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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, especially in volatile markets, which call for strong conviction and thorough analysis.The episode also touched on the psychological factors investors face when managers underperform, including the discipline required to maintain a long-term perspective. Michael and Matt suggested that clear initial underwriting and regular assessments provide a foundation for confident decision-making during both positive and challenging market cycles.
Listen to the full episode for deeper perspectives into evaluating managers effectively during times of underperformance.
As always, if you have any questions or need further insights into your investment strategy, please don’t hesitate to contact us.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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 and mid-cap growth.Sam explains that the dominance of tech and growth stocks may give way to value stocks, as modest inflation and higher growth favor sectors that previously underperformed.
Additionally, Sam recommends investors consider diversifying portfolios to balance growth with value saying, "I recommend investors be better diversified. Keep a balance between value and growth and have allocations to not just large caps but mid-caps and small caps to have a more holistic equity allocation."
Missed the previous episode on the yield curve's implications on fixed-income strategy? Tune in here.
As always, if you have any questions or need further insights into your investment strategy, please don’t hesitate to contact us.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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 inverted to positively sloping, indicating a new dynamic for investors.The need to shift: With the Federal Reserve expected to continue reducing rates in the coming years, fixed-income investors need to consider adjusting their strategy.The “sweet spot”: The middle part of the yield curve, commonly known as the "belly," presents an opportunity for investors to achieve solid returns while limiting exposure to excessive interest rate risk.Avoid long durations: For the majority of individual investors, the risks linked to longer durations tend to outweigh the potential rewards.Stay tuned for the next episode, where Michael and Sam will discuss the broader implications of a more normalized, steeper yield curve for the equity market.
As always, if you have any questions or need further insights into your investment strategy, please don’t hesitate to contact us.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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 points. Now that inflation has cooled to around 2%, the Fed has greater flexibility to adjust its approach, no longer needing restrictive rates to keep inflation in check. With inflation stabilized, the Fed can pivot towards nurturing economic growth. The rate cut is intended to prevent high borrowing costs from impeding business expansion or tipping the economy into a recession.
How this rate cut may signal the end of the pandemic-era economic policies and the beginning of a new, more stable phase.The key sectors that may benefit from the rate cut include housing, the auto industry and Corporate Investment (Capex).How the reversion of the yield curve to a positive slope occurred and why it is a key signal of economic optimism.
Additionally, they discussed:Stay tuned for future episodes when Michael and Sam will further discuss the implications of the yield curve's shift and what it means for fixed-income investments.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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 occupancy rates.How transparency and detailed reporting from fund managers are essential for evaluating the real performance of assets.Patience is crucial — why long-term growth in underlying assets may not immediately reflect in returns.Michael and Matt underscore the importance of going beyond surface-level data to truly understand the health of underlying assets in a portfolio. They emphasize that while the path can be slow and require patience, private investors who focus on detailed metrics and maintain transparency with fund managers are better positioned to make informed decisions.
As always, if you have any questions or need further insights into your investment strategy, please don't hesitate to contact us.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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 interest rate policyExpectations for upcoming rate cuts and their potential effects on economic growthThe significance of a "soft landing" for the economy and why it’s crucial for investorsMichael and Sam break down the Federal Reserve's monetary policy, highlighting its broader economic implications and how staying up-to-date on interest rate trends could affect your investment approach.
As always, if you have questions about your investment strategy or would like to talk about incorporating these perspectives into your financial situation, please don't hesitate to contact us.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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 compliance and the potential consequences of non-compliancePrivacy considerations and how FinCEN manages reported informationMichael and Joseph offer helpful discernment for understanding this new regulatory landscape. They emphasize understanding one's obligations under the CTA and stress the need for expert guidance in complex situations, particularly for families with intricate entity structures or international connections.
As always, if you have questions about your investment strategy or would like to discuss how these insights apply to your personal financial situation, please don't hesitate to contact us.
Important Information:
This podcast contains our current opinions and commentary that are subject to change without notice. Our commentary 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 contained herein does not constitute legal or tax advice to any person. Please consult with your legal or tax advisor regarding any implications of the information presented in this presentation.
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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.
Decoding the recent spike in market volatility and its connection to Japanese market dynamicsThe critical distinction between market sentiment and fundamental economic indicatorsWhy knee-jerk reactions to short-term market fluctuations can be detrimental to long-term investment strategiesA balanced perspective on current economic data, including a nuanced look at unemployment figures and growth indicatorsThe ongoing validity of a "soft landing" scenario and its potential impact on investment approaches
Key topics explored include:Michael and Sam emphasize the importance of maintaining a long-term, fundamentals-based investment outlook, even in the face of dramatic short-term market movements. They provide a measured analysis of recent economic reports, cautioning against overreaction to isolated data points without considering the broader economic context.
