In this episode, Joseph speaks with Mark Haefele, Chief Investment Officer at UBS, about what truly separates lasting wealth from wealth that gets eroded, across investing, family dynamics, and generational planning. They explore why inheritance planning can be the hardest financial puzzle wealthy families face, how billionaires think about keeping families aligned, and what happens when emotions, identity, and "behavioral noise" run the portfolio instead of a clear plan.

Chapters:

0:00 The biggest mistake wealthy investors make

1:37 What are the world's wealthiest people most worried about right now?

2:44 Personal habits of billionaire families

4:24 What asset class are wealthy families increasing exposure to?

5:03 The 'Godfather' approach to inheritance

7:21 Succession TV show in real life

9:08 Why do some families retain wealth, and others lose it all?

10:28 The billionaire asset allocation template

12:06 What long term risk are markets underpricing?

13:11 An unstable decade for investors

14:08 UHNWI's view of private markets

16:40 Investing sophistication of UHNWI's

18:10 UHNWI appetite for private credit

19:15 Preferred asset classes of the wealthiest people in the world

20:12 The importance of credit ratings

21:09 Has working with billionaires changed Mark?

22:15 Mark's #1 tip for young people to build wealth today