Vol 34 - When Easy Money Feels Too Easy
- Ann Yu
- Sep 21
- 5 min read
September 21, 2025
📉 The Fed finally gave in this week and delivered its first rate cut of the year - lowering interest rates by 25 basis points. They’re also signaling two more cuts of the same size before year-end.
🔮 As for 2026, however, Fed officials are still sounding a bit hawkish for now. According to the official dot plot, they’re only planning one rate cut next year. But honestly, that doesn’t mean much - who knows which officials will still be voting at the Fed by then? 😉
📈 The financial markets are loving it - hitting new highs every single day! Feels like everyone’s a stock market genius now 👶🧑🧓. How this party ends? Honestly, your guess is as good as mine... 🍿
📬 A little story from this week: I ended up writing a reader letter - couldn’t help myself!
It all started when I read a column in Hong Kong Economic Journal that opened with the now-infamous tale of the “fake Middle Eastern prince” who came to HK to (allegedly) set up a family office. The article then dove into the current state of the city's family office scene.
🧐 The columnist praised single-family offices for their depth of expertise and privacy advantages. But he didn’t hold back when it came to multi-family offices like ours.
🫵 According to him, folks like us not only fall short in terms of knowledge, but because of the commission-driven business model, multi-family offices are basically just financial product distributors operating in a grey zone. 🩶💔
🤷♀️ Honestly? I think he's got a point. But I also want to say: every era brings its own “auntie entrepreneurs” (江山代有師奶出)!
We’re not financial whizzes - just regular aunties trying to build something different. We saw a gap in the market and wanted to do things our way. No power, no pedigree, but we’re doing our best to attract clients and partners who share our values 💪.
📝 So yes, I gathered my courage and wrote to the columnist - Hey, have some faith in the aunties! Thank you!
Contents of This Week's Newsletter
Topics from Jadewell's Social Media
💰 Following TSMC into U.S. Corporate Bonds, Again!
All through September, TSMC’s investor updates basically read like: “Dear shareholders, here’s another batch of corporate bonds we bought today!” 💌📉
Their allocation strategy actually mirrors what many high-net-worth individuals do: park the cash they won’t need for a few years into low-risk assets, earn a bit more than sitting in cash, and maybe catch some upside if bond prices rise during a rate-cut cycle. 🧠💸
🚨China & HK Stocks Are on Fire - So Why Are Hedge Funds Sneaking Out the Back Door?
China and Hong Kong stocks have been riding a wave of bullish sentiment, and everyone’s hoping the market can evolve from a liquidity-driven “water buffalo” 🐃, into a fundamentally stronger “structural bull” 🧱, and eventually settle into a steady, long-term “slow bull” 🐌.
But here’s the twist - while retail investors and long-term capital are pouring in with enthusiasm, hedge funds with more flexible strategies have already started quietly pulling back… 👉 Facebook / IG
Behind Closed Doors: What I Learned at a Family Office Power Lunch
This week, I had the privilege of attending a small, private lunch at the Hong Kong Club - an intimate gathering of insiders from the family office space.
I walked in thinking I had a decent grasp of Hong Kong’s family office scene. Turns out… I was a total rookie 🐣 who’d stumbled into a world that’s discreet, tightly knit, and way more mysterious than I imagined.
As the veterans chatted about their latest fund picks, I felt like I’d entered a parallel universe. "Sorry, but... I've literally never heard of any of the funds you're talking about??" 😅
One senior guest laughed. "Of course you haven’t! We only invest in small, niche funds. If a fund has more than 25 investors, we’re out. Too crowded, too noisy!”
🔍 Investors vs. Fund Managers: Who’s Really in Charge?
That conversation reminded me of two recent chats I had with fund managers:
💬 One vented about 2022, saying: “The market was brutal back in 2022. But what made it worse were investors constantly bugging me - demanding I sell and reduce exposure! I've done the simulation. If the investors had just stayed quiet, we could’ve cut our losses by a third!”
Since then, he’s made peace with the idea: better to turn away anxious money than let it mess with his strategy. 🧘♂️
💬 Another manager was even more blunt: “Our standard minimum is $5 million. But if you promise not to ask questions or make noise, we’ll accept $2 million.” 😶💸
🔄 Times Are Changing
😨 Investors are more anxious than ever - hovering over their fund managers wanting 24/7 updates.
🙉 Meanwhile, fund managers are fighting to protect their decision-making space, trying to tune out the noise and stay focused.
Honestly, it’s starting to feel a lot like the tug-of-war between parents and their moody teenage kids. 😆😆😆
Key Events to Watch in the Week Ahead:
China/HK - Earnings | Sep 26 (Fri) - New World Development (0017.HK) |
US - Earnings | Sep 23 (Tue) - Micron (MU) |
US - Eco Data | Sep 25 (Thu) - US GDP (2Q) Sep 26 (Fri) - US PCE (August) |
Others | Sep 25 (Thu) - Swiss National Bank Rates Decision |
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
FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS
This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only.
This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions.
Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice.
All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted.
It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.
Comments