At the CEE Wealth Summit in Vienna, our partner Nico Zeifang took the stage to share a refreshingly honest perspective: "We are bad investors, but good asset allocators." What started as a catchy headline unfolded into a thoughtful discussion on the evolution of investment strategies, especially within family offices and private investors.
Nico walked the audience through Penguin Capital’s journey — from making rather uninformed direct investments, without a clear asset allocation framework, to building a model grounded in academic research and fueled by data-driven signals. This shift, he explained, has been crucial in navigating complex market environments and improving risk-adjusted returns.
Interestingly, he pointed out the paradox of successful investors: many great investors are, in fact, poor asset allocators. Their deep expertise in a single sector often leads to overexposure, which can amplify returns in stable markets but leaves them highly vulnerable to black swan events and sector-specific downturns. It’s a cautionary tale that resonated with many in the audience.
The fireside chat was followed by a lively panel discussion featuring Cornelia Meyer, Pawel Jacel, CFA, Heiner A. Weber, Ekta Tolani, and Antoni Gburek. Together, they explored the challenges and opportunities of wealth preservation, portfolio diversification, and strategic allocation in today’s volatile market landscape.
Highlights from the session included:
- the transition from opportunistic investments to structured asset allocation,
- how data and research shape modern portfolio strategies,
- the risks of over-concentration, even for top-performing investors,
- practical insights for family offices seeking resilience and balance,
- and expert opinions on navigating uncertain markets.
The CEE Wealth Summit brought together an inspiring community of single family offices, private investors, and family business leaders — a powerful reminder that smart allocation strategies are as much about protecting capital as they are about growing it.