Vol 18 – Slow and Steady Wins the Race?
- Ann Yu
- Mar 23
- 7 min read
Updated: Mar 27
March 23rd, 2025
This week, the two dream-weavers behind Jadewell Family Office finally emerged from behind the scenes for a photo together under our logo. Cheers to more small-but-significant milestones ahead! 🥂🎉 For the newsletter, we're here to answer 3 interesting questions: 1️⃣ Slow and Steady Wins the Race? 🐢 I'm going to show you a fascinating chart of battle between two "managers" for the past five years. Can you guess who they are? Can the slow but steady one win in the end? 2️⃣ Who Stole the Spotlight from Jensen Huang at Nvidia's Big AI Conference? 🕺Someone stole the spotlight at Nvidia's Big AI Conference. Picture this: it’s cute, it nodded, and it shook its bottom in front of everyone. The crowd went wild. And it actually holds a deeper message for the future of humankind. 3️⃣ What is THE Infrastructure Asset That Most Sovereign Wealth Funds Like? 💎 This global treasure is a shared gem among sovereign wealth funds, yet its bonds are rated as... junk???
Category | Contents for this Week |
1) Chart of the Week | |
2) Market Buzz | |
3) Fun Facts | What is THE Infrastructure Asset That Most Sovereign Wealth Funds Like? |
Key things to watch for the upcoming week:
China/HK - Earnings | Mar 24 (Mon) - BYD (1211 HK), BYD Electronics (285 HK),Sunny Optical (2382 HK) Mar 25 (Tue) - China Merchants Bank (3968 HK), China Resources Land (1109 HK), Kuaishou (1024 HK) Mar 26 (Wed) - Bank of China (3988 HK), SenseTime (20 HK) Mar 27 (Thu) - CNOOC (883 HK) |
US – Earnings | Mar 27 (Thu) - Lululemon (LULU) |
US – Eco Data | Mar 24 (Mon) - US Manufacturing PMI, US Services PMI Mar 27 (Thu) - US 4Q GDP Mar 28 (Fri) - US Feb Core PCE |
Other Events | Mar 26 (Wed) - UK Feb CPI Mar 28 (Fri) - UK 4Q GDP |
Chart of the Week – Slow and Steady Wins the Race?
Feast your eyes on the chart below — a vivid tale of a five-year duel between two "managers." This isn't just a graph; it's the battleground where performance met perseverance.
The orange manager burst out of the gate with explosive energy and dominated the arena from 2020 to 2021. Momentum was on its side, and the lead seemed almost unstoppable. But as the race wore on, the stakes rose. In early 2022, the tides began to shift, plunging both orange and white contenders into a grueling head-to-head struggle. Then came 2025, the climactic showdown where the white manager, despite lagging so much behind in the beginning of the race, unleashed a stunning comeback, at least for now.
Have you guessed who these two managers are?
White is the old guy that we've been playfully teasing about for the past few weeks - Warren Buffett's Berkshire Hathaway!
As for the Orange? That's you and me and everyone else - the S&P 500 index.
This chart fascinates me for two key reasons:
1️⃣ Long-term investments are about survival, not speed. The name of the game is limiting the drawdowns. It’s fine to lag behind now and then - or even most of the time - as long as you avoid big losses along the way. Slow and steady wins the race.
2️⃣ Even Buffett had to fight tooth and nail. For a heavyweight like Buffett, equipped with unparalleled resources and access, beating the market was no walk in the park. For everyday investors like you and me? Let’s just say it’s a good reminder to stay humble and avoid the temptation of overreaching.
What are your takeaways from this battle of the titans?
For your reference only. Not investment/product recommendations.
Market Buzz – Who Stole the Spotlight from Jensen Huang at Nvidia's Big AI Conference (GTC 2025)?
This past week, Nvidia lit up San Jose with its annual AI extravaganza, GTC 2025.
As expected, Jensen Huang, the ever-dynamic CEO of Nvidia, took center stage during the keynote to unveil the company's exciting road map for next-generation AI chipsets and architectures - Blackwell Ultra and Vera Rubin platform.
