Welcome to EWA's Q3 2026 Market and Portfolio Commentary.

In this update, Matt Blocki, Nick Stonesifer, and Jordan Fediaczko break down what's driving markets mid-year and how EWA portfolios are being positioned as we head into Q3. The core message: stay constructive, but make the risk work harder.

After a sharp market recovery, the team is trimming broad equity beta, reducing the equity overweight from 3% to 1%, while keeping the highest-conviction exposures in U.S. large cap growth and AI-linked opportunities. This is not a bearish call. It's disciplined portfolio management: harvesting gains where conviction is lower and concentrating risk where the earnings story remains strongest.

This commentary covers:

• Why we trimmed equity overweight from 3% to 1% and why this isn't a bearish signal• Geopolitical risk as a behavioral trap and why discipline beats headlines

• The energy shock asymmetry: how rising oil prices hit Europe and China harder than the U.S.

• Fed policy uncertainty and the debate between Core PCE (3.2%) vs. Trimmed Mean PCE (2.4%)

• Why earnings, not multiple expansion, have been doing the heavy lifting for markets

• AI infrastructure and energy leading EPS revisions, with active managers still underweight

• Active country selection as global dispersion widens dramatically (Korea +73%, Indonesia 26%)

• The stock bond diversification dilemma and why we're adding liquid alternatives as a true shock absorber

Throughout the video, we reaffirm EWA's core philosophy: stay disciplined, stay diversified, and concentrate risk where conviction is highest.

If you're an EWA client and have questions about how these changes impact your portfolio or financial plan, please reach out to your advisor.

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In this episode of EWA's FIN-LYT Podcast, Matt Blocki and Jamison Smith tackle one of the most complex and consequential decisions a small business owner can face: whether to give employees equity, and how to do it without creating a legal or financial nightmare down the road.

They open with a real-world story of a company that grew from a $2 million startup to a $300 million valuation, only to find themselves forced into a private equity deal because they had never planned for how to reward and retain the key people who helped build it. The lesson? Equity planning is not something you do when you need it. It is something you do before you need it.

Matt and Jamison break down the three core reasons business owners turn to equity, which are reward, retention, and recruiting, and then walk through how the structure of your business (C Corp, S Corp, or LLC partnership) determines nearly every option available to you. From RSUs and ISOs in a C Corp, to the rigid single-share-class limitations of an S Corp, to the remarkable flexibility of profit interest in a partnership, each structure carries distinct tax consequences, legal implications, and practical trade-offs.

The conversation goes deeper into phantom equity, stock appreciation rights, ESOP structures, vesting schedule design, and the often-overlooked risk of what happens to a partner's equity stake in a divorce. If you are a business owner thinking about bringing key people into ownership, or an employee trying to understand what equity is actually worth, this episode covers the framework you need to make that decision well.

Like and subscribe for more episodes covering the financial decisions that matter most to business owners and high earners.

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In this episode of EWA's FIN-LYT Podcast, Jamison Smith and Tyler Houston break down what financial planning actually looks like for OpenAI employees navigating one of the most complex wealth creation moments in modern history.

If you work at OpenAI, you are likely sitting on significant equity through the company's PPU structure, a profit interest that triggers capital gains taxes only at the point of sale. The window to make smart decisions is short, and emotional pressure can lead to costly mistakes. Jamison and Tyler walk through how to approach tender windows strategically, why having a "number" in mind before that window opens is essential, and how to structure your holdings into two clear buckets: financial security and upside participation.

They also cover tax mitigation strategies like direct indexing, long/short approaches, and donor advised funds, along with estate planning tools that can help protect appreciation from federal estate tax. IPO lockup periods, 10b5-1 plan frameworks, insider trading risk, and how to choose a financial advisor who actually understands the startup world round out the conversation.

If a tender window is approaching or an IPO is on the horizon, this episode gives you a clear framework to protect what you have built while staying in the game for what comes next.

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In this episode of EWA's FIN-LYT Podcast, Ben Ruttenberg and Chris Pavcic break down one of the most overlooked risks facing high earners headed into retirement: the assumption that your tax rate will automatically drop when you stop working. Spoiler, it often doesn't. Ben and Chris walk through exactly why that happens and what you can do about it starting today.