As always, we encourage you to contact us if you'd like to discuss how these insights apply to your personal financial strategy or if you have any questions about positioning your portfolio in the current economic landscape.
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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.
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 of the political calendar on market volatilityWith interest rates potentially changing, when and how should investors consider transitioning from cash to core fixed income?Michael and Sam emphasize the importance of understanding the nuances between economic slowdown and recession, highlighting their expectation of a "soft landing" for the economy. They also stress the significance of staying informed about Federal Reserve actions and their potential impact on investment strategies.
As always, if you have questions about your investment strategy or would like to discuss how these insights apply to your personal financial situation, please don't hesitate to contact us.
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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 deal activity and its impact on liquidity and holding periods.The importance of financial planning and cash flow analysis in private investing, including opportunities in secondary markets at discounted rates.Michael and Matt emphasize that while the private market landscape is challenging, remaining vigilant and understanding the underlying health of investments can yield significant rewards over the long term. They also highlight the critical need for investors to assess their capacity and tolerance for illiquid assets before committing to private investments.
As always, if you have any questions or need further insights into your investment strategy, please don't hesitate to contact us.
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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 long-term outlook of capital markets.
In this episode, Michael and Sam discuss:
The Federal Reserve's data dependency and its impact on interest rate decisions.The role of inflation and employment statistics in shaping monetary policy.Current trends in inflation metrics and what they signal about future economic conditions.Insights into economic growth indicators, including industrial production and inventory levels.The relationship between macroeconomic data and capital market performance.Michael and Sam stress that despite short-term fluctuations, understanding macroeconomic trends is vital for making informed investment decisions. They highlight the importance of focusing on medium to long-term data to effectively plan for the future of capital markets.
If you have any questions regarding our current economic landscape and its potential impacts on your portfolio, please don’t hesitate to contact us.
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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.
Michael and Matt explore where the current market environment offers prospects for deploying capital despite the challenges posed by sustained higher interest rates.
Key topics addressed during this episode include:
• The impact of higher interest rates on real estate, highlighting both equity and debt perspectives.
• Opportunities in private credit and how private lenders are stepping into the void left by traditional banks.
• Sectors to approach with caution, emphasizing the need for selectivity and quality focus in venture capital and real estate equity.
Understanding the comparative advantages and risks within different private market sectors can help strategically maneuver these opportunities amidst higher interest rates.
As always, if you have any questions, please do not hesitate to contact us.
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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.
Key topics Michael and Matt address include:
· 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, emphasizing challenges and potential advantages.
· The importance of patience and long-term perspective for investors during periods of market volatility.
Listeners will discover how higher interest rates shape investment strategies, the comparative advantages of different private market sectors and the importance of maintaining a disciplined, long-term investment approach.
As always, if you have any questions, please do not hesitate to contact us.
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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 private credit and real estate credit within private markets.Challenges in leveraged buyouts and the significance of vintage and asset class diversification.The current capital market landscape and an overview of private investment vehicles.Opportunities across asset classes and strategic expectations for investors.Michael and Matt emphasize that while challenges exist, these should not deter investors from making future commitments. Instead, staying informed and strategically diversified can promote long-term success in private market investments.
As always, if you have any questions, please do not hesitate to contact us.
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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, driven partly by rate increases impacting trade and employment.Sentiment vs. Fundamentals: They explore the dichotomy: while sentiment sways daily, fundamentals dictate long-term trends. April's volatility, fueled by geopolitical risks and inflation fears, showcased sentiment's short-term impact.Investment Strategies: Investors can capitalize on market dips, aligning purchases with long-term goals. By staying disciplined even when surrounded by market noise, investors can seize growth opportunities while avoiding FOMO-driven pitfalls.Understanding sentiment's role in market fluctuations empowers investors to stay focused on long-term objectives. By leveraging short-term volatility and maintaining fundamental strategies, investors can navigate market complexities with confidence.
If you have any questions, please do not hesitate to contact us.
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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 markdowns in venture valuations, impacting investor portfolios. It's crucial to recognize the influence of interest rates on the valuation of growth companies, which are often priced based on revenue multiples.Managing Expectations for Different Vintage Years: Investors should adjust their expectations for vintage years, particularly those with peak valuations, such as 2020. However, disciplined managers who deploy capital strategically may still achieve positive returns.Identifying Opportunities: Despite challenges, the current market environment presents attractive opportunities for capital deployment. With valuations lower than pre-COVID levels and the peak in February 2021, investors can explore promising investment prospects.Promising Themes in Venture Capital: Themes such as AI and biotech continue to drive innovation in the venture capital space. Despite economic downturns, innovation persists, offering avenues for growth and investment."The key for private investors is to stay committed, to be very selective and to understand that there has been a lot of negative and downward pressure in the space, but a lot of that is driven not necessarily by fundamentally unhealthy companies, but more by the dynamics of the effect of interest rates and public market, public markets on their valuations," Michael Zeuner said.
If you have any questions, please do not hesitate to contact us.
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Recent years have seen rolling recessions influenced by Fed monetary policy, but signs now point to a more defined cycle, with positive markers like growing leading economic indicators and renewed consumer confidence – a departure from traditional boom-and-bust patterns.
In our latest episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner at WE Family Offices, is joined by senior investment manager Sam Sudame for an insightful conversation about the evolving global economy and markets.
Market Dynamics in Focus: Despite anticipated corporate earnings recovery, factors like higher interest rates and historically high valuations present nuances in this new cycle. Equities remain a focus, with strong earnings growth expected, albeit tempered by valuation challenges.Fixed Income Opportunities: Against the backdrop of higher rates and subdued equity returns, fixed income emerges as an intriguing option. With the Fed signaling prolonged elevated rates, short to intermediate-duration fixed-income assets become compelling.New Outlook on Commodities: Within shifting dynamics, commodities emerge as a concurrent asset class. Surging demand for industrial metals like copper and aluminum suggests potential opportunities in the commodities space as the new cycle gains momentum.
Throughout the episode they discuss:Adaptability and flexibility are key strategies for maneuvering through this evolving landscape. While some sectors may mirror past patterns, others demand a fresh perspective and a vigilant eye for emerging opportunities.
If you have any questions about how to better manage this new economic cycle, please do not hesitate to contact us.
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During this episode of The Wealth Enterprise Briefing podcast, we continue the conversation about investing in India and take a closer look at the potential risks and rewards.
Managing Partner Michael Zeuner and Senior Investment Manager Sam Sudame of WE Family Offices discuss India's economic landscape, address concerns about high valuations and identify potential investment opportunities.
In their discussion, they explore important key points, including:
India's structural growth and diverse investment opportunities beyond the technology sector, such as industrials and consumer goods, fueled by positive demographics and increasing income levels.Foreign direct investment, driven by factors like low taxes, a young labor force and a strong entrepreneurial culture.Active fund management, which may allow for the identification of lesser-known opportunities with more attractive valuations, potentially yielding higher returns.Private equity vs. venture capital opportunities in India’s marketThe episode provides helpful perspectives into navigating India's investment landscape, highlighting both the challenges and opportunities for investors seeking exposure to one of the world's fastest-growing economies.
If you missed part 1 of the series, we invite you to listen here.
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In our latest episode of The Wealth Enterprise Briefing, we are exploring an important question that has been top of mind for many investors – How attractive are the investment opportunities in India, and how do they compare to those in China?
Join WE Family Offices Managing Partner Michael Zeuner and Senior Investment Manager Sam Sudame as they explore India's growth trajectory and the profound differences last decade of economic development compared with China.
Key topics addressed during this episode include:
The factors that have led to increased market volatility in China and questionable sustainability.India's growth story throughout the last decade and the structural reforms that have positioned it as a promising investment destination.China's economic overhaul, demographic challenges and opaque policies contrasted with India's digital and demographic growth drivers. Prime Minister Modi's pivotal role in enacting reforms and stimulating economic growth and thoughts on political risk.Listeners will gain insights into India's growth trajectory, comparative advantages and the potential impact of political dynamics on investment opportunities. As always, if you have any questions, please do not hesitate to contact us.
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While the U.S. economy seems to be headed for a soft landing, potentially avoiding a significant recession, economic trouble may still be brewing. In our latest episode of The Wealth Enterprise Briefing, WE Family Offices Managing Partner Michael Zeuner and Senior Investment Manager Matt Farrell, CAIA, explore commercial real estate, which has been significantly affected by the prolonged rise in interest rates. Tune in as they discuss the challenges and opportunities that investors should be on the lookout for in the commercial real estate space.
Key topics include:
Shifting Dynamics in Real Estate Sub-sectors: The ramifications of remote and hybrid work on traditional office spaces and impact on multifamily units.Refinancing Challenges and Value Resets: The confluence of reduced income and valuation uncertainty poses significant challenges, potentially leading to underwater scenarios for some property owners.Debt Investment Strategies: Debt investment in real estate as a safer alternative to equity, considering the current environment of price discovery and valuation uncertainty.The commercial real estate sector stands at a crossroads, poised between challenge and opportunity. Through insightful analysis and strategic positioning, investors can weather the storm and emerge stronger on the other side. Join us for a discussion on the nuances of real estate investment in a dynamic economic landscape, and stay tuned for our upcoming episode, where we explore venture capital within this economic climate. If you have any questions, please do not hesitate to contact us
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