Vol 42 - Let Stupidity Prevail | Jadewell Family Office Investment Newsletter
- Ann Yu
- 10 minutes ago
- 5 min read
November 16, 2025
💔 Farewell (for now), Michael Burry 💔
Last week, we posted about two Michaels. This week, one of them—the legendary Big Short investor, the man who saw clearly while the world was drunk—Michael Burry, finally succumbed to market pressure and announced the de-registration of his hedge fund📉
He admitted: "My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”
In other words: even if he’s right that today’s AI boom is a bubble, as long as the market disagrees, his short positions will just keep on bleeding. Just like in 2008, when he shorted the housing market and endured over two years of pain before the crash finally came.
But this time, it seems he couldn't afford to wait anymore.
Being “right” too early can be worse than being "wrong". So... there's nothing he could do but let stupidity prevail. 😵💫
🍎 Goodbye to Apple. Hello to Google 👀
Meanwhile, Berkshire Hathaway just released its Q3 holdings:
🔻 Trimmed Apple (AAPL) by around $9-10 billion
🆕 Initiated Google (GOOGL) worth $4.3 billion
Market watchers speculate this Google move wasn’t Buffett’s own doing—after all, he’s set to retire at the end of the year.
Here’s the fun bit: Buffett once called Google his “one that got away.” ✨
His auto insurance business thrived thanks to early Google ads, but even the Oracle of Omaha didn’t think to invest in the company back then. Google became the missed opportunity he never tried to chase again.
Now, years later, it’s his successor who’s making the call—free from the weight of past regrets, stepping into a new era.
🧠 A Generational Shift in Investment Thinking 🤝
AI isn’t just fueling a bull market—it’s also reshaping the very foundations of investing.
This week, we spotlighted two historic shifts:
📌 CalPERS, one of the world’s largest pension funds, announced it will abandon traditional Strategic Asset Allocation in favor of a Total Portfolio Approach (TPA).
📌 Norway’s sovereign wealth fund, long a global ESG role model, has paused its ethical screening rules—by parliamentary decision. Even ESG is taking a backseat (for now).
🌍 The world is changing fast. Is your investment mindset ready to evolve?
Let’s talk—connect with Jadewell Family Office today.
Contents of This Week's Newsletter
Family Office Buzz | |
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Next Week | |
Social Media |
【Family Office Buzz】Our Reflections on Recent Fund Research
I’ve been meeting with quite a few fund managers lately, and here are some standout observations—partly as notes to self, and partly to spark discussion. Feel free to share your thoughts or DM us anytime 📩
1) How intense is the competition among onshore China hedge funds?
Turns out, some China-based funds are now providing weekly real-time performance updates. Meanwhile, the offshore USD funds we’re familiar with still take 10–15 days (or more!) just to send out a monthly report.
This lightning-fast pace is made possible because the valuation process—normally a complex operation—is outsourced to a single brokerage. Sure, it’s efficient. But whether the data is accurate? That might be up for debate. 🤔
2) Still buying private credit funds?
Private credit funds focused on the US and Europe are everywhere these days—so crowded it’s almost scary.
But this week, I was surprised to discover a fund that focuses on onshore Chinese private credit assets—and it was founded by an American… 20 years ago! Just goes to show: in this Grand Garden of capital markets, there’s always something new to learn 🎁
3) What's the real role of short positions?
This year, many long/short hedge funds have delivered strong performance. While most managers share similar logic when it comes to long picks, their short strategies vary widely:
Some genuinely believe in the fundamental weakness of the shorted companies
Others short to hedge specific risks in their long positions (e.g., tariffs), targeting companies with high exposure for that
Some systematically short indices as part of their strategy—but index selection matters. For example, shorting an emerging markets tech index is almost like shorting TSMC… which might be shooting yourself in the foot.
In this era of junk rallies, knowing how to avoid getting squeezed on your shorts can be even more important than picking the right longs. ⚠️
【Next Week】Key Events to Watch in the Week Ahead
HK - Earnings
Nov 17 (Mon) - Geely (0175)、Xpeng (9868)、Trip.com (9961)
Nov 18 (Tue) - Baidu (9888)、Xiaomi (1810)
US - Earnings
Nov 18 (Tue) - HD、PDD
Nov 19 (Wed) - NVDA
Nov 20 (Thu) - WMT
US - Eco Data
Nov 20 (Thu) - Non-Farm Payroll for September
Others
Nov 17 (Mon) - Japan 3Q GDP
【Social Media】Topics from Jadewell's Social Media
🤔When Even the Giants Say Goodbye to "Asset Allocation" and "ESG"
Two recent headlines have upended two long-standing beliefs in wealth management: Asset Allocation and ESG standard for stock selection.
It’s more than a technical shift—it’s a fundamental rethink. For me, it’s a wake-up call: sometimes, traditional frameworks constrain more than they help. 👉 Facebook (Chinese) / Instagram (English)
【Impressive, My King👑】Dollar Carry Trades
This week on Bloomberg, I came across a headline that made me do a double take:“Dollar Carry Trades Set to Trounce World’s Booming Stock Markets.”
Why the double take?
Because it instantly reminded me of last August… when the unwinding of USD/JPY carry trades triggered massive selling pressure across equity markets. Could that nightmare be coming back for round two? 😨👉 Facebook (Chinese) / Instagram (English)
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)
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Ann Yu
Co-Founder and CEO
Jadewell Family Office
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