The conversation digs into the three forces that quietly push retirement tax rates higher than most people expect: Required Minimum Distributions (RMDs), Social Security income, and IRMAA Medicare surcharges. Using 2026 tax brackets, they illustrate how a couple can shift from a manageable 24% rate to a 35% rate almost overnight after one spouse passes, without any change in lifestyle or spending.

Ben and Chris also cover the core strategies for managing your tax exposure before and during retirement. These include Roth conversion planning during the gap years before RMDs kick in, strategic use of brokerage accounts to live on while keeping taxable income low, and pairing donor advised funds with Roth conversions for a powerful double tax benefit. They also break down asset location, explaining which types of investments belong in your pre-tax, Roth, and brokerage accounts and why that distinction matters more than most people realize.

The episode closes with a discussion on Qualified Charitable Distributions (QCDs), 529 gifting strategies, and lifetime gifting as tools to reduce both income and estate tax exposure. As Ben puts it, none of these strategies work in isolation. They have to be coordinated as one plan, and the earlier you start, the more room you have to work with.

If you found this episode valuable, please like, subscribe, and share it with someone who could benefit from a more proactive approach to retirement tax planning.

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In this episode of EWA's FIN-LYT Podcast, Ben and Tyler break down one of the most commonly misunderstood retirement plans available to physicians, government employees, and nonprofit workers. The 457 plan. They explain the critical differences between governmental and non governmental 457 plans, why that distinction matters more than most people realize, and how the wrong setup could leave your retirement savings exposed.

They walk through the real risks of non governmental 457 plans, including the fact that your contributions are technically still on your employer's balance sheet. If the hospital gets acquired, faces a lawsuit, or goes through a merger, those funds could be at risk. They also cover the distribution challenges that come with leaving your employer, including scenarios where a physician moving to private practice could be forced to take out $300,000 in deferred compensation within a short window, creating a significant tax spike in their highest earning years.

The conversation shifts to when a 457 plan actually makes sense and how to use one strategically. They outline the order of operations for funding retirement accounts, starting with your Roth 401k or 403b, then your HSA, then a backdoor Roth IRA, before even considering a 457. They also cover how a governmental 457 can serve as an early retirement bridge, giving physicians who want to retire before 59½ a penalty free income source to fill the gap before touching their qualified accounts.

If you have access to a 457 through your employer and are not sure whether to fund it, this episode gives you the framework to evaluate your specific plan and make an informed decision. Like and subscribe for more weekly episodes.

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In this episode of EWA's FIN-LYT Podcast, Jamison Smith and Chris Pavcic break down which states are most effective for minimizing taxes and protecting your assets. Whether you're a business owner planning around a liquidity event, entering retirement, or simply exploring a move to a more tax friendly state, this conversation covers the key differences that could save you millions.

Jamison and Chris start by explaining the important distinction between domicile and residency, and why that difference matters when states like California and New York are aggressively auditing high net worth individuals who relocate. They walk through the nine states with no income tax, compare sales tax tradeoffs, and break down a real example of how moving before a $100 million business sale could mean a $13 million difference in state taxes alone.

The conversation goes deeper into estate and inheritance taxes at the state level, including how New York's estate tax cliff works and why owning property in certain states can still trigger taxes even after you've moved. They also cover strategies like irrevocable trusts and lifetime gifting, corporate tax considerations for C corps, retirement income exemptions by state, and how trust situs in states like Nevada can add a layer of asset protection.

If you're thinking about relocating, planning for retirement, or preparing for a major financial event, this episode lays out the factors you need to consider, from income taxes and estate planning to business structure and building a defensible domicile checklist.

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In this episode of EWA's FIN-LYT Podcast, Matt Blocki and Tom Krahe dive into the high stakes world of business valuations, exit planning, and what it really takes to maximize the value of your life's work before you sell.

Tom breaks down the three biggest drivers of business value: cash flow and profitability (EBITDA), human capital and management depth, and de-risking factors like customer concentration and vendor reliance. Whether you are three years out from a sale or considering an offer right now, Tom explains why the timeline you give yourself can mean the difference between a life changing transaction and leaving millions on the table.

Matt and Tom walk through real scenarios, including a business owner who received a $30 million offer with only $7 million guaranteed, and how a financial plan revealed he could meet all his goals without selling at all. They also explore the emotional side of selling, from letting go of a business you built from scratch to navigating earn outs, employment agreements, and the psychology of choosing the right buyer. The conversation also covers how AI is reshaping business operations and valuations, why certain industries like HVAC are becoming acquisition targets, and why having the right team of advisors is the most important decision you will make.

If you are a business owner thinking about selling, planning for the future, or simply want to understand how valuations work behind the scenes, this episode is packed with actionable insights. Be sure to like and subscribe for weekly conversations that help you make smarter financial decisions and build lasting wealth.

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In this episode of EWA's FIN-LYT Podcast, Matt Blocki sits down with Tom Krahe, Managing Shareholder at Strategic Advisors and one of Pittsburgh's leading experts in business valuation and investment banking, to break down why every small business owner should get a valuation done. Even if selling is the furthest thing from your mind, this conversation will change the way you think about your most valuable asset.

Matt and Tom walk through a real-world scenario where a business owner with a $50 million company and $10 million in outside assets could face a $14.7 million tax bill at death. In that situation, the liquid assets go to the government and the business gets forced into a fire sale. They explain the estate planning strategies that can prevent this, including gifting minority interests into irrevocable trusts and how valuation discounts for lack of control and lack of marketability can legally reduce the amount of exemption used. Tom shares one of his partner's most memorable lines: "Anyone paying the estate tax was either ignorant or lazy."

The conversation also covers what actually goes into a business valuation, from recasting three to five years of financials and removing personal expenses to building out forecasts and understanding the income approach. Tom explains why sloppy books can cost you real value on both the estate planning and sale side, and why a one month turnaround is entirely realistic if you come prepared. Matt and Tom also discuss the psychological barriers that keep successful business owners from taking this step and why the most important work on your to do list is usually the thing you least want to do.

Whether you own a $5 million or $100 million business, this episode gives you a clear roadmap for protecting what you have built and planning for what comes next. Be sure to like and subscribe for weekly conversations that help you align your wealth with the life you want to live.

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In this episode of EWA's FIN-LYT Podcast, Matt Blocki, Jamison Smith, and Weston Conway break down what it really looks like when 80 to 95 percent of your net worth is locked up in a single private company. Weston, a long-time EWA client and COO of Closing Lock, shares his firsthand experience taking an 80 percent pay cut to join a two-person startup that has since grown to 100 employees, raised $50 million in venture funding, and services a significant portion of the U.S. real estate market.

The conversation covers the emotional and financial weight of being "rich on paper" with no way to access that wealth until a future liquidity event. Weston explains how the Jeff Bezos regret minimization framework shaped his biggest career decisions, why he took chips off the table when the opportunity came, and how he resisted lifestyle inflation even after a secondary sale. Matt and Jamison dig into the practical planning side, from exercising stock options and 83B elections to trust and estate strategies for younger founders and operators sitting on fast-growing equity.

For anyone evaluating a startup opportunity, the team walks through how to think like an investor when picking a company to join, including how to assess customer acquisition cost, net dollar retention, and product roadmap. They also explore when it makes sense for a private business owner to bring in outside capital and what to watch out for when venture or private equity investors enter the picture.

Whether you are a founder, early employee, or business owner with most of your wealth tied to a single illiquid asset, this episode offers a real-world roadmap for making smarter financial decisions at every stage. Be sure to like and subscribe for weekly conversations that help you align your wealth with the life you want to live.

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In this episode of EWA's FIN-LYT Podcast, Matt Blocki and Jamison Smith cut through the noise around Treasuries, gold, and interest rates to answer a simple but important question: where should you put your safe money? They break down why bonds exist in a portfolio and why chasing the highest yield is the wrong approach. The real goal is making sure your money is there when you need it.

They cover the three things every investor should understand about bonds, duration, interest rate risk, and credit risk, and use real examples to show what happens when a bond portfolio isn't built the right way. They also explain why most high-net-worth investors are better off using low-cost bond ETFs rather than building custom individual bond portfolios, and where bonds should live in your accounts from a tax perspective. The takeaway: keep your fixed income simple so your real wealth can grow through equities.

The team also introduces EWA's new financial card box set, featuring four decks covering wealth resources, book summaries, financial conversation starters for couples, and financial literacy questions for kids. A limited run of 100 sets is available at cost for podcast listeners. Email [email protected] if you're interested.

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