Private Assets Are Coming to Your Portfolio…Be Ready

October 1, 2026

AI Summary

5 min read

“65% of new bookings came from outcome-based fixed price projects.” That single data point from Accenture’s earnings report may matter more than the 19% stock pop that followed it. For a consulting giant whose business model has always been built on billing by the hour, a shift toward fixed-price, outcome-based contracts signals something deeper than a quarterly beat.

The SEC also made news this week, loosening rules around who can invest in private assets and how fund managers can charge fees. The hosts—Tyler Crow, John Quas, and Lou Whiteman—spent the bulk of the episode unpacking what these changes mean for ordinary investors, and whether the push to bring private equity, private credit, and venture capital into retail portfolios is a genuine opportunity or a trap.

Accenture: Alive, but for how long?

Accenture’s stock surged after reporting fiscal 2026 results that beat dismal expectations. Revenue and earnings both came in ahead of forecasts, and management guided for 3% to 6% growth in fiscal 2027. The stock had fallen below 10 times earnings before the report, down from the 30s two years ago. John Quas put it bluntly: “What went right was Accenture didn’t die.”

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What you'll learn

1 (00:01) **Episode Open & Accenture Earnings Surprise** - The hosts introduce the main themes of the episode and kick off with a discussion of Accenture’s better-than-expected earnings.
2 (02:33) **Accenture: Cheap Valuation & Cash Returns** - The panel examines the financial signals beyond the headline beat, focusing on valuation, margins, and shareholder returns.
3 (04:35) **Eating Crow? The Sell Decision & AI Risk** - The hosts address whether Motley Fool’s recent decisions to sell or put Accenture on hold were wrong, and dig into the structural AI risks facing the consulting business.
4 (09:09) **Segment Break & Sponsor Ads** - A natural break in the episode for advertisements.
5 (11:27) **Main Topic: Private Assets Are Coming to Your Portfolio** - The hosts introduce the major theme of the episode: the SEC’s new rules designed to bring private assets (private equity, private credit) to retail investors.
6 (13:40) **The Good: Knowledge-Based Investing vs. Wealth-Based** - The panel identifies the primary benefit of the new rules: moving from a wealth-based system to a knowledge-based system for accredited investor status.
7 (15:13) **The Bad: A "Private Markets Bailout" & Adverse Selection** - The hosts voice their most cynical concerns about the new rules, warning of a flood of low-quality deals aimed at retail.

+ Full timestamped outline available in the app

Show Notes

For years, Wall Street has wanted to be able to sell private assets to more individual investors. This week, the Securities and Exchange Commission just made some major rule changes that could make it possible. Lou, Jon, and Tyler break down who actually benefits from these proposed changes, and what investors need to look out for if they dabble in private assets. Plus, Accenture bucks the AI narrative (for now) and a listener question about portfolio sizing

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Tyler Crowe, Lou Whiteman, and Jon Quast discuss:

- Accenture earnings surprise

- Did we sell to early?

- New rules to make private assets available to everyone

- Tips for investing in private assets vs. public equities

- Mailbag: How much speculation is the right amount?

Companies discussed: ACN, IT, TTD, SPCX, AMZN, NFLX, TSLA

Host: Tyler Crowe

Guests: Jon Quast, Lou Whiteman

Engineer: Dan Boyd

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