Listen Here
Joining us today is Shuvam Bhaumik, a trusted advisor and a returning favorite to 
our virtual family office at Pantheon Investments. Shuvam’s insights have been instrumental for high-net-worth individuals navigating the often turbulent and unpredictable waters of the current financial markets.
In this episode, your host, Dave Wolcott, and Shuvam delve into the existing state of the markets and how the ultra-wealthy are managing their portfolios during this time of high volatility and uncertainty. Shuvam reveals the importance of creating resilient portfolios and offers invaluable advice on avoiding common psychological traps that lead to emotional investment decisions.
Together, they unpack the ripple effects of geopolitical issues such as tariffs and trade wars on portfolios. Shuvam emphasizes the significance of having a predefined investment policy statement to help investors stick to their strategies, especially in chaos. They also discuss the role of private markets, alternative investments, and infinite banking as part of a comprehensive wealth strategy aimed at achieving true financial resilience.
Packed with actionable strategies and calming perspectives, this episode is essential listening for anyone looking to make informed decisions about their financial future while mitigating risks.
In This Episode
- The impact of tariffs and global trade wars on investment portfolios.
- The importance of having an investment policy statement to navigate market uncertainty.
- Leveraging private markets, alternatives, and infinite banking for financial resilience.
- Psychological traps investors should avoid during market volatility.
Shuvam, welcome back to the show.
Thanks, Dave. Thanks for having me. Excited to be back.
Awesome to have you on. We really wanted to create this special episode for investors. There’s been so much turmoil in the markets of late that we thought we’d be remiss if we didn’t address this.
We’re seeing how high-net-worth families manage through this volatility. We’ve gleaned insights and recommendations from our networks that we could share to help you protect your precious capital.
Appreciate your time, Shuvam. I know you probably want to talk about the Masters’ results as a top golfer. Any big takeaways on that one?
It was one of the best Masters I’ve watched since Tiger won it in 2019. The one thing Rory showed was his grit and resilience, which was awesome to watch. There were so many emotions from the first hole to the 18th hole of regulation.
I was kind of living it through him, but it was incredible to see. As golfers who play competitive rounds, we understand it. And even people outside looking in appreciated his grit and resiliency. So, it was great.
Yeah, really great to see him win, and I agree—it was an emotional roller coaster to the final shootout. Pretty cool. Really great to see him win.
That’s right. It was fun.
Awesome. Moving on from the Master’s turmoil into market turmoil, we’ve been having so many conversations over the past few weeks about tariffs. What are the implications and everything?
Why don’t we start off with that? What do you think are some of the implications of tariffs, global trade wars, and things like that? How can that potentially impact investors? What should investors really be thinking about? We know you don’t have a crystal ball—nobody does—but what are some of the moves that you could be making, or what are some of the data points we should keep our eyes on?
Yeah, so first part of your question—what do I think is gonna happen? Obviously, I don’t know, but I think there is gonna be an impact with tariffs on the U.S. economy that’s gonna trickle down to the blue-collar workforce and things like that. Certain sectors are gonna get hit worse than others.
I don’t think the administration really has an idea of how this is gonna play out, which is why there are gyrations in the market. Markets always hate uncertainty, hence the big volatility moves from day to day. You’re going to get some normalcy again. Earnings are coming out—financial companies are reporting earnings this week. Last week, we saw some good numbers there.
You’ll get some normalcy back into the markets again. As far as where I think clients and investors should focus, this is an emotional time. When you’re seeing balances of retirement accounts fluctuating like this, the tendency is to react and go to extremes. And that’s probably not the right move. I would say the best thing to do right now is probably nothing. Let it play out for the next week or two, maybe even the next month.
Then, once you start seeing some normalcy in both private and public markets, it’ll be time to allocate. One thing I’ve been telling our clients is to focus on what we’re doing in our portfolio. Let us, as Pantheon, take the emotions out of investing. In public markets, valuations move in and out every single day.
People want to react to that, but typically, that’s the worst time to do something. What I’ve been recommending to our clients is to see what happens over the next few weeks. We have a global trade war.
There’s the ongoing war between Ukraine and Russia that, unfortunately, isn’t getting resolved—that’s going to have an impact. The Chinese situation is also something we have to monitor because it affects a lot of industries, from technology to semiconductors to global trade in general. So, long-winded answer, Dave, but let’s see what happens over the next few weeks.
Yeah, no, that sounds like solid advice, and it makes me think back. I’ve been through many cycles—2000, 2008—and seen a lot of this. I think what’s important for people to consider is what you’re saying about doing nothing, not reacting. One of the top reasons investors go wrong is emotion.
