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The Wealth Enterprise Briefing

WE Family Offices
Private Credit
Federal Reserve
Inflation
Artificial Intelligence
Fixed Income
Emerging Market Debt
Reflationary Growth
Tariffs
WE Family Offices
Equities
Hedge Funds
Real Assets
Private Equity
Global Economic Growth Premium
Real Estate
Emerging Markets
Private Markets
Diversification
10-Year Treasury Yield
Business Development Companies

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.

PublishesTwice monthlyEpisodes97Founded3 years ago
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InvestingBusinessBusiness NewsNews

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Latest Episodes

Strong economic growth and rising interest rates pulled financial markets in different directions during the third quarter. Capital spending supported business activity and corporate earnings, but a sharp increase in bond yields pressured valuations ... more

U.S. Treasury yields have climbed sharply, with the 10-year Treasury reaching its highest level in 20 years. The move has raised questions about inflation, Federal Reserve policy and the potential effect of higher borrowing costs across the economy. ... more

Emerging market debt has long carried a reputation for sharp swings, political uncertainty and sovereign defaults. Yet over the past year and a half, the asset class has outperformed U.S. Treasuries, high-yield corporate bonds and the broader U.S. bo... more

Long-dated U.S. Treasury yields recently reached levels not seen in nearly 20 years, drawing renewed attention to federal debt, fiscal deficits and the direction of interest rates. While the Treasury has signaled plans to buy back more long-term bond... more

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Recent Guests

Sam Sudame
Global Head of Macro
WE Family Offices
Episode: What Is Driving U.S. Treasury Yields Higher?
Matt Farrell
Deputy CIO, WE Family Offices
WE Family Offices
Episode: What Does the Return of IPOs Mean for Long-Term Investors?
Maria Elena Lagomasino
Managing Partner at WE Family Offices, known as Mel
WE Family Offices
Episode: Inside the Family Office: What Do Successful Multi-Generational Families Have in Common?

Host

Michael Zeuner
Host of The Wealth Enterprise Briefing

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Apple Podcasts
#212
Belgium/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

What Is Driving U.S. Treasury Yields Higher?
Q: What could derail this growth-and-yield dynamic?
A deterioration in real economic activity, sharper than expected inflation, or a sharp increase in the term premium due to fiscal sustainability concerns could push yields higher or slower growth, potentially dampening investment and increasing the cost of capital.
What Is Driving U.S. Treasury Yields Higher?
Q: So how high can rates realistically go given current dynamics?
Based on inflation around 2.5% and expected economic growth around 2%, combined with a possible term premium that could rise as debt grows, the 10-year yield could reach around 5.5% to 6%, though this depends on inflation staying anchored and ongoing growth not fading.
Are Stronger Fundamentals Changing the Case for Emerging Market Debt?
Q: So, give us your context for why this might be happening, but also whether what's happening, as you and I always like to say, is fundamental, or driven more by emotion and sentiment, which is always a dangerous thing for investors to follow.
Fundamentals have improved in emerging markets with higher average quality, stronger fiscal discipline, and better monetary credibility, which has helped EM debt outperform in a risk-adjusted way even amid geopolitical risks. The outperformance is driven by policy reform, clearer inflation targeting, and improved resilience to shocks, not just sentiment. Active management is essential to navigate governance and economic dynamics.
Why Are Long-Term Treasury Yields Moving Higher?
Q: What should investors do in this environment?
Maintain a diversified portfolio across different markets, currencies, and asset classes, including some exposure to non‑U.S. assets and gold as a hedge when the dollar softens, while being mindful of the long end of the yield curve.
Why Are Long-Term Treasury Yields Moving Higher?
Q: What is driving the move in long-dated Treasury yields?
The combination of higher real yields due to stronger capital demand, ongoing fiscal deficits, and policy signals from the Treasury and Fed create a complex environment where yields rise on growth expectations but are challenged by interventions designed to curb them.

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Frequently Asked Questions About The Wealth Enterprise Briefing

What is The Wealth Enterprise Briefing about and what kind of topics does it cover?

A macro-forward, high-ambition discussion between a WE Family Offices managing partner and a rotating slate of investment-focused guests. Episodes frequently center on macroeconomic context, inflation dynamics, AI-driven capex and its implications for earnings and asset allocation, and how high-net-worth families can structure portfolios across private markets, real assets, and international opportunities. The conversation often blends pragmatic portfolio guidance with big-picture scenarios for geopolitics, energy, and technology, making it a practical but forward-looking resource for sophisticated investors and wealth professionals seeking strategies for ultra-high-net-worth families. Noteworthy is the consistent emphasis on diversificatio... more

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Recent guests on The Wealth Enterprise Briefing include:

1. Sam Sudame
2. Matt Farrell
3. Maria Elena Lagomasino

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