In recent years, the government, industry, and media in Hong Kong have all been actively promoting the idea of “Family Offices (FO).” Yet many people still only have a hazy understanding of what an FO actually does — some even assume we spend our days just “trading stocks for rich people.” So in this article, I’d like to give readers an immersive look  into my real day‑to‑day life at Jadewell Family Office , where I am both the boss and the person who handles everything from strategy to the smallest operational details. We are a multi‑family office , serving several families with their own wealth‑management needs. Beyond the skill set I built over years in private banking, we also rely on close collaboration with partners across different professional fields.   Monday - Next Gen Investment Meeting   Like many office workers, my week starts with a Monday morning meeting. Every Monday, I spend three hours with the Next Generation (“Next Gen”) of our “Client No. 1.” You might wonder: What could possibly take three hours every week? Quite a lot, actually. This Next Gen client is around my age, so our weekly meeting is both a “compressed market‑trend briefing” and a “scenario planning session” for the family’s investment portfolio. For example, when Google launched TurboQuant and memory‑chip stocks plunged, my job was to explain the entire chain of events in a clear, digestible way — from KV Cache to the differences among HBM, DRAM, and NAND — so the client could understand how market movements affect the portfolio and make informed decisions. And market analysis is only part of it. With geopolitical tensions rising and volatility increasing, structured products with 50% knock‑in conditions  have resurfaced. As an FO that does not charge transaction commissions, we have no pressure to push products. Instead, we can objectively assess whether the volatility‑curve pricing and those seemingly “client‑friendly” coupon features truly compensate for the embedded negative convexity  — the cliff risk  if the 50% barrier is breached. It’s not that such products should never be used; rather, we must ensure they genuinely fit the client’s overall strategy , instead of blindly chasing yield in turbulent times. On top of that, the client gave me homework last week: restructure the family’s AUD exposure. I prepared several proposals with different risk profiles, and once the plan is finalized, we still need to rehearse how to present it to the family elders — anticipating every possible question in advance. And just like that, three hours fly by every week.     Tuesday - The Long Search for the Right Solutions   Tuesday is my full day of meetings with different fund managers. Partly to learn from them and keep my market knowledge sharp ; partly to source suitable opportunities for clients with different risk appetites. The day starts in Central with a breakfast meeting hosted by an emerging‑market macro fund. Then I head to Landmark to meet a Japanese fund that calls itself a “friendly activist.” Lunch is a meet‑and‑greet with a bank’s Fund of Funds team. In the afternoon, I visit a Chinese Quant Fund in Admiralty to discuss the possibility of designing a customized product for a client . On my way home, I squeeze in a coffee with industry peers — market insights are important, but hearing about the “pits” others have stepped into is even more valuable. It’s a day packed with information, but the takeaways are substantial.     Wednesday - A Difficult Meeting: Eliminating Information Asymmetry   I woke up unusually early on Wednesday. The upcoming meeting had kept me awake the entire night. Last month, while reviewing the monthly statements for “Client No. 2,” I noticed that a bond had been purchased at a price significantly above market levels at the time. The FX conversion used to settle the trade was also badly executed. On top of that, I discovered several instances where the Relationship Manager failed to convert money‑market funds into cash in time, causing temporary overdrafts — and unnecessary interest charges on the client. After reporting these findings to the client, he asked me to accompany him to the bank today to grant me additional authority so I can monitor these operational details in real time going forward. To be fair, having worked in banking myself, I understand the immense pressure of sales targets. Some readers may think: “Private‑bank clients are so wealthy — surely they don’t care about a bit of extra commission or interest.” Wrong. In my experience, people who accumulate significant wealth are smart. They are happy to pay for good service and good advice. Bu t if fees are charged carelessly or deliberately above market levels — even small amounts — they won’t tolerate it. That said, checking statements and verifying prices are tedious tasks clients naturally don’t have time for. That’s when a trustworthy Family Offices becomes invaluable — the person who says: “You focus on what matters; leave the details to me.” (Week not yet finished — to be continued.)   As a Family Office, we work behind the scenes to help clients master the fundamentals of wealth management — from market research and investment proposals to price monitoring and daily cash‑flow planning — so they can focus on what truly matters. If you’d like to experience FO services, feel free to contact Jadewell Family Office . We do not charge commissions or take kickbacks. Our fees are transparent, and our stance is pure . Because we believe the best advice should feel like that of an old friend — trustworthy and sincere.

