This Week in Beyond Wealth
Where investors are focused for new investments this fall.
Teaching kids about money when money isn’t a constraint.
Layers of the AI stack drawing the most investor interest right now.
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Navigating Wealth Podcast
Is the AI buildout a bubble, and does it matter?
In 1999, Warren Buffett warned technology executives that a transformative industry and a rewarding investment aren’t the same thing. Eighteen months later the dot-com crash proved him right. Long Angle co-founders Tad Fallows and Sriram Gollapalli take that warning to the AI buildout, where every $1 of software revenue has $18 of infrastructure spending behind it. They follow it through the stack and name what they’re buying.
Listen on: YouTube · Apple Podcasts · Spotify
Money & Markets
How are my peers thinking about investing heading into the fall?
Mega-cap tech and semiconductors lagged the broader market this summer. We asked the Long Angle community which asset classes and themes they’re focused on for new opportunities this fall.
Broad U.S. stocks led at 55%, but the AI trade held second at 36% despite being exactly what lagged all summer.
The traditional diversifiers finished last: bonds, private credit, and precious metals. Crypto was picked more often than any of them.
Private markets held up better, with private equity and venture or pre-IPO both landing not far behind the AI trade.
In the discussion thread, the AI positions mostly stayed put. One respondent has held Tesla and NVIDIA for years and bought SpaceX at the IPO. Another reallocated part of an AI position into Bitcoin and Ethereum on a view that crypto bottoms this year or next, and still holds both the AI plays and a large index position.
Someone else said they’re in U.S. stocks and will start buying precious metals at year end to diversify.
Life, Health, & Family
How do I guide my child’s relationship with money?
Every child in an affluent household already has an allowance. Most of them don’t know it exists.
Financial parenting expert Joline Godfrey calls it the invisible allowance: the full cost of the lifestyle a parent covers. The lessons, the clothes, the sports gear, the travel. It all appears and disappears, and the child never connects any of it to money.
After thirty years working with affluent families, Godfrey worries about the ones who can afford everything and have removed every chance a child has to choose, fail, and try again.
Her fix is to reframe allowance as practice money. A child choosing between two things they want, with money that runs out, learns something that can’t be taught abstractly.
The warning sign she listens for is a child saying, “It’s my money and I can do what I want with it.” Once they see it that way, the money is there to spend and the learning stops.
Private Market Perspectives
Which layer of the AI stack do other investors want to own?
“Investing in AI” covers at least seven different businesses, from the power that runs a data center to the application a customer pays for. We asked Long Angle members where in the stack they’re looking.
Energy and power, the layer furthest from the models themselves, led at 57% of respondents. Chips and networking followed at 44%. Foundation models, the layer most coverage is about, were picked by less than a quarter of respondents.
Members found public routes into every layer. What they couldn’t buy publicly were the frontier model labs and the autonomous systems companies.
One member holding a basket of those private positions said plainly that most are now fully priced, defending them on market size.
A different respondent argued that every layer except applications faces a race to zero as inference gets cheaper. Another is researching next-generation computing on the thesis that a step change in cost or energy use would strand part of today’s capex.
Around Long Angle
What members are asking each other this month
Members post a question on the Long Angle platform and get dozens of replies, sometimes hundreds, from people who have already made the same decision or are facing it themselves.
Here are six posts from the first half of September:
What are your bucket list trips? 195 replies.
Recommendations for changing banks? 104 replies.
Feedback on a securities-backed lender? 43 replies.
Thoughts on Meta Muse AI agent? 42 replies.
Annual gifting to family or lump sum? 40 replies.
Company exit: what were your wins and regrets? 30 replies.
9,000+ members. $0 membership fees. The application takes 5 minutes.
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.