Vol 43 - The Compass of Family Wealth | Jadewell Family Office Investment Newsletter
- Ann Yu
- 19 minutes ago
- 6 min read
November 23, 2025
📣 Do you know what the biggest “occupational hazard” is for family office professionals?
In the past few weeks, Hong Kong has been buzzing with events — seminars, luncheons, gatherings almost every day.
Normally, as a middle‑aged “auntie” who’s put on quite some weight, I can hide in the shadows and resist temptation. But once I step into these conferences, with those exquisite hotel dishes paraded right under my nose…
Imagine this: if George Clooney were sitting across from me today — well, he’s older now, and so am I, so honestly, I wouldn’t feel much of a stir.
But if a golden, plump, irresistibly fragrant... flaky egg tart was placed in front of me… who could possibly resist? Some temptations are simply unbearable! See that banker on the left, belly and all, savoring every bite? If he can, why can’t I?
💡 And actually, this is a lot like investing (yes, I can link egg tarts to investing).
When all the “perfect elements” are pushed at you at once —
NVIDIA’s earnings report that “saves the whole village”
Wave after wave of heavy AI investments
Experts shouting hoarsely that “the market still has room to go up next year”
KOLs flaunting their stock market windfalls
That’s when investors face their own “egg tart moment” — who can resist the urge to buy when everyone else seems to be buying anyways?
But history has taught us again and again: market momentum never moves in just one direction.
🧭 What investing really needs is discipline.
But discipline, like dieting, is brutally hard if you rely only on willpower.
That’s why having Jadewell Family Office as your partner on the investment journey is ideal (yes, shameless plug). Or, at the very least, you should have a compass — in the family office world, we call it the Investment Policy Statement (IPS) — to guide your long‑term direction.
IPS isn’t just a framework — it’s a living compass. In this issue, we offer some modest observations on IPS in real‑world use. Any thoughts? Talk to Jadewell Family Office today!
📢 Note to readers: our newsletter will be taking a short break for a few weeks. In the meantime, we’ll keep our social media buzzing with fresh thoughts about markets — follow us and stay connected - Facebook / Instagram! Peace out ✌️
Contents of This Week's Newsletter
Family Office Buzz | The Compass of Family Wealth - Investment Policy Statement |
|---|---|
Next Week | |
Social Media |
【Family Office Buzz】The Compass of Family Wealth - Investment Policy Statement (IPS)
Put simply, an Investment Policy Statement (IPS) is the user manual for managing an investment portfolio. It usually covers:
• 🎯 Investment objectives
• 💡 Risk tolerance
• 📊 Asset allocation strategy
• 💧 Liquidity needs
• 🚫 A list of permitted and prohibited investments
In the "institutional" world, IPS is widely used. Much like any relationship, it’s about setting boundaries and expectations upfront — so there are fewer disputes and disappointments later.
But in the "family office" world, as individual portfolios grow more complex, IPS has also become increasingly popular. The difference is that family offices use it in a more flexible, human‑centered way.
🧭 IPS for Families: More Flexible and Human
Last week, Taiwan’s Business Weekly interviewed David Rockefeller Jr., the fourth generation of the Rockefeller family.
He recalled that when he received his first allowance in 1950 at age 8, his parents taught him to divide the money into three parts: one for the church, one for savings, and the rest you can spend.
That simple rule was, in essence, the Rockefeller family’s IPS.
Unlike institutions bound by rigid rulebooks, family offices carry more emotional weight and often need to compromise.
So, when creating IPS for families, the focus is usually on higher level direction — "building long‑term family consensus" and "managing risk" — rather than locking in every operational detail.
⏳Building Consensus Takes Time
“Building long‑term family consensus” sounds easy, but in practice... it’s quite tough. 😅
A family isn’t an institution. There are no formal corporate rankings, and no one is obliged to follow orders from the others. That naturally leads to generational tug‑of‑war:
Younger generation: often eager to challenge their parents’ values and overhaul the portfolio.
Parents’ generation: some welcome the change, while others hesitate — torn between letting go and fearing that centuries of hard work can vanish overnight.
I still recall the Bitcoin bull run a few years back, when many younger clients dismissed our asset allocation plans and traditional tools like stocks and bonds.
After all, in crypto (back then), a single day feels like a year in the real world. With such a mindset gap, consensus across generations was almost impossible.
More recently, investors shaped by the AI boom often expect too much. For them, anything with annualized return under 15–20% looks unworthy. But the funds that deliver those numbers tend to have shorter track records, while seasoned funds — tempered by multiple bear markets — seldom maintain such sky‑high returns.
On the other hand, I share the frustration of younger clients: when parents have found success doing things a certain way, shifting their mindset can be difficult — even if that approach now feels outdated.
👨👩👦👦 IPS as a Record of Companionship, Not a Chain
As a family office, we often spend years observing the preferences and personalities of different generations, while helping them adjust overly optimistic or pessimistic biases. Only then can we reach something close to consensus and produce an IPS that truly fits the family.
To me, an IPS in the family office context isn’t a document you can draft at the start. It’s more like a record of companionship — capturing the worries, concerns, and care of each generation as the family grows.
There’s much more to share, but space is limited. If you’d like to hear more of our hard‑earned lessons on family office IPS, or explore what kind of IPS might suit your own family, feel free to reach out to us anytime!
【Next Week】Key Events to Watch in the Week Ahead:
HK - Earnings
Nov 25 (Tue) - Alibaba (9988), Nio (9866)
Nov 26 (Wed) - Li Auto (2015) Nov 28 (Fri) - Meituan (3690)
US - Earnings
Nov 25 (Tue) - DELL
US - Eco Data
Nov 25 (Tue) - Retail Sales
Nov 27 (Thu) - Fed's Beige Book
【Social Media】Topics from Jadewell's Social Media
🤔 Who Really Has a Say on US Stock Market?
Is it Donald Trump? Jensen Huang? AI Superman Sam Altman? Or the soon‑to‑retire Warren Buffett?
Hehe… maybe none of them! Can you guess who NVIDIA’s top two shareholders really are? 👉 Facebook (Chinese) / Instagram (English)
【True Story】An Entertaining (?) Insider Trading Case
This week I came across a fascinating indictment on cross‑border insider trading — proof that real life can sometimes be more absurd than the movies!
So, what kind of true story could be so captivating? 👉 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)
- 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.