Vol 25 – The Real Losers vs. The Emotional Buyers
- Ann Yu
- 4 days ago
- 8 min read
May 18, 2025
Another week, another surprise - US and China shook hands (for now) faster than anyone expected, and the S&P 500 index has nearly clawed back all its YTD losses. Hats off to retail investors, who have stayed strong amid tariff noise, proving once again that Buffett’s wisdom holds true: "Be greedy when others (i.e., the hedge fund managers) are fearful."
But is this really a return to normal? Or are we just setting the stage for the next round of surprises? Amid the market buzz, I had an uplifting encounter with a fellow mum-trepreneur this week. We’ve both had our days in the corporate world, yet today, we see the 3pm school pick-up as crucial as any other commitment. Of course, the game doesn’t stop there - that's why we’ve both chosen to build our own businesses, ensuring our skills stay sharp and future-proof, even if it sometimes feels like we’re CEO-ing by day and food-prepping by night (if not all the time!). And here's the best part - she’s a seasoned private wealth lawyer, specializing in family succession planning - the missing piece we’ve long searched for to complete our family office service offering. If legacy planning is something you’d like to discuss about, let’s connect! ☕
What’s in the newsletter this week?
1️⃣ Generational Face-Off: Gen X in US vs. Gen Z in China. Two articles got my attention this week: The Economist declared Gen X (born 1965-1980) in the US as "The Real Losers" (ouch!), while Bloomberg explored how China's Gen Z (born 1997-2012) is reshaping the stock market with their emotional consumption. Well, I'm neither of these 2 generations. But what can we learn from their vastly different approaches to life and money? 🤔
2️⃣ Decoding the 13F: What Are the Big Players Up To? Institutional investors have just disclosed their Q1 2025 holdings, and we’ve got the scoop on a few high-profile moves that caught our attention. Who’s buying? Who’s selling? 🔍
3️⃣ Once Upon a Time, Americans Weren’t Allowed to Hold Gold?! Gold has been a hot topic lately. But did you know that not too long ago, regular investors in the US were banned from owning gold? 😲💰
Category | Contents for this week |
|---|---|
1) Generations of the Week | |
2) Market Buzz | |
3) Fun Facts |
Key things to watch for the upcoming week:
China/HK - Earnings | May 21 (Wed) - Baidu (BIDU), Xpeng (XPEV) May 22 (Thu) - Lenovo (0992 HK), PDD (PDD) |
China - Eco Data | May 19 (Mon) - China Industrial Production, Retail Sales |
US - Earnings | May 20 (Tue) - Home Depot (HD), Palo Alto Networks (PANW) |
US - Eco Data | May 22 (Thu) - US Manufacturing and Services PMI |
Other Major Events | May 20 (Tue) - Reserve Bank of Australia Rates Decision |
Generations of the Week – Gen X in US vs. Gen Z in China
Every generation thinks they’re special - the ones before us? Too stubborn. The ones after us? Too soft. And naturally, we are the only ones truly holding civilization together, carrying the weight of humanity on our shoulders.
But let’s be honest - that’s probably not true. We all struggle. Or do we?
Why Gen X (in US) is the "Real Loser Generation"?
According to The Economist’s brutally honest calculations, the real winners of the "Most Unlucky Generation" contest are… Gen X (born 1965–1980).
Here’s why their timing was so wrong:
😞 Bad Mood – A recent 30-country poll found that 31% of Gen Xers report feeling "not happy" or "not happy at all"—the highest unhappiness rate across all generations.
💼 Bad Career Timing – Normally, salaries soar when people hit their 30s and 40s, moving into managerial roles. But Gen X? They hit this stage right when the global financial crisis tanked the job market.
📉 Bad Investment Timing – Boomers watched their portfolios skyrocket in the 1980s. Millennials enjoyed strong market gains too. But Gen X? Their prime investing years landed right between the dot-com crash and the 2008 meltdown - a financial desert with no oasis.
⏳ Bad Retirement – To top it off, Gen X might be the first generation to suffer from collapsing pension systems. America’s Social Security fund could run dry by 2033, exactly when they start retiring. Expect benefits to drop by 20–25%, unless Congress pulls off a miracle (don’t hold your breath).
Gen X in the US essentially lived through an extended economic prank, except nobody’s laughing...
Meanwhile, in China…
For years, generational identities in China weren’t as sharply defined as in the US - until Gen Z (born 1997–2012) crashed onto the scene and made their presence LOUD AND CLEAR, reshaping the economy through emotional consumption - aka, buying with their hearts, not their wallets.
If Gen X in the US had the worst timing imaginable, China’s Gen Z is out here YOLO-ing their way into financial optimism, even helping offset the damage of tariffs with their fearless spending, according to Bloomberg.
Gen Z in China equals to a 250-million-strong army of shoppers. They’ll pinch pennies over bubble tea prices but splurge fearlessly on their "true passions" - celebrity merch, trendy jewelry, toys - you know, all the things their parents roll their eyes at and call frivolous. But here’s the twist: investors and stock markets aren’t rolling their eyes - they’re cashing in!
Share prices of Gen Z-favorite brands, such as Pop Mart International (toys), Laopu Gold (jewelry) and Mixue Group (drinks) have been skyrocketing, proving that this generation isn’t just consuming, they’re driving the economy. Tariff concerns? What tariff concerns?
Each generation faces its own trials. Gen X in the US weathered storms they never saw coming, while Gen Z in China is trying to prove that confidence (and a shopping spree) can shape the future.
The real question isn’t who suffered more, but how each group adapts and reshapes the world in ways no one saw coming.
For your reference only. Not investment/product recommendations.
Market Buzz – Decoding the 13F
Every quarter, big-money funds managing over $100M must disclose their portfolios via SEC’s Form 13F - and the latest filings for the first quarter of 2025 are in!
Top 5 Holdings as of end-March 2025:
The nine stocks below represent nearly half of the top holdings disclosed:
🤖 AI tech stack: META, NVDA, AMD, TSM.
☁️ Hyperscalers: AMZN, GOOG, MSFT.
💳 Payments: MELI, V.
Top 5 Buys in 1Q 2025:
📦 Global commerce: BABA, MELI, PDD.
🤖 AI tech stack: META, NVDA, TSM.
💻 Enterprise software: APP, INTU.
☁️ Hyperscalers: CRWV, MSFT.
🌍 Marketplaces: UBER, ABNB.
Meta is back in the spotlight - After vanishing from last quarter’s top buys, it’s making a triumphant return, landing in the top five for funds like Coatue and Viking. The hype? DeepSeek’s AI inference efficiency breakthrough suggests Meta’s infrastructure bets could seriously boost margins over time.
Uber’s on the move - The ride-hailing giant was another hot pick, now Pershing Square’s biggest holding at 18%. Investment rationale might include surging engagement, widening margins, and a promising Waymo partnership.
That’s the big picture - but zooming in on top fund managers, the sentiment looked noticeably more bearish.
Berkshire Hathaway:
Selling Financials: Berkshire dumped Citigroup (C) and Nubank (NU) while trimming stakes in Capital One (COF) and Bank of America (BAC). But they left Apple (AAPL) alone this quarter.
Stockpiling Cash: The cash reserves continue to swell - now nearing $350 billion
Buying Consumer & Energy: Berkshire increased exposure on Constellation Brands (STZ), broadcasting company Sirius XM (SIRI), and energy giant Occidental Petroleum (OXY).
The Mystery Stock: Berkshire requested confidentiality treatment for one new position that's worth around $2 billion - often a sign they’re quietly accumulating shares. Barron's speculates it could be in the Commercial and Industrial sector.
Scion Asset Management - The "Big Short" movie guy Michael Burry So Bearish: Scion Asset Management went full-on liquidation mode, dumping nearly its entire listed equity portfolio in 1Q and loaded up on bearish put options, targeting stocks like Nvidia (NVDA) and several Chinese tech firms.
The Lone Survivor: Amid the liquidation, Estee Lauder (EL) remains the last stock standing in the portfolio.
Appaloosa Management - David Tepper
Scaling Back on China: David Tepper, who once championed the "buy everything Chinese" mantra last fall, is now dialing it back. Appaloosa trimmed its Alibaba (BABA) stake by 20%, though BABA is still the largest single stock holding in his portfolio.
Bridgewater - Ray Dalio and the world's largest hedge fund
Big Bets on China: Alibaba (BABA), Baidu (BIDU), and Pinduoduo (PDD) emerged as top buys of the fund.
Dialing Down US Tech: Bridgewater trimmed its positions in AI-focused tech giants like Nvidia (NVDA), Alphabet (GOOG), Meta (META), and Applovin (APP).
Ramping Up on Gold: Bridgewater significantly increased its exposure to the Gold ETF (GLD), citing gold’s low correlation with traditional assets, unique properties, and strong portfolio diversification benefits.
🚨 Final reminder: These position disclosures only reflect Q1 2025 - and with April’s market mood swings, there’s a good chance these holdings have already been flipped or reshuffled.
But hey, it’s all just for reference anyway. Who says these big-shot fund managers have some secret wisdom that retail investors don’t? 😆
For your reference only. Not investment/product recommendations.
Fun Facts – Once Upon a Time, Americans Weren't Allowed to Hold Gold?!
Yep! Once upon a time, Americans couldn’t legally hoard gold like modern-day treasure hunters.
In 1933, President Franklin D. Roosevelt issued Executive Order 6102, which banned private ownership of gold coins, bullion, and certificates. The government required citizens to turn in their gold in exchange for paper currency at a fixed rate of $20.67 per troy ounce - only to raise the price to $35 shortly after, effectively devaluing the dollar.
The reasoning? The U.S. was on the gold standard, and officials believed hoarding gold was stalling economic recovery during the Great Depression. The ban lasted for over 40 years, until President Gerald Ford finally lifted restrictions in 1974, making private gold ownership legal again.
Today, gold remains a prized asset, not just for its shine, but for its role as a storage of value. After all, you can wear gold all over yourself, but you can't really do that with US dollar bills!?
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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