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Picture Source: Millennium loses US$900 million on strategy roiled by market chaos - The Business Times March 16th, 2025 Hello! Exciting news! 🎉 We've integrated our weekly newsletter with Jadewell Family Office's official website! Click over to our site for a super-easy subscription to stay updated weekly! ✨ To the market volatilities this week and the now-called "Lagnificent 7" , we cite John Templeton , the contrarian investor who pioneered global diversified mutual funds. "Bull markets are born on despair, grow on skepticism, mature on optimism and die on euphoria." As market volatility persists, a timely portfolio review or market discussion may help to ease some of the anxiety.   Don’t hesitate to reach out to us anytime you feel like chatting! This week, we're diving into captivating tales of triumphs, trials, and twists in the financial world. 1️⃣ First up, news about Millennium’s "index rebalancing" strategy hit turbulence last month, sparking curiosity. What is this strategy, and what might have gone wrong? The mystery awaits. 2️⃣ Next, we'll revisit Buffett's mistakes. What’s his take on being fashionably late to the tech stock party , and why does he call paying dividends a "mistake"? Let’s uncover the lessons behind these candid reflections. 3️⃣ And finally, State Street and Apollo have unveiled a surprisingly "counterintuitive" ETF - raising eyebrows across the industry. 🤔 Is this a bold move born of necessity, or is there a master strategy brewing behind the scenes? Read on and let me know what you think! Category Contents for this Week 1) Strategy of the Week What Happened to Millennium's "Index Rebalancing" Strategy Last Month? 2) History Buzz Buffett’s Mistakes (Part II) 3) Fun Facts A Surprisingly "Counterintuitive" ETF Key things to watch for the upcoming week: China/HK - Earnings Mar 18 (Tue)  - Xiaomi (1810.HK), XPeng (9868.HK), Tencent Music (1698.HK) Mar 19 (Wed)  - Tencent (0700.HK), Ping An (2318.HK), China Unicom (0762.HK), Anta Sports (2020.HK), Kingsoft Cloud (3896.HK) Mar 20 (Thu)  - CK Hutchison (0001.HK), Geely (0175.HK) Mar 21 (Fri)  - Nio (9866.HK), China Mobile (0941.HK), Meituan (3690.HK) China - Eco Data Mar 17 (Mon) - Industrial Production, Retail Sales Mar 17 (Mon)  - 3pm Press Conference by State Council Information Office to brief on matters related to boosting consumption US – Earnings Mar 20 (Thu)  - Nike (NKE), Micron (MU) US – Eco Data Mar 17 (Mon)  - Retail Sales Mar 19 (Wed)   - FOMC Rate Decision Other Events Mar 17-21 (Mon-Fri) - Nvidia GTC AI Conference Mar 19 (Wed)   - Bank of Japan Rates Meeting Mar 20 (Thu) - Swiss National Bank Rates Meeting, Bank of England Rates Meeting Strategy of the Week – What Happened to Millennium's "Index Rebalancing" Strategy Last Month? Earlier this week, Bloomberg reported  that Millennium's "index rebalancing" strategy hit a rough patch, leading to a staggering $900 million loss . For perspective, this is just a dent in Millennium's $75 billion AUM, but it’s enough to raise eyebrows across Wall Street. One of the teams involved was led by none other than Glen Scheinberg , dubbed the "King" of index rebalancing. A hedge fund insider even quipped, "He doesn't just trade the market. He is  the market." So, what went wrong for the king and his court? "Index rebalancing," at its core, involves high-stakes bets on which companies will enter or exit stock indexes. Managers typically go "long" on potential entrants and "short" on potential exits, often using significant leverage. But this momentum-driven strategy faces a fatal flaw: crowding. When too many traders pile into similar positions, alpha - the elusive edge - decays, and even accurate bets can spiral into losses during market turbulence. Historically, this strategy has been a cash cow for Millennium, raking in billions over the years. However, moments like this year’s loss - and the unwinding of crowded trades in 2022 - highlight its vulnerabilities. Zooming out, it's worth noting that "index rebalancing" is just one piece of Millennium's vast multi-strategy empire. The fund's overall February loss of 1.3% contrasts with the broader hedge fund index's 0.47% dip . While this may seem modest, it’s a rare blemish for a fund renowned for its sharp risk management - Millennium hadn't lost more than 1% in any given month since late 2018, until now. Millennium’s secret sauce lies in its strict discipline: over 300 trading teams operate under a rigid framework. If a team's losses hit 5% , its buying power is halved. At 7.5% loss, they're shown the door. Even titans stumble, but Millennium's resilience may ensure its crown doesn’t slip for long. As always in the high-stakes world of hedge funds, the line between triumph and turmoil is razor-thin. " We are born alone; we die alone and we navigate the Trump stock market alone " - Dan Loeb, billionaire founder of hedge fund Third Point Source: Bloomberg For your reference only. Not investment/product recommendations. History Buzz – Buffett’s Mistakes (Part II) While Warren Buffett remains revered as the "God of Stocks," many will recall that his company Berkshire Hathaway arrived fashionably late   to the tech stock party. His investment philosophy, shaped since the 1950s, revolved around his "circle of competence"  - focusing on consumer goods, infrastructure, financials, and insurance - sectors that churn out steady cash flow. Technology , however, was a different beast. It was complex, fast-evolving, and, as Buffett often joked, outside his "simple bets" comfort zone. Source: Financial Times The First Try - IBM The tides shifted in  2011. Long after the tech bubble burst, Buffett surprised Wall Street by investing $11 billion in IBM . He reasoned that IBM, which supported countless IT departments globally, was "easier to understand" than other tech giants. The optimism didn’t last, though. IBM failed to adapt to new technologies like cloud computing , and revenue began to decline shortly after Buffett's investment. By 2018, Buffett had completely exited his IBM position, admitting that the bet hadn’t paid off. Chalk it up to lesson learned. Source: CNBC The Second Try - Apple Undeterred by his IBM misstep, Buffett turned his gaze to Apple in 2016 . He didn't see Apple as a traditional "tech" company - he saw it as a lifestyle brand with an unparalleled emotional connection to its consumers. This time, he hit the jackpot.   By 2018, Apple had become Berkshire Hathaway's largest holding . At its peak, Apple accounted for more than 50%  of Berkshire's holdings - though Buffett began trimming his stake in 2024, citing potential tax rate hike concerns. As of Q4 2024, Apple still dominates, representing 28%  of Berkshire's portfolio. It’s clear this second try more than made up for the first. The "Didn't" Try - Amazon and Alphabet Beyond IBM and Apple, Buffett has also reflected on two other missed tech opportunities. Amazon - Buffett said in an CNBC interview that he was just  "too dumb"  to see the potential for Amazon, and for the business to become as big as it is today. He and his long-time partner Charlie Munger  have even called Amazon's founder Jeff Bezos a "miracle worker." Alphabet - Despite Berkshire's consumer insurance subsidiary GEICO being a long-time client of Google, paying for clicks and ads, Buffett never took the leap into investing in Google's parent company Alphabet. The irony wasn’t lost on him. " I feel like a horse's ass for not identifying Google ,” Munger said. “ I think Warren feels the same way. We screwed up. " " Yeah, he's saying, 'We blew it, '" Buffett quipped. " We could see in our own operations how well that Google advertising was working and we just sat there sucking our thumbs, so we are ashamed. We're trying to atone ,” Munger said. “ Maybe Apple was atonement .” " When he says, ‘sucking our thumbs,’ I'm just glad he didn't use some other example, " Buffett added. The Dividends As an investor, Warren Buffett has long championed reliable value companies  that reward shareholders with steady dividends.   But here's the irony: Buffett's own Berkshire Hathaway, famously flush with cash, has only paid a dividend once  in its 60+ year history. That lone dividend came in 1967 , just two years after Buffett took the reins of Berkshire Hathaway, then a struggling textile manufacturer. Shareholders received a modest 10 cents per share . Decades later, Buffett would call it "a terrible mistake," often joking, "I went to the men's restroom, and the directors voted while I wasn’t there." So why has Buffett avoided dividends ever since? To him, there are three actions that take precedence: Reinvesting in the business  to fuel growth. Making new acquisitions  to expand Berkshire’s empire. Buying back Berkshire shares  when they’re trading at a meaningful discount. For Buffett, it’s all about putting cash to work where it creates the most value  - a philosophy that has defined his legendary career. For your reference only. Not investment/product recommendations. Fun Facts – A Surprisingly "Counterintuitive" ETF Source: State Street In a headline-grabbing debut, State Street Corp. and Apollo Global Management’s much-anticipated private credit ETF, named SPDR SSGA Apollo IG Public & Private Credit ETF (ticker "PRIV") , launched last month on the New York Stock Exchange. The ETF promises to marry the exclusive world of private credit with the accessibility of public trading , a move Apollo’s CEO Marc Rowan has called the inevitable convergence of private and public markets. However, it hasn’t been a smooth launch. The SEC has raised red flags, citing concerns about liquidity , valuation practices , and even the fund’s name . While ETFs are required to limit illiquid investments to 15% , PRIV proposes to allocate up to 35% of its holdings to private assets, with pledge from Apollo to provide daily pricing data and firm bids, though this hasn’t quelled all regulatory worries. " How will inherently illiquid assets behave in a fund wrapper that trades "continuously" on a public stock exchange?" Source: State Street What will be inside PRIV’s private credit bucket? A mix of intriguing assets like corporate loans, car leases, music royalties, and broadcasting rights - all vetted by portfolio managers for value. These holdings aim to deliver a juicy 6.5% yield, outpacing the 5% offered by public credit. Private credit has grown immensely popular as a haven from public market volatility, with firms now targeting retail investors for fresh capital. Yet, skeptics remain cautious. The Bank of International Settlements recently warned that the push for retail cash could create vulnerabilities within private credit due to the liquidity mismatches. Despite PRIV’s groundbreaking intentions, it hasn’t ignited investor frenzy just yet and everyone is still in wait-and-see mode . PRIV posted just 2 days of net inflows totaling just $5 million since its Feb. 27 launch. All in, the ETF has roughly $55 million in assets thanks to initial funding that it started trading with. PRIV may not have taken off with fireworks, but it represents a significant step toward democratizing access to private assets - for better or worse. 🌟 Last but certainly not least - don’t miss out! Head over to our Jadewell Family Office official website , check out who we are and subscribe to our weekly newsletter for all the latest updates! 🚀✨ 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 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.

2025年3月9日 您好! 本周我們將目光放在 兩位「九十後」老人 身上。超過九十歲的高齡，還能使全世界為之震動的，目前應該也就他倆了! 此外，收到許多(?)讀者詢問，其實 瑜新家族辦公室 到底是幹嘛的呀? 是偶有佳作的文章寫手? 是想推銷股票的微信女? 還是想拉我開戶的私人銀行客戶經理? 都不是! 本周我們也藉此機會， 解釋一下瑜新家族辦公室的成立初衷， 以及我們如何與香港滿街都是的家族辦公室、投資顧問、基金公司等做出區隔。 目錄 本周內容 1) 每周一刁 長江和記出售港口業務 - 一場「全贏的」大刁 (Deal) 2) 歷史熱話 那些年，巴菲特犯下的錯(上集) 3) 您知道嗎? 其實「瑜新家族辦公室」到底想幹嘛? 未來一周值得關注的大事有: 中國/香港 - 業績 3月14日(周五) - 友邦保險 (1299.HK)，理想汽車 (2015.HK) 美國 - 業績 3月10日(周一)  - 甲骨文 Oracle (ORCL) 美國 - 經濟數據 3月12日(周三)  - 美國消費者物價指數 US CPI 3月13日(周四)  - 美國生產者物價指數 US PPI 其他大事 3月11日(周二) - 日本第四季GDP 3月12日(周三) - 加拿大央行議息會議 每周一刁   - 長江和記出售港口業務 - 一場「全贏」的大刁(Deal) 一輩子都在做刁(deal)的 李嘉誠 ，本周以 96歲高齡 ，又做了一場大刁，震撼了全世界! 李嘉誠的 長江和記( 0001.HK ，以下簡稱長和) ，宣布與 美國貝萊德(BlackRock) 為首財團達成原則性協議，賣出旗下和記港口公司的80%股權(註:另外20%股權由新加坡主權基金淡馬錫持有)。和記港口公司擁有於全球23個國家所營運的43個港口， 包括 最近捲入政治爭議的 巴拿馬港口公司 股權。但長和強調，本交易 不包括 長和在中國和香港的港口。 預計此交易將為長和帶來 超過190億美元的現金款項 。 雖然長和表示，「 本次交易是純商業性質 ，與近期關於巴拿馬港口的政治新聞完全無關」。但看看特朗普最近對於巴拿馬運河的發言，怎麼可能無關呢 😅 巴拿馬運河 是一條由人工打造的、長達82公里的運河，由美國政府於1914年建造後營運。該運河橫穿中美洲巴拿馬地峽， 連接太平洋與大西洋 ，大幅縮短了船隻來往於兩大洋的時間，也使船隻能夠避開遙遠而危險的南美洲最南端 - 合恩角。 合恩角有著「海上墳場」之稱 ，因為位處南美洲最南端，屬於次南極疆域，風暴異常、海水冰冷。歷史上，曾有五百多艘船隻在合恩角沉沒，兩萬餘人葬身海底。 第二次世界大戰以後，美國對於巴拿馬的控制權開始引發各項爭議，最終美國於 1999年 ，將巴拿馬運河正式移交還給巴拿馬政府。 但現任美國總統特朗普並不喜歡這樣的安排 。在他今年1月20日的就職演說中，他聲稱目前實際控制巴拿馬運河的， 其實是控制運河周邊港口的中國政府(!?) 。 巴拿馬運河上共有五座港口， 長和控制其中最重要的兩座 - 掌控運河一頭一尾的那兩座 。在特朗普眼中，長和是一間香港公司，那麼既然香港是中國的一部份， 長和背後一定有著來自中國政府的影響(!?)。 特朗普甚至提到，不排除利用 美國的軍事力量 ，來重新奪回美國在巴拿馬運河的主導權。 這也不難理解，因為對特朗普還有美國來說，巴拿馬運河真的很重要! 在所有通過運河的船隻中， 有高達75%的船隻，不是從美國來的就是要往美國去的 。所以最需要這條運河的，其實就是美國。 Chart source: Bloomberg 正因如此的政治背景，長和的這單大刁，才能達到 「全贏」 的局面，令人拜服李嘉誠做刁的手腕， 老而彌堅! 怎麼樣個 「全贏」 法呢? 看看交易中的各方 - 李嘉誠與長和 以極佳的價格賣走手上這些政治燙手山芋； 特朗普 如願以償由美國公司掌控巴拿馬港口； 巴拿馬政府 可以與最大貿易夥伴(美國)繼續保持良好關係；而買家 貝萊德 趁此機會買下大量優質港口，是該公司史上最大的一筆基礎建設投資，也可以藉此平息特朗普與共和黨對 貝萊德執行長 Larry Fink  的各種新仇舊恨。 回到男主角 長和 上，許多香港投資者都持有長和的股票。對這些投資者來說，本次 190億美元 的交易價格，真的相當驚喜! 😄🎊 190億美元的價格，相當於「整間長和公司」在交易宣布前的股票市值。 就算長和的股價在交易宣布已經後怒漲了一波，190億美元仍然相當於目前整間公司股票市值的75%。 截至2024年上半年，港口業務僅貢獻了整間長和營收的9%，以EBITDA (未計利息、稅項、折舊及攤銷前的利潤)來說，也僅占約15%。 為什麼說這次李嘉誠賣出港口業務的價格 「極佳」 呢? 在本次交易宣布之前，大部分分析師對這塊業務的估值大概 只有105億美元左右 ，僅是 最終出售價格190億美元 的一半多一些(還不包括中國與香港的港口呢)。此外，190億美元的售價，相當於這些港口EBITDA的 13倍 ，也比目前全球相似港口的平均估值 10倍 高出許多。 Chart source: Bloomberg 所以說，現在持有長和的股民們，最關心的就是，長和會怎麼樣利用 這麼一~大~筆~現金呢? 根據公開新聞， 摩根大通 的分析師預計，長和將 分派本次現金流的10-20%作為特別現金股息   (先例: 長和2014年賣出部分屈臣氏股權後，曾派發特別現金股息) ，如此一來，長和股票的股息收益率 (dividend yield)，將可望由目前的約5%，躍升至 14%! 而剩下的現金流呢? 長和有很多種選擇，可能用來 還債 (先例: 長和2020-2021年賣出歐洲鐵塔業務後，將出售所得拿來還債) ，或是 派發紅股 (先例: 長和1999年賣出英國電訊業務「橙」後，曾派發紅股)  ，或是 留著現金，做為日後其他收購交易的子彈 。 眾說紛紜，另外一邊， 研究機構晨星 (MorningStar) 的預估則更為進取，他們預計長和會派發高達每股25港元的現金特別股息! 以長和目前股價約50港元計算，這麼做的話，會把長和的股息收益率，推高到不可置信的50%! 不過晨星並沒有解釋本次估計背後的計算方式，所以......我們暫時聽聽就好。 別緊張，長和即將於 3月20日 公布業績，對這筆現金的利用，屆時應該會有更進一步的說明。 股民的另一個關注點，則是 賣走了港口業務以後，未來的長和會是什麼樣子呢?   可以想見未來的長和業務，雖然比之前稍微沒有那麼分散，但地緣政治所帶來的拖累，應該也會相應地減少。 依據彭博社估計，交易完成後， 英國 仍然會是長和最大的市場，貢獻不到25%的EBITDA，並預計將持續增長。上個月，消息傳出長和計畫出手收購英國最大水務公司 泰晤士水務(Thames Water) ，交易作價約70億英鎊。此外，也有傳聞指長和正考慮競購 英國垃圾處理公司Viridor ，交易作價也是大約70億英鎊左右。 至於長和的 各項業務板塊 ，基礎建設和電訊業務仍然提供穩定的現金流，但是零售業務(屈臣氏)，則仍然受到中國零售不景氣的拖累。 Chart source: Bloomberg based on 1H 2024 EBITDA, pre-IFRS 16 basis and includes the group’s proportionate share of associated companies and joint ventures, excluding non-controlling interests’ share in HPH Trust. Assumes the deconsolidation of port segment’s EBITDA, except HPH Trust and Mainland China & Other Hong Kong. For your reference only. Not investment/product recommendations. 歷史熱話 - 那些年，巴菲特犯下的錯(上集) 大約兩周前，巴菲特發表了他的年度致股東信。信中再次提到了多項他過去曾犯下的錯誤，也引發了許多對於 「犯錯」 這件事的討論。 我們無法複製他人的成功，但可以避免重蹈他人的覆轍 。本周我們就來回顧一下，巴菲特曾犯下的其中兩個錯誤。 Source: https://ekoshapu.in/2021/08/30/happy-bday-warren-buffett/ 巴菲特是如何養成的? 故事得從巴菲特的小時候開始講起。 沃倫．巴菲特 (Warren Buffett) 於1930年出生在美國中部內布拉斯加州，一個叫做奧馬哈的城市。他的父親曾是美國國會議員，也是一個積極的股票投資者。巴菲特小小年紀就開始學著做生意，11歲就開始買股票了。 長大以後，巴菲特去了哥倫比亞商學院念碩士，師從經濟學家 班傑明．葛拉漢(Benjamin Graham) ，學到了影響他一生的投資觀念 -   安全邊際(Margin of Safety)。 安全邊際指的是「企業內在價值」與「股票價格」之間的差異。 當一項投資的安全邊際越高，就表示這項投資越好。因為你用來買入這間企業的股票價格，比這間企業真正的內在價值，還要低廉許多。 巴菲特職涯早期，靠著這個安全邊際的價值投資心法，在股市上大有斬獲。他自己也在1962年，成為了一名百萬富翁! Source: The Motely Fool 最大的錯誤，就是買了波克夏．海瑟威 在巴菲特成為一名百萬富翁的1962年，他發現了另一個價值投資機會，是一間名為 波克夏．海瑟威 (Berkshire Hathaway，以下簡稱波克夏) 的美國紡織公司。 1960年代， 美國的紡織業出現大蕭條 ，因為外國競爭對手利用便宜的勞動力大舉攻入市場，再加上美國紡織業落後的設備與技術，使得紡織工廠出現大額虧損，紛紛倒閉。 看中了機會，巴菲特開始買入波克夏的股票。他當時的買入價格僅為 每股7.6美元 ，比波克夏 每股19.46美元 的帳面淨值，還要低出許多( 這就是安全邊際呀! )。 本來巴菲特也只是打算炒一轉股票就走人的，所以等到1964年市場形勢好轉後，巴菲特聯絡上波克夏當時的執行長史丹頓(Seabury Stanton)，雙方口頭同意，由波克夏以 每股11.50美元 的價格，買回巴菲特手上的持股。 沒想到，幾周後，當巴菲特收到白紙黑字的交易計畫書時，竟發現交易價格，從本來說好的 11.50美元 被改成了 11.375美元 。 這不知好歹、出爾反爾，把巴菲特當成小蝦米的作風，徹底激怒了年輕的巴菲特! 正所謂 「有錢就是任性，沒錢才得認命」 。有錢的巴菲特虎軀一震，決定買起你整間破爛紡織公司，就為了炒掉你這個沒有信用的執行長史丹頓。 巴菲特不管價格，一路大手買入波克夏的股票。還記得他當初第一次買的時候，成本只有 7.6美元 左右，等他終於買完波克夏的多數股權，平均總成本已經飆到接近 15美元 了( 說好的安全邊際呢? )...... (我後來才了解到)，以「合理的」價格購買一家「優秀的」公司，遠勝於以「絕佳的」價格購買一間「普通的」公司 -- 沃倫．巴菲特 這已經是六十年前的事了，但幾十年來巴菲特仍然不停地懊悔這個錯誤，並稱這是他 人生中最大的一項失誤。 因為當時的意氣用事，導致大量資金都被困在一間沒有前景的紡織公司。雖然最後巴菲特成功把波克夏轉型成為今天成功的樣子，但根據他自己在2010年的估計， 要是當年那筆資金沒有被困在波克夏，這些年來應該早就增長成為2000億美元的資產了。 另一個錯誤 - 大衛．索科(David Sokol) 做為「九十後」，巴菲特今年也已經94歲啦! 因為他的高齡，市場一直都很關注誰才是接班人。 在最新的致股東信中，巴菲特宣布 阿貝爾(Greg Abel) ，將在不久後接下他的波克夏執行長職位。有趣的是，阿貝爾於1962年出生。還記得嗎? 1962年就是巴菲特剛剛開始買入波克夏股票的那年! 但其實巴菲特尋找接班人的路途，並不是一直都這麼順利的。 在2011年以前，其實巴菲特屬意的接班人另有其人 - 大衛．索科(David Sokol) 。他是巴菲特的得意門徒，也是重要的左右手。舉例來說，2008年波克夏投資比亞迪2億美元的時候，就是索科代表巴菲特來中國作盡職調查的。 但2011年1月，什麼都變了。 當時，索科為巴菲特帶來了一個新的投資提案 - 以 每股135美元 的價格，收購一間名為 路博潤(Lubrizol) 的美國化學公司。 但索科沒說出口的是，他自己早在幾天前，以 每股104美元 的價格， 私下買入了將近1000萬美元的路博潤股票。 所以在巴菲特完成這項收購案以後，索科也為自己的口袋， 賺進了300萬美元左右的利潤。 世上沒有不透風的牆，索科的這番騷操作，很快就見了光。索科黯然褪下股神愛將的光環，巴菲特則在股東會上公開承認自己識人不清。 下周，我們將繼續分享巴菲特另外兩項無法釋懷的錯誤 - 關於那些錯過的黃金賺錢機會、還有分派股息(啥?派股息也是錯?) 。敬請期待 😎 For your reference only. Not investment/product recommendations. 您知道嗎?  - 其實「瑜新家族辦公室」到底想幹嘛? 從巴菲特一直耿耿於懷的上述兩個錯誤中，可以看出 「利益衝突」 真的是無所不在、防不勝防! 當有人推薦一項產品或投資提案給您的時候，那真的是最適合您的選擇嗎? 背後還有什麼其他的原因嗎?🤔 在我們將近二十年的外資大行工作經驗中 ，看過了許多像這樣的場景，不僅是利益衝突，更常見的還有銀行與客戶、基金與投資人兩邊的 「資訊不對稱」 等等。當然，每個人都要賺錢才能生存，但我們始終相信，凡事還得有度才行。 瑜新家族辦公室 是香港少數幾個，敢大聲 保證不收取任何佣金、利益分派或回扣 的家族辦公室平台。我們在與客人的投資顧問合約中， 也白紙黑字寫下這個承諾 。   📜 為了避免利益衝突，我們也 沒有 自己的產品、基金、或什麼刁(deal)要行銷給您。 瑜新家族辦公室真正想做的，是目前市場上沒什麼人關注的、但卻又真真切切存在的客戶痛點 - 一個全面的、跨帳戶、跨平台的投資組合分析及監察。 大多香港客戶對投資已經有豐富經驗，也相當熟悉市場。但隨之而來的，就是東一個西一個的銀行帳戶、散落各處的基金帳戶、還有各項較為複雜的私募投資。 老實說，哪個客戶有時間、有心力，去定時分析、實時監察這所有的一切的投資部位呢? 其實客戶也心知肚明，很多東西不能放在那兒不理，只是拖著拖著，就又拖在那裡啦! 我們幫客戶檢查各項帳戶報表的時候，常常發現 銀行帳單的對帳錯誤 ( 大銀行也常出錯呢 )，找出塵封已久的、 已經不再適合的基金持倉 ( 對喔，都忘了還有這支基金 )，或是利用市場上早已有的績效更好、成本更低的投資作法，來 改善客戶的現有持倉情況 ( 原來還可以這樣做呀 )。🔍💡 "身體要定時做健康檢查，投資組合也要定時分析監察呀! " 瑜新家族辦公室服務收費表(2025年3月更新) 我們提供以下三種服務模式: 🌟   「輕巧」家族辦公室服務   🌟 定時的投資組合統整、分析與監察(每月度、或是每季度皆可) 投資帳單、交易報表逐項檢查，確保各項收費對帳皆正確 定時市場更新，並分享行業動態、交易資金流向等資訊 適合追求快、狠、準，簡單直接投資組合分析服務的客戶 ✨ 「標準」家族辦公室服務  ✨ 包含「輕巧」的所有服務 隨時 幫您過濾/審查來自銀行端或其他人的投資提案 瑜新家族辦公室自行研發的投資組合管理方案 適合需要即時討論市場資訊、或常常被各種投資提案轟炸的客戶 🚀 「全面」家族辦公室服務 - 值得信賴的守門人(Gatekeeper)  🚀 除了「標準」服務內容以外，我們更付出「加倍努力 (go the extra mile)」 依照您的指示或投資偏好， 主動 幫您在全球市場上尋找合適的機會/投資工具 與您的投資組合持倉密切相關的 每周更新報告 協助 家族財富傳承規劃 (除了常見的例如信託規劃以外，我們也提供 為年輕一代量身訂做的 投資經驗分享、投資理論分析實踐等服務) 適合擁有較複雜投資組合、並正尋找值得信賴的守門人的客戶 For your reference only. Not investment/product recommendations. 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 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.

Hong Kong SFC Type 4 & 9 Licensed | Independent | Client‑Aligned Managing family wealth today is more complex than ever — multiple banks, endless products, shifting markets, and a constant stream of noise. Families don’t just need information; they need clarity, alignment, and a partner who sits firmly on their side of the table. That’s why we built Jadewell Family Office , a fully independent Hong Kong–based firm holding SFC Type 4 (Advising on Securities)  and Type 9 (Asset Management)  licenses. Our mission is simple: to help families see clearly, decide wisely, and grow confidently across generations. Here are the five reasons families choose us — and why you might too. 1) We Are On Your Side Jadewell charges zero commission. Zero rebate. Zero conflict. Most wealth platforms earn commissions, retrocessions, or hidden incentives. We don’t. Our zero‑commission, zero‑rebate  model means: We never earn more by selling you more We never push products We never benefit from complexity Our incentives are 100% aligned with yours When we say we’re on your side, we mean structurally, financially, and philosophically. 2) We Deliver the Big Picture Your entire wealth, finally visible in one place. Families often hold assets across: multiple private banks brokerage accounts insurance platforms external asset managers trust structures This creates blind spots — and blind spots create risk. We consolidate and analyze your portfolios across all banks and custodians , giving you: a unified dashboard real‑time monitoring cross‑bank exposure analysis risk concentration alerts performance attribution You see the whole forest, not just the trees. 3) We Protect Your Wallet Idea filtering. Due diligence. Pricing checks. The financial world is full of products — but not all products deserve a place in your portfolio. We help you filter the noise through: independent product due diligence pricing and fee monitoring suitability checks channel checks liquidity and risk analysis portfolio efficiency reviews Our job is to protect your capital from unnecessary costs, hidden risks, and shiny distractions. 4) We Provide Tailor‑Made Services Because no two families are the same. Every family has its own: values goals risk appetite governance structure generational dynamics That’s why our services are fully customizable , including: bespoke investment mandates family governance support reporting formats tailored to your needs cross‑bank coordination special projects (e.g., liquidity events, succession planning, philanthropy) We don’t fit you into a template — we build the template around you. 5) We Offer Financial Coaching Empowering the next generation with confidence and clarity. Many family members — especially younger generations — feel intimidated by: financial jargon portfolio management burden dealing with bankers understanding risk making investment decisions and be accountable for them We provide structured financial coaching , helping them: understand their portfolio build financial literacy communicate confidently with service providers develop long‑term investment discipline We don’t just manage wealth. We help families learn, grow, and lead. 🌱  About Jadewell Family Office Hong Kong SFC Type 4 & 9 Licensed | Independent | Client‑Aligned Jadewell is a boutique, independent multi-family office headquartered in Hong Kong. We specialize in: multi‑bank portfolio consolidation long‑term asset allocation investment due diligence family governance next‑generation coaching Our independence ensures that every recommendation is made solely in the best interest of our clients. 👩‍💼  About Co‑Founder Ann Yu Ann Yu is the co‑founder of Jadewell Family Office and the voice behind our educational content. She blends: a background in investment advisory with decades of experience from top private banks (JPMorgan, Morgan Stanley and UBS) deep experience working with multi‑bank families a passion for simplifying complex financial and technological concepts Her mission is to make wealth management clear, accessible, and empowering  for every generation. ⭐  Final Thought Families don’t just need a service provider. They need a partner — one who sees the whole picture, protects their interests, and grows with them across generations. That’s what Jadewell was built for.