But let’s set aside the tech-heavy details (after all, it’s Sunday, and we deserve something a bit more lighthearted).
To me, the real showstopper was the adorable little companion that Huang brought on stage - 🤖 a cute robot named “Blue.” 🤖
Blue definitely stole the show - beeping, nodding its head, and even shaking its bottom with charm and personality! Check out the video and see for yourself!
If you think Blue looks like some character come to life straight out of a Star Wars movie, you're not far off.
Blue is the stunning result of a collaboration between Nvidia, Google DeepMind, and Disney Research (yes, the same Disney that owns Star Wars). And according to Disney, starting next year, you could probably meet Blue in person at Disney theme parks!
But wait, there’s more - something even bigger is brewing behind the scenes.
Nvidia is working on an AI foundation model for robot training called Groot N1, and the game-changer? It’s going to be open-sourced! That means Nvidia is handing out the blueprint for making robot brains to anyone with the ability to create robot bodies.
Think about it: robotic developers, automakers, and startups from around the world could bring these “brains” to life in their own creations. The possibilities are endless, and we’re standing on the brink of a robotics revolution.
“The age of generalist robotics is here,” said Nvidia CEO Jensen Huang.
For your reference only. Not investment/product recommendations.
Fun Facts – What is THE Infrastructure Asset That Most Sovereign Wealth Funds Like?
Last week, I stumbled upon a fascinating YouTuber from China talking about Top 10 Sovereign Wealth Funds - it’s the kind of video that pulls you in even if you don’t usually keep tabs on finance. (Heads up: it’s in Mandarin.)
Here’s the part that really caught my attention: As she examined the world's largest sovereign wealth funds, she noticed an interesting overlap. On the private side of these funds' portfolios, they seemed to share one prized gem - ✈️ Heathrow Airport! ✈️
Now, Heathrow Airport Holdings isn’t your typical stock market darling - it’s a private company. According to their website, the major shareholders of Heathrow Airport include:
Ardian (a French private equity firm): 22.61%
Qatar Investment Authority (Qatar’s sovereign wealth fund): 20.00%
Public Investment Fund (Saudi Arabia’s sovereign wealth fund): 15.01%
Australian Retirement Trust (Australia’s sovereign wealth fund): 11.18%
China Investment Corporation (China’s sovereign wealth fund): 10.00%
Ferrovial S.A. (a Spanish infrastructure titan): 5.25%
Caisse de dépôt et placement du Québec (Canada’s sovereign wealth fund): 2.65%
Universities Superannuation Scheme (UK’s sovereign wealth fund): 2.10%
You see what I mean now? 😯👉💡 Back in my private banking days, we've also traded some Heathrow related stuffs for our clients - the bonds issued by the Heathrow group. After all, it wasn't easy to find solutions for clients' idle EUR and GBP cash! Heathrow has two entities for bond issuance, each catering to very different investor appetites. 1️⃣ Heathrow Funding Ltd
This entity mainly issues "secured debt (i.e. bonds with collateral)" to raise funding specifically for the airport's operations - think of checking passenger in, boarding passengers, delivering baggage, and on-board catering etc. ➡️ These bonds are rated Investment Grade: BBB+ (S&P) and A- (Fitch).
2️⃣ Heathrow Finance Plc
Now, this is where things get... spicy. 🌶️
Operating higher up in the group financial hierarchy, Heathrow Finance doesn’t generate revenue itself - it depends on cashflows trickling up from subsidiaries like Heathrow Funding Ltd (the one we mentioned earlier).
Because of that, the bonds issued by this entity are usually unsecured, backed by nothing but promises. The result? ➡️ These bonds are rated Non-Investment Grade: B1 (Moody's) and BB+ (Fitch).
Pretty bold for a company ultimately backed by some of the wealthiest nations on the planet, huh? 😏😏
🌟 Head over to Jadewell Family Office official website, check us out and subscribe to our weekly newsletter for all the fun-filled updates! 🚀✨
For your reference only. Not investment/product recommendations.
About Jadewell Family Office
Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment.
Ann Yu
Co-Founder and CEO
Jadewell Family Office
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