This Week in Beyond Wealth
Which equity sectors investors favor after the Fed's first hike in three years.
How people feel about paying $1,999 for Apple's first folding phone.
What can go wrong inside vehicles selling access to private AI companies.
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Navigating Wealth Podcast
How do you make a high-stakes decision when the data is incomplete?
Former CIA analyst Rupal Patel spent six years briefing the four-star general running the war in Afghanistan. With host Sriram Gollapalli, she walks through how analysts separate signal from noise, why waiting for the perfect data set is itself a decision, and how the same framework carried her out of the agency and into a real estate business built on an 18-month runway.
Listen on: YouTube · Apple Podcasts · Spotify
Money & Markets
Where should I be looking to invest now that rates have moved?
The Fed raised rates last week for the first time in three years, to a target range of 3.75% to 4.00%. We asked high-net-worth investors which sectors of the equity market they're most bullish on in the near term.
Information technology led at 54%, with energy close behind at 46%.
The bottom of the list is just as interesting as the top. Consumer discretionary finished last at 4%. A higher policy rate raises the cost of financing a purchase, and household spending on the optional things is the first to give.
Long Angle’s co-founder Tad Fallows spoke with CNBC about the poll results and how investors are looking for opportunities in large-cap stocks, energy, and utilities. Tad shared:
“If rising interest rates put strain on company financials, larger companies will likely be better able to absorb that challenge than their smaller peers.”
“Both [energy and utilities] are driven by a view of them as part of the ‘picks and shovels’ play on AI. Everyone recognizes that AI requires electricity, and these two sectors provide it.”
Life, Health, & Family
Should I buy the new foldable iPhone?
Apple's first foldable phone, the iPhone Duo, opens for pre-order on October 16 at a starting price of $1,999. We asked 400+ Long Angle members whether they plan to be early adopters.
Only 10% are planning to buy and another 6% are leaning yes.
Sixty percent answered an outright no, with more leaning that way. But with most people replacing a phone every three or four years, and the iPhone 18 Pro competing for the same upgrade, one in six HNW individuals buying would actually be a lot.
The discussion thread was dominated by the detractors. Several said they want smaller devices, not more screen. Others pointed out that foldables aren’t anything new, and have been carrying Samsung and Google Pixel foldables for years.
Respondents leaning yes were excited about the larger screen for commuting or working on the go. A few said they’ll likely buy eventually, but plan to wait a generation.
Private Market Perspectives
What should I look out for when investing in late-stage private tech?
Bloomberg spoke with Matt Shechtman, former CEO of Long Angle Management, for a piece on how far retail investors will go to own a piece of Anthropic and OpenAI before they list.
As Matt described it, “It’s so extraordinarily different that these companies are going public with market caps close to those of the Magnificent Seven. People know that if they want a piece of that, they need to go in earlier and so they’re taking more risks in order to do it.”
Those risks are investing in anything they can get their hands on claiming shares in these companies.
Matt shared stories of investors believing they owned private SpaceX shares, only to discover they held forward contracts instead. Those are agreements to buy at a set price on a future date, not ownership. In other cases the vehicle did not hold the shares investors expected, or charged several layers of high fees with essentially zero risk management.
The lesson: the structure you invest through can matter just as much as the company you invest in.
Around Long Angle
Meet Other Members At Our In-Person Events
Long Angle facilitates events and meetups across the country. Meet other members in your area, find an event while you're traveling, or help run one of your own.
Here’s what’s on the calendar over the next few weeks:
Dinner in New Brunswick, New Jersey (Sep 30)
Evening with Rivian in San Francisco, including test drives and candid conversation about what is next for the company (Oct 1)
Family picnic in Central Park (Oct 3)
Brewery meetup in Charlotte (Oct 6)
The Long Angle Table in Miami, an intimate monthly dinner series built for conversation (Oct 8)
Private, docent-led tour of an art gallery in Atlanta, with a bite to eat afterward (Oct 10)
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Published by:
Chris Bendtsen
Insights Lead, Long Angle
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This material is for informational purposes only and is not investment advice regarding any security or investment strategy. Long Angle does not provide legal or tax advice, consult your attorney, CPA, or tax professional regarding your situation.
Long Angle Management, LLC (Long Angle), is an SEC registered investment adviser firm. Registration does not imply a certain level of skill or endorsement. Investing involves risk, including potential loss of principal. Past performance is not indicative of future results.