If you feel like you need more liquidity protection, you’re right. An IBC policy is incredibly valuable—it’s even safer than banks and gives you access whenever needed. Then take the time to really think: how much do you need to feel secure? Whether that’s six months, 12 months, or 18 months of expenses, make sure you have enough runway to support your family in case of job loss, medical issues, or anything else. That way, you can sleep at night and navigate short-term volatility with confidence.
We’re building strategies that reduce exposure to emotional decision-making and create structure in uncertain times.
Exactly. Liquidity management is crucial, especially with market fluctuations. People want all the upside and zero downside, but that’s just not realistic. That’s why the investment policy statement (IPS) matters so much, especially in volatile environments. I always say it’s the foundation of your financial house. When the market gets shaky, return to that IPS and your buy box. Remind yourself why you’re invested and stay the course. Historically, the best times to invest, like 2008, were when everyone else was afraid. I don’t know if that’s true today, but time will tell.
If you’re anxious about public market exposure, it might mean your risk tolerance isn’t what you thought, or you’re overinvested in public markets. Social media makes it hard to avoid the noise—markets are always in your face, making it emotional. That’s why you need strong investment guidelines: a strategy, how to monitor your portfolio, and clear decision-making criteria.
Most people follow an accumulation theory—saving a nest egg and withdrawing 4% a year. But if equities drop 5–10%, that really hurts. Instead, cash-flowing, non-correlated assets have less impact. It’s about being smart with how you build your strategy.
That’s why the IPS is so important. Traditional models like target-date funds don’t account for big market swings. As clients near retirement, a 5–10% drop can shake their confidence and force tough decisions—work longer, reallocate, or explore new strategies. But with a diversified portfolio of private equity, real estate, public markets, and IBC policies for liquidity, clients sleep better at night. Turn off your account notifications—how you feel on Monday doesn’t affect the market on Tuesday. Being proportionally allocated across asset classes shields you from extreme volatility. And in today’s uncertain political climate, the only certainty is uncertainty.
Great point. Another overlooked truth: we’ve had several years of great returns—16%, 20%—and that creates a false sense of security. But when the market drops 18%, you need even bigger gains to recover. That’s why the long-term average return is really closer to 7.5%. And with 88% of advisors underperforming the index, it raises the question: can you get better returns with less volatility?
Absolutely. Traditional investing can make people complacent. High returns look great, but then you factor in advisor fees and taxes. It’s not what you make—it’s what you keep. Most people don’t realize paper gains until they sell. True net worth building rarely happens in public markets unless you take highly concentrated positions, which we don’t recommend. That’s why private investments with tax-efficient structures and potential backend gains are powerful.
Investor psychology plays a huge role. If recent market volatility has triggered fear, that’s natural. Our brains are wired for security—most of our thoughts each day are rooted in fear. The market drop isn’t life-threatening, but your brain reacts like it is. That leads to emotional decision-making. As Ray Dalio emphasizes, meditation helps eliminate emotional bias and clears your head. If you’re feeling triggered, pause. Meditate. Work out. Then revisit your strategy.
That’s the essence of this podcast—wealth strategy. Most people don’t have one. Your IPS creates boundaries that help you avoid costly mistakes while maximizing returns and reducing risk. Box breathing—four seconds in, hold, out—really helps with staying calm. It’s simple and effective. The fear index (VIX) tracks market emotion. If you’re feeling anxious, sometimes the best move is to do nothing.
When traveling, I notice hotel gyms always have Bloomberg on. The screens are like Vegas—scrolling data, flashing alerts. It’s the worst thing to see first thing in the morning. It’s all fear triggers. Breath work helps. We’ve had experts on the show talk about it, too. Any last thoughts, Shuvam? What should listeners watch for or consider when structuring their portfolios?
Yes, watch the bond markets—10- and 30-year treasuries—and precious metals like gold, which have been signaling things for a while. Also watch earnings, because that’s what drives the markets. Big tech companies like Meta and Nvidia won’t be hugely affected by political shifts in the long run. In private equity, we focus on operators—the jockeys, not the horses—because great leadership can navigate challenging markets. Finally, just breathe, take walks, and don’t react emotionally.
Discipline is critical right now. Most people don’t have it, but the best investors do.
Great advice. If you’re struggling with your portfolio, feeling emotional about it, or just need clarity, we’re offering a free wealth strategy clarity call with Shuvam. The Calendly link is in the show notes. Or just email him directly at [email protected]. He’ll get back to you quickly.
Thanks, Dave.