The first half of 2026 was historic by almost any measure. Markets absorbed a significant energy shock, navigated a stagflationary scare, and still delivered strong returns. The question now is what's underneath that resilience, and whether the conditions that produced it can carry into the second half of the year and beyond.
In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Senior Investment Manager Sam Sudame walk through WE Family Offices' second-half outlook, organized around three themes from the firm's latest asset class highlights.
They discuss:
- Why the investment capex cycle was the primary driver of market resilience in H1, and why that cycle of growth shows no sign of slowing.
- What a shift from a stagflationary to a reflationary environment means for equity markets, and why the broadening of the rally matters as much as the headline return.
- Why earnings growth in 2026 is not just a technology story, with 8 of 11 S&P 500 sectors expected to deliver double-digit growth and small caps delivering their best first half in 35 years.
- Where the speculative pockets in the market are, and why the overall picture on sentiment, liquidity and valuations still reads as fairly neutral.
- Why inflation is the risk Sam is watching most closely, and what a stickier-than-expected inflation environment could mean for the Fed and for rates.
- How to think about fixed income positioning in a world where rate cuts are off the table and duration risk deserves caution.
If you'd like to discuss what the second-half outlook means for your portfolio, please be in touch.
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.