Wise Talk #2: Capital Preservation in Today’s Reality

The second Wise Talk brought together clients, partners and the Wise Wolves Corporation team for an evening of open conversation about one of the most pressing questions in private wealth today: how to protect capital when the ground keeps shifting.

The session was moderated by Yulia Karvonen, Head of Business Development, with presentations from Alla Starodubtseva (COO, Brokerage), Alexey Fomichev (Head of Digital Assets) and Konstantin Koziar (Brokerage).

The big picture

Alla opened with a candid look at where traditional markets stand. The takeaway from 2025: headline returns were strong, but the growth was narrow and fragile, concentrated in a handful of tech names rather than spread across the broader market. Commodities told a split story, with precious metals rallying and oil under pressure.

The conversation then turned to 2026, where the base-case scenario has already been thrown out. Escalation in the Middle East has reshaped energy markets overnight, and the knock-on effects go well beyond oil.

Konstantin made a point that stuck with the room: energy security is no longer just an industrial concern — it is a technology concern. AI infrastructure depends on power, and without stable supply chains, even the most advanced chips lose their value.

The team’s view was unanimous: in this environment, preservation comes before growth.

The crypto chapter

Alexey took the floor to explain how far digital assets have come, and how much has changed. What started as a niche experiment is now a recognised asset class held by governments and major corporations. The speed of institutional capital entering the space is unlike anything seen before.

But with institutional adoption comes a loss of independence. One of the liveliest discussions centred on the fact that bitcoin now moves in step with equities, not against them.

Guests challenged this view, debated, and shared their own perspectives. Some pointed to market influence by large holders, others to macro-driven dynamics. The consensus: likely a combination of both.

Alexey also explained how yields in decentralised finance actually work, and why returns have moved from double digits to single digits. Not because something is broken, but because the market is maturing and the era of easy returns is over.

Looking ahead

Yulia closed the evening by outlining the group’s strategic direction: developing institutional custody solutions, expanding personalised crypto portfolio management, and providing access to private markets and pre-IPO opportunities through partnerships with major funds.

The questions continued well beyond the formal session, which felt like the clearest indicator of a truly engaging discussion.