Vol 40 - Let him roar — I remain, like wind on the mountain | Jadewell Family Office Investment Newsletter
- Ann Yu
- Nov 2
- 5 min read
November 2, 2025
🎉 Just like that, November is here!
Our Weekly Newsletter has quietly reached its 40th edition — one step at a time, and we’re so grateful for your continued support 🙌📈
Tomorrow brings a brand-new challenge: our very first pop-up booth experience! 🛍️✨
From November 3–4, we’ll be setting up a cozy little booth at Hong Kong Fintech Week, hoping to meet more friends interested in efficient portfolio management.
Let’s chat about asset allocation, risk control, and all those investment questions you’ve always wanted to ask but never had the chance 💬💡
Come say hi — you might just discover that investing isn’t all that complicated, as long as you’ve got the right partner to think things through with you.
Contents of This Week's Newsletter
【Social Media】Topics from Jadewell's Social Media
🧐 META - Bond investors piling in while stock investors rushing out?
After META released its earnings, the stock plunged over 11%, mainly due to investor concerns over its massive AI-related spending and a one-off tax item. Yet, at the same time, META’s newly issued bonds were met with a flurry of enthusiastic subscriptions.
What's happening there? 👉 Facebook (Chinese) / Instagram (English)
🔥 Who Dared to Downgrade THE Berkshire to Sell??
Rumor has it, if you randomly stop ten people on the streets of Central Hong Kong, at least five will proudly call themselves disciples of Warren Buffett’s “Value Investing.”
But earlier this week, an intriguing headline emerged: boutique U.S. investment bank KBW boldly downgraded Berkshire Hathaway to a “Sell” rating! What’s their rationale? 👉 Facebook (Chinese) / Instagram (English)
【Family Office Buzz】Wealth Management - Contentment Brings Constant Happiness
The legendary Chinese martial arts novelist Louis Cha (金庸) once wrote this line as a secret to mastering kung fu: “Let him roar - I remain, like wind on the mountain (他強由他強，清風拂山崗).”
Last week, a client asked me,“What’s the right annual return I should aim for in my investments?” 🤔
Ah — yet another question with no definitive answer.
The hardest part of this question? Human nature.
It’s one of those things no formula can solve, because the most unpredictable variable in investing is always — us.
🎯 Return Targets: Each Has Its Destiny
I remember working with some large family offices and institutions that truly set clear return targets.
Take, for example, a family office structured around a charitable foundation — their annual spending typically amounts to about 7% of total assets. That 7% becomes their investment return target. No need to be overly aggressive; as long as they can cover the required outflows, that’s enough. ✅
A 7% annual return might sound easy today, but back in the zero-interest era a decade ago, it wasn’t so simple! Otherwise, we wouldn’t have seen so many Chinese property bonds luring investors with 5–8% coupons — and drawing crowds in the process. 🏃♂️💨
🎲 The Two Extremes of Investment Management
However, I’ve also seen charitable organizations that, despite their mission to safeguard donations and invest prudently, end up chasing higher returns by buying highly speculative financial products. They call it “asset allocation,” claiming it’s just a small portion of the portfolio — but in reality, it becomes a critical vulnerability in their entire investment strategy. ⚠️
On the other extreme, some family offices refuse to take on any risk at all.
This is especially common in large, complex families where the second generation has taken over. For the family member managing the wealth, it’s a tough spot: if the portfolio performs well, other relatives might still complain that it underperformed the market. But if it loses money, they risk being blamed by the entire family.
In cases like these, clients with substantial wealth reduce “wealth management” to daily calls comparing fixed deposit rates — because, in theory, deposits are the only thing that can’t lose money.
🧠 Investing is Still About Human Nature
Ultimately, it all comes back to human nature.
And human nature is shaped by experience. Just like my son can’t imagine what childhood was like without an iPad, today’s generation of investors can’t fathom how, in the zero-interest era, our parents would scramble just to lock in a 5% coupon for a Chinese property bond — something we now recognize as junk.
To stay focused on your own return goals and risk tolerance — without being swayed by the noise of the outside world — takes more than just saying “contentment is happiness.”
It’s not a slogan. It’s a discipline shaped over time, through experience and reflection.
What about you?
What kind of investment return target best suits your family? And what risks should you be watching out for? 📞Talk to Jadewell Family Office today!
【Next Week】Key Events to Watch in the Week Ahead:
HK - Earnings
Nov 5 (Wed) - HKEX (0388.HK)
US - Earnings
Nov 3 (Mon) - PLTR
Nov 4 (Tue) - UBER, AMD
Nov 5 (Wed) - MCD, APP, QCOM, ARM, HOOD
Nov 7 (Fri) - CEG, KKR
US - Eco Data (Ongoing govt shutdown might impact the data release)
Nov 3 (Mon) - Manufacturing PMI
Nov 7 (Fri) - Non-Farm Payroll, Unemployment Rate
Others
Nov 4 (Tue) - RBA Rates Meeting
Nov 6 (Thu) - BOE Rates Meeting
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.
- HK SFC Licensed (Type 4&9)
- Tailor-Made Investment Advisory Services
- Portfolio Consolidation Across Banks
- Zero Commission Model
- Decades of Experience Across Leading Global Private Banks
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.
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