlines?

They discuss:

• What a "thaw" looks like, and why private market data comes late
• Why Q3 distributions rose, led by a handful of large deals
• How the post-2021 reset changes what "normal" looks like now
• Why vintage-year pacing still matters when liquidity supports it
• Where we are looking: materials for the AI buildout, plus power and energy demand
• Why "picks and shovels" can limit reliance on one winner

Improving distribution activity would be a welcome change, but it does not remove the need for discipline. For families who plan for illiquidity, size commitments carefully and diversify by vintage, private markets can still play an important role.

To discuss how these themes may relate to your portfolio, 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.

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.