(Originally published in the print edition of Hong Kong Economic Journal – March 25, 2026) Ever since I left the big banks and started my own firm a few years ago, friends still ask me, “That multi-family office  thing you’re running—what exactly is it?” Their tone is often sympathetic: “Isn’t that industry only for ultra‑rich tycoons? How does someone like you even get into that circle?” And that, in fact, is precisely why we started this business— to challenge the misconception that family offices are only for the ultra-ultra‑wealthy . The people who need family offices the most may not be the richest ones From what we see on the front lines, the group that most urgently needs family‑office support is not the billion‑dollar elite. Instead, it is the segment of high‑net‑worth individuals who qualify as private‑bank clients, but are not considered “top‑tier” —those with a few hundred million Hong Kong dollars in assets, spread across several private banks, yet never quite making it onto the banker’s priority list. Why? Because in the wealth‑management food chain, they are in the most awkward position. These individuals are industry leaders— CEOs of listed companies, self‑made entrepreneurs, or highly specialised professionals . But once they step into the investment world, facing derivatives, structured notes, and a jungle of funds, even multiple MBAs may not help them see through the complexity. And although they have sufficient wealth to qualify for private banking and access sophisticated products, their “commercial potential” still pales in comparison to billion‑dollar clients — or even to certain retail clients who are often charged disproportionately high fees. This isn’t discrimination— it’s reality. Bankers have limited time and heavy sales pressure, so naturally they must focus on the clients who generate the highest revenue. The result? When these clients need help—whether it’s a technical question or a meeting with a specialist—they often wait days or even weeks for an appointment. By the time the meeting happens, the market opportunity may have passed, or the issue may have become more complicated. It’s not that bankers aren’t trying. It’s the system. If you’ve ever had a similar experience, what you really need is a guide . A family office: your personal guide through the financial jungle A true family office— one that stands firmly on your side —is your dedicated guide in the financial wilderness, helping you navigate complexity and avoid pitfalls. Family‑office professionals typically come from the banking world. They understand the rules of the game, but are no longer constrained by internal resource allocation or sales targets. That means your questions become their priority . Some may wonder: “Doesn’t this kind of personalized service cost a fortune?” It’s true that a Single Family Office —built for one family only—requires substantial assets to sustain. But the increasingly popular Multi‑Family Office  model allows multiple families to share the cost of a professional team, making it possible for more high‑net‑worth families to access the same level of expertise once reserved for the ultra‑rich. From investment advisory and tax planning to trust structures and next‑generation financial education , the role of a family office is to provide tailored guidance throughout your wealth journey—helping you move forward with greater clarity, stability, and peace of mind. [Hong Kong Family Office Series · Part 1] Do You Need Billions to Have a Family Office? Closing Note Did you read the Hong Kong Economic Journal (HKEJ) today? 📰 Ever since I started working in Hong Kong, HKEJ has been my daily must‑read . If I haven’t finished it in the morning, it feels like stepping out the door without makeup — I’m just not ready to face anyone.  I’m always worried a client will call out of the blue and ask, “Did you see that article? What do you think?” and I’ll be caught off guard. After years of this routine, I’ve developed a kind of “information anxiety,” and the only thing that calms it is getting through the HKEJ every morning. This was especially true during the pandemic. We couldn’t meet clients in person, and I was constantly afraid of not taking good enough care of them. Back in those pre‑AI days, I woke up at 5 a.m. to read the news. I’d finish three newspapers — including HKEJ — and before 7 a.m., I’d send clients a summary of the key overnight stories, tailored to their portfolios and interests. My husband used to tease me for “wasting time.” But persistence has its rewards . A few clients really did feel my sincerity, and they’ve stayed with me ever since. They eventually became the strongest supporters behind the founding of Jadewell Family Office . To be honest, after so many years as an investment advisor in private banking, I’ve never been the wine‑and‑dine type of relationship manager . I can’t drink (I order juice at a bar), and dining out isn’t easy either (I need to go home to cook dinner for my son). All I’ve ever been able to offer clients is my stubborn drive and my anxious, wholehearted commitment to staying informed. So when I saw the Jadewell Family Office advertisement printed in the HKEJ this time, I felt genuinely moved. It felt like I was reaching back through time to wave at the rookie version of myself from 18 years ago — the one eating breakfast while poring over the HKEJ — and say: “You’ve worked hard. Keep going.”

As Jadewell Family Office marks its first year, we’ve noticed a clear shift in client conversations. What used to be mainly about portfolio consolidation and risk analysis has increasingly become one topic: Hedge Funds! And the trend is industry‑wide. Senior bankers tell me the same thing: "Clients made strong gains in equities — especially AI — but the uncertainty behind those gains is pushing them to seek professional, risk‑managed strategies 🤓." Even bankers admit they want to reduce their own “career risk” by relying on funds that can go long, short, and monitor markets 24/7 😎. === ▋ The Numbers Behind the Shift  According to Goldman Sachs: 📈 Global private wealth has grown 6%+ annually over the past decade. 📈 Now reaching USD 240 trillion — 5× the size of traditional institutional allocators combined for hedge funds. 🌐 High Net Worth individuals control USD 90 trillion in investable assets globally 🌐 Half of them in US , and the remainder split evenly between EMEA and APAC Yet most wealth management platforms recommend 8–10% hedge fund allocation, while actual allocations sit around ~1% . 🚩 Even a small move toward the recommended range would drive significant inflows. Picture Source: Goldman Sachs === ▋ My Perspective on Asian Wealth Clients   Older generations are less active in stock‑picking now, especially with US‑centric AI names and time‑zone challenges. Investment decisions are shifting to younger family members who: ✅ Prefer not to be tied to screens ✅ Want to reduce personal responsibility risk ✅ Are more open to allocating to strong‑performing hedge funds === ▋ But Selection Isn't Easy With thousands of strategies, complex fee structures, and constant fund pitches , choosing and monitoring hedge funds is a full‑time job. That’s exactly where a family office like us adds value. Leave the heavy lifting to  #JadewellFamilyOffice . If you’re reassessing your hedge fund allocation or overall portfolio resilience, we’re here to help. Risk Disclosure & Disclaimer: https://lnkd.in/gqgHUfQa

February 1, 2026 The first month of 2026 has already blazed past us! 🔥 I’m from Taiwan, where there’s a famous heartbreak ballad called “Wrapped in Gold and Silver.” One of its most iconic lines goes: “Other people’s lives are wrapped in gold and silver; mine isn’t worth a thing.”   🎤😢 And this line fits the investment world perfectly . Anyone who missed the recent gold and silver rally could probably cry‑sing their own version of that song — at least until last Thursday, before the new Fed Chair nomination flipped the script: “Other people’s portfolios are wrapped in gold and silver; mine isn’t worth a thing.”   📉 Buying is easy. Selling is mastery. Anyone can chase a rally as long as they have the guts to hit “Buy.” But knowing when to sell - that’s where true mastery begins. The wild swings in precious metals and other assets lately have been the perfect battleground. ⚔️ Every spike and every plunge feels like the market asking: “Do you really know what you’re doing?”  🫵 Long-term? Short-term? When chatting with clients, everyone says they grew up being taught that “long-term investing is the only correct way,” and that we should all worship Buffett. But the reality is… market sentiment often forces you into short-term moves. Especially for disciplined investors: 🎯 Pirce hits your target price → Take profit 🛑 Price hits your stop-loss → Cut it cleanly In a highly volatile market, these disciplined actions look  like short-term trading. But is that really speculation? Or is it simply proper risk management ? This week, we’re sharing a few observations from recent market action - just to spark some thoughts. Contents of This Week's Newsletter Family Office Buzz Did You Take a Quick Shot Today? Next Week Key Events to Watch Next Week Social Media 【From Clawdbot to Moltbot: How a Lobster Sparked a Local AI Revolution 】 【Family Office Buzz】Did You Take a Quick Shot Today? My irresponsible statistics - industry friends, please don't hurt me Here’s a quick observation from attending several investment outlook conferences recently. Have you noticed that some firms love  emphasizing the importance of “Stay Invested” ? They’ll show you chart after chart: “Look, look! If you panic‑sold at the bottom, your annual return would drop by this much!” “But if you stayed invested, once the market rebounded, you’d earn that much!” Based on my completely unscientific statistics: the more a company talks about “Stay Invested,” the more their performance probably needs to catch up. To be clear - I’m definitely not  against long‑term investing. History has proven its importance again and again. But history, while it often rhymes, never repeats in the exact same tune. Faith vs. Discipline Especially now - when the most influential force (you know who… the U.S. President) can pull multiple TACO‑style U‑turns in a single day - I genuinely believe that instead of clinging to long‑term investing as a belief , it’s far more practical to stick to discipline : 💰 Take profit when your target is hit ✂️ Cut losses decisively when your stop is triggered 🔜 Even if it looks  like short‑term trading, it’s still better than blind stubbornness Common investor mind traps From my investment advisory work, here are a few recurring psychological traps I see all the time: 1) Sold too early. Never buying it again! 😤 “I bought NVDA at 100, sold at 120, and then it ran to 190. I’m so mad - I’m never touching it again!” 🧐What I'm trying to say A stock is a stock. It’s not your ex. Breaking up today doesn’t mean you can’t get back together tomorrow. If new catalysts appear, you can absolutely fall in love again. Don’t let one beautiful profit‑taking moment block your next opportunity. 2) I'm stuck. I must wait. ⏳ “I bought MSFT at the top and now I’m underwater. I have to wait for it to return home.” 🧐What I'm trying to say A stock is a stock. It’s not a long‑lost lover galloping home on horseback. No one said you must earn your money back from the same  stock. Switch to something with better upside - profit is profit, no matter where it comes from. Don’t let a runaway lover stop you from meeting your next potential star. 3) I don't want to look like an idiot. 👀 “I hold a bond issued by New World. If I sell today and it rebounds tomorrow, won’t I look stupid?” 🧐What I'm trying to say Running into "a man with flexible morals" isn’t scary. What’s scary is still waiting for him to come back. If you’re worried about what others think when you trade a bond, do you also put on full makeup just to eat at the McDonald's? At this point, the tone of this week’s newsletter has completely derailed. Thankfully, the readership isn’t huge - so I’ll stop here. In any case, feel free to drop by Jadewell Family Office anytime to chat about investing. We’re always here for a good conversation - and a good reality check. 【Next Week】Key Events to Watch in the Week Ahead Central Banks Feb 3 (Tue) - Reserve Bank of Australia Rates Decision Feb 5 (Thu) - European Central Bank Rates Decision US - Eco Data Feb 6 (Fri) - US Non-Farm Payroll, Unemployment Rate (Jan) US - Earnings Feb 2 (Mon) - DIS, PLTR Feb 3 (Tue) - MRK, PFE, AMD Feb 4 (Wed) - LLY, GOOG, QCOM Feb 5 (Thu) - AMZN 【Social Media】Topics from Jadewell's Social Media 【From Clawdbot to Moltbot: How a Lobster Sparked a Local AI Revolution】 🦞 The hottest thing in tech lately isn’t a new chip — it’s a lobster ! This “lobster” refers to a newly launched local AI assistant  originally named #Clawdbot  (claw = lobster claw). But because the name sounded a bit too much like Anthropic’s #Claude , it was forced to rebrand. Its founder, Peter Steinberger, took it in stride and simply renamed it #Moltbot  (“molt” = shedding a shell), giving it a nice rebirth‑from‑the‑ashes vibe. Here’s a quick roundup of the key things you should know. 👉 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.

My social media feed has been completely taken over by… a lobster. 🦞 Yes! The hottest thing in tech right now isn’t a new chip or a flashy product launch — it’s a lobster . This “lobster” refers to the newly released local AI assistant , originally named #Clawdbot  (claw = lobster claw). But because the name sounded a little too  similar to Anthropic’s #Claude , it was forced to rebrand. Its founder, Peter Steinberger , took it in stride and simply renamed it #Moltbot  (“molt” = shedding shell), giving it a poetic sense of rebirth. The AI world evolves so fast that even I’m struggling to keep up. Here’s a quick breakdown of the most important things you should know 👇 _______________________ ▋ From PDF Tool King to Local AI Revolutionary  🧑‍💻 Peter, the creator of this “lobster,” is a highly respected entrepreneur in the tech world. He previously founded a globally recognized PDF technology company , whose products are used by countless enterprises. He’s known for building systems that are stable, reliable, and built to run long-term . So when he turned his attention to AI, his philosophy was very Peter: “AI shouldn’t just chat — it should act like a real assistant and proactively help you get things done.” And that’s how the “local AI” Clawdbot was born — later reborn as Moltbot. _______________________ ▋ What is "Local AI", and Why Is Everyone Talking About It? 🖥️ The idea behind local AI is actually simple: It doesn’t run in the cloud — it runs directly on your own computer . This means: It works even without internet Your data never leaves your device — privacy is extremely high Speed depends on your hardware , not a remote server It can run quietly in the background 24/7 It can directly control your computer and access your files Think of it as: An AI employee living inside your computer, not a cloud-based customer service agent. _______________________ ▋ How Is It Different From the "Cloud AI" We Know? ☁️ Cloud AIs like ChatGPT, Claude, and Manus AI are Q&A-based . You ask a question, it answers. If you don’t ask, it stays silent. Local AI, on the other hand, is assistant-based . It can: Come to you proactively Remember everything you told it Not just talk — but actually execute tasks end-to-end Manage your computer , run scripts, organize files _______________________ ▋ Moltbot Even Triggered a Mac mini Buying Frenzy 🍎 Engineers discovered that the best hardware for running Moltbot is — surprisingly — the Apple Mac mini . The reasons are simple: Apple Silicon runs large language models (LLMs) extremely fast Low power consumption , quiet, ideal for 24/7 operation Much cheaper than a desktop with a high-end GPU Compact and unobtrusive — basically a tiny AI server So engineers started buying Mac minis one after another, dedicated solely to running Moltbot. Some even joked: “Apple should give Moltbot an award for boosting their sales.” _______________________ ▋ Real User Stories: More Absurd (and Useful?) Than You’d Expect 😂🤯 Not sure if it’s true, but one Moltbot user shared this hilarious story: He gave Moltbot just one instruction: “Help me sort out my life.” Then he went to sleep 😴. When he woke up, Moltbot had: Resigned from his job on his behalf (and negotiated an 18‑month severance package) Filed for divorce from his wife (but kept the house for him) Submitted four patent applications and even set up a nonprofit (for tax purposes) Purchased a second Mac mini, formed a company, and appointed a board of director (but the user himself wasn’t given a board seat because Moltbot decided “this arrangement is in your best interest.”) Well… robots really do think more rationally. Stay updated on the latest investment trends and tech insights —come chat with #JadewellFamilyOffice  today! Risk Disclosure & Disclaimer: https://www.jadewellfo.com/disclaimer

January 25, 2026 Over the past few weeks, we’ve refreshed our official website with a brand‑new look, allowing Jadewell's philosophy and service offerings to be presented in a more intuitive and transparent way. You’re warmly invited to explore the site , and we look forward to sharing more updates with you in the days ahead. This week, I met with several industry peers - some long‑time colleagues, and some new faces. Some are professional fund managers who “invest for clients,” operating under full discretionary mandates. Others provide investment advice, “investing with clients” as partners in the decision‑making process, while the final call always remains with the client. Two roles, two responsibilities - each with its own sweetness and its own challenges. In this week’s newsletter, we share a closer look at these everyday realities. Contents of This Week's Newsletter Family Office Buzz Discretionary Investing ("For You") vs. Advisory Investing ("With You") Next Week Key Events to Watch Next Week Social Media 【When Nvidia Meets Vera Rubin】 【What Does "X Nanometer" Chip Actually Mean?】 【Skill or Luck? Stories of Two Fund Managers】 【Family Office Buzz】 Discretionary Investing ("For You") vs. Advisory Investing ("With You") 🔵  Discretionary: The Weight of Making Decisions for Clients Once a professional fund manager receives a client’s capital and authorization, they can operate freely within the agreed framework - roaming the market with full discretion. But markets are never steady. Fund managers who survive over the long run rely heavily on the “trust capital” accumulated during their good years . Yet this capital often evaporates at lightning speed when the market turns against them. All they can do is pray that, before the client’s trust is fully depleted, the market offers a sliver of hope. One fund manager shared that today’s markets move too quickly . Too many asset prices are driven by " pure momentum" - up one day, down the next - with no clear logic to follow. So sometimes, in the chase for performance, you inevitably need a bit of a “gambler’s mindset.” 🎲 Do fund managers fully understand every investment they make? Not always . But if they wait until every detail is perfectly clear, the opportunity will likely have passed them by. And when clients ask for explanations, all they can do is fake it till you make it - pretend to be Jensen Huang, pretend they can see the future trajectory of the market. 🍬 The "sweet" side of being a discretionary fund manager Acting immediately on your own judgment without needing to persuade clients each time If you’re uncertain in the moment, clients won’t know it When performance shines, the sense of accomplishment is direct, pure, and unmatched 🌧️ The "bitter" side A client’s “What happened lately?” may sting more than market volatility The constant wondering of “If only I had…” Carrying not just the market risk for clients, but also the emotional pressure that comes with it 🟡 Advisory: The Patience Required to Make Decisions with  Clients On the other side of the scale is the role of the investment advisor . I’ve been in this role for nearly 20 years, and every example below is a classic story that advisors everywhere know all too well. Example 1️⃣: When clients buy too late Sometimes an advisor spots a great opportunity. The first time they present it, the client isn’t interested. The stock starts moving. The second time, the client is still unsure. When the stock finally surges, the client calls: “Alright, let’s do it.” And then? The rally is over, and the client buys right at the peak. Whose responsibility is it? Naturally, the advisor’s. The client could never be wrong. Example 2️⃣: When clients buy too early Sometimes a client follows the advisor’s suggestion but buys too early, and the position quickly turns negative. The advisor admits the timing was early - but that’s exactly why the plan was to “buy in tranches.” With the pullback now, it’s the perfect moment for the second tranche! The client says, “I’m not sure… let’s wait and think about it.” And then? The stock rebounds. The “buy in batches” plan, the investment discipline - everything gets overridden by emotion. Example 3️⃣: When the advisor is simply wrong Sometimes the advisor really does misjudge the market, and the client suffers a large loss. The client understands the advisor isn’t a fortune-teller and can’t win every time. But when the advisor recommends cutting losses and exits the position , the client refuses: “I think we should wait a bit longer - maybe it’ll bounce?” And then? The stock collapses. It stays in the client’s portfolio like a “pillar of shame,” brought up at every meeting to remind the advisor of the mistake. 🍯 The "sweet" side of being an investment advisor Learning and navigating the market together with clients Pressure is more spread out compared to discretionary mandates 🍂 The "bitter" side Watching opportunities slip away in a client’s hesitation Knowing a stop-loss is necessary, but the client won’t act When things go right, it’s the client’s achievement; when things go wrong, it’s the advisor’s responsibility 🔺 Two Roles, Both Worth Respect Discretionary means “I do it for you.” Advisory means “I do it with you.” Both require professionalism and patience. Both carry pressures that outsiders rarely see. Curious to learn more? Come chat with Jadewell Family Office  anytime! 【Next Week】Key Events to Watch in the Week Ahead Central Banks Jan 28 (Wed) - US FOMC Rates Decision , Bank of Canada Rates Decision US Earnings Led by Tech Jan 27 (Tue) - UNH, RTX, BA Jan 28 (Wed) - ASML, GEV, TXN, T, SBUX, GLW, STX Jan 29 (Thu) - MSFT, META, TSLA, V, MA, LRCX, IBM, LMT Jan 30 (Fri) - AAPL , XOM, CVX, WDC, SNDK 【Social Media】Topics from Jadewell's Social Media 【When Nvidia Meets Vera Rubin】 Why did NVIDIA choose the name Rubin for its newly unveiled flagship architecture? In fact, every generation of NVIDIA’s GPU architectures is named after scientists who changed the way humanity understands the world. This time, “Rubin” pays tribute to the late astronomer Vera Rubin , the scientist who discovered Dark Matter. Who was she? And why would NVIDIA use dark matter as the symbol for the next era of AI? The meaning behind this choice runs deeper than you might think. 👉 Facebook (Chinese)  / Instagram (English) 【What Does "X Nanometer" Chip Actually Mean?】 Recently, a client asked me: “The newspapers keep talking about 2‑nanometer and 3‑nanometer chips - what does that actually mean?” So today, let’s break it down in the simplest way possible. 👉 Facebook (Chinese)  / Instagram (English) 【Skill or Luck? Stories of Two Fund Managers】 As a family office , whenever we recommend a fund to clients, we’re often asked: “Hmm, the performance looks great—but is that because of the manager’s skill, or just pure luck?” So today, we’re sharing the stories of two fund managers and letting you decide for yourself. 👉 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.

Did you know? Nvidia’s latest flagship architecture—recently unveiled with great fanfare—was named Rubin  for a very specific reason. ✨ In fact, every generation of Nvidia’s GPU architectures follows a tradition: they are named after scientists who changed the way humanity understands the world . This time, Rubin pays tribute to the late astronomer Vera Rubin . 🌙 Who was she? And why did Nvidia choose her —at this  moment—to represent the next era of AI? The meaning behind it runs deeper than you might think. _______________________ ▋ A Woman Who Rose Above: From Rejection to Rewriting the Universe 💪 Vera Rubin was born in 1928 in a modest family in Philadelphia. But she was anything but ordinary. Even in that era, she decided at the age of 10 that she wanted to become an astronomer . 🔭 Yet in the 1940s, pursuing a PhD in astronomy as a woman was nearly impossible. She applied to Princeton’s astronomy PhD program, but because the department had a “men only” tradition at the time, her application wasn’t even reviewed—it went straight into the bin. Still, she didn’t give up. She went on to complete her degrees at Cornell and Georgetown, choosing a research direction that was considered “too niche to matter” at the time: the rotation of galaxies. 🌀 Most scholars back then believed: “Galaxies spin, so what? There’s nothing to discover there.” Until 1970—when Rubin used this “unpromising” topic to unlock the black box of the universe. 🌌 _______________________ ▋ The Woman Who Saw the Invisible Forces of the Universe 🌑 While observing galaxies, Rubin noticed something deeply strange. In our solar system, because of the Sun’s gravity, planets closer to the Sun orbit faster, while those farther away orbit more slowly.➡️ This is the Newtonian physics we all know. But she discovered that other galaxies don’t behave this way at all . In many galaxies: ⭐  Stars on the outer edges were orbiting just as fast as those near the center. ➡️ This makes no sense  under Newtonian mechanics. So she proposed the only explanation that fit the data: There must be a huge amount of invisible matter inside galaxies providing extra gravitational pull. This “something”: does not emit light does not absorb light does not reflect light but does  exert gravity This is the dark matter  that makes up 85% of the universe’s mass . 🌑 Rubin’s discovery made humanity realize for the first time: What truly holds the universe together isn’t starlight—it’s the invisible forces we cannot see. It became one of the most important astronomical breakthroughs of the 20th century. 🚀 _______________________ ▋ What Nvidia Is Hinting At… The Rubin architecture Nvidia launched is fundamentally different from previous GPU generations. In the past, GPUs focused on one thing: each generation being faster than the last. But with Rubin, raw GPU performance is no longer the whole story. Rubin is not just a GPU—it is an entire AI Supercomputing Platform , with six coordinated chips redesigning everything from GPU, CPU, networking, storage, software, cooling, to power. This means: The GPU is no longer the unit of computation The server is no longer the unit of computation The entire rack becomes the unit of computation   This is the foundational infrastructure of the AI factory era. _______________________ ▋ This Rubin and That Rubin Rubin (the scientist) revealed the invisible structure of the universe: Galaxies are held together by dark matter The universe is shaped by forces we cannot see Rubin (Nvidia's Architecture) symbolizes the invisible foundations of the AI era: AI is powered by deep, unseen compute infrastructure The future will be shaped by hidden “foundational infrastructure capabilities” beneath the surface These underlying forces—like dark matter—don’t appear on the first page of a product brochure, yet they determine how far AI can go, how deeply it can understand, and how long it can reason. ✨  The real breakthrough is never the brightest star, but the darkness that holds the entire galaxy together. ________________________________________ ▋ And what about your investment portfolio? In an era driven by “invisible foundational forces,” investment perspectives must also shift from the surface to the underlying structure. Talk to Jadewell Family Office , and let’s uncover the forces that truly pull the future forward. 🌠 Risk Disclosure & Disclaimer: https://www.jadewellfo.com/disclaimer

Recently, a client asked us: “Hey, I heard TSMC’s 2‑nanometer process started mass production late last year. The news keeps talking about 2nm and 3nm every day… but what do these numbers actually mean? ” So today, let’s explain it in the simplest way possible. 🚀 _______________________ ▋ Remember ET? 👽👉👈🧑 In the classic movie E.T. , the alien’s glowing finger touches a human finger. Now, imagine those two fingers as transistors . On a tiny chip, countless transistors communicate using 0s and 1s: 🟢 Current flows = 1 🔴 Current is blocked = 0 So in your imagination, when ET’s finger connects with the human finger, that’s a 1 .If they can’t connect, that’s a 0 . How do we control whether the two fingers can touch? Very simple — put a gate between them . _______________________ ▋ Early Chip Manufacturing: The “Rolling Shutter” Era 🏗️ In early chip designs, the gate worked like a rolling metal shutter , dropping down from above to block the connection. The narrower the gate, the faster the “fingers” could connect, and the more efficient the chip became. That’s why chip processes shrank from: 0.18 micrometers → 90 nanometers (nm) → 65nm → 45nm Here, “micrometers” and “nanometers” refer to the width of the gate . (For reference: 1 micrometer = 0.0001 cm 1 nanometer = 0.0000001 cm) _______________________ ▋ When That Wasn’t Enough, We Switched to “Fins” 🦈✨ After 40 years of using the rolling‑shutter design, problems appeared below 20nm: The gate became too narrow It couldn’t fully close Leakage became severe ⚡😵 Scientists came up with a clever idea: increase the contact area . 🔎 What does that mean? Originally, ET and the human only needed their fingertips to touch.But scientists changed the rule — now they must touch their entire palms  to conduct electricity. 👽✋🧑 With this larger contact area, the flat “rolling shutter” could be upgraded into a 3‑sided gate : top left right This 3D structure looks like a shark fin drifting in the ocean, so it’s called: FinFET — the fin‑type transistor. Thanks to this breakthrough, humans advanced from 20nm all the way to 3nm. But here’s the important part: Once FinFET arrived, the “X‑nanometer” naming stopped reflecting any real physical dimension. It became a marketing label  — companies can call it whatever they want. So is TSMC’s 3nm equal to Samsung’s 3nm? Not really. They’re no longer directly comparable. _______________________ ▋ But Now Even “Fins” Aren’t Enough Either… 😮‍💨 FinFET covers three sides, but the bottom  is still wide open. So in the most advanced 2nm processes, a brand‑new technology appears: ✨  GAA — Gate‑All‑Around  ✨ In simple terms, it wraps ET’s finger from all directions  — top, bottom, left, right — forming stacked nanosheets . Advantages: Lower leakage Higher density Perfect for AI’s massive logic workloads This approach is extremely challenging, but it will be the core technology of chipmaking for the next decade . 🤖⚙️ _______________________ ▋ Sounds Familiar? Isn’t This Like HBM Memory? Exactly! Sharp readers may have noticed. High Bandwidth Memory (HBM), widely used in AI systems, already uses layer‑by‑layer stacking . So why can’t logic chips be stacked the same way? Because: Memory chips: Low power Low current Regular structure Logic chips: High power High current Huge heat Complex structure _______________________ ▋ Investing Starts With Fundamentals 📈💼 Everyone says you should study fundamentals before investing —but who has that much time? Why not leave it to Jadewell Family Office ? We explain the markets and technology in the simplest, most engaging, and most digestible way. Helping you understand technology, understand the markets, and understand the future. ✨ Risk disclosures and disclaimers: https://www.jadewellfo.com/disclaimer

January 11, 2026 This week I stumbled upon a short video that was too good to ignore, so I’ve adapted it a bit here. A retail investor sighed: When I first learned how to buy stocks, I only lost money when markets were down. Then I learned to short — and I also lost when markets were up. Then I learned options — and I somehow lost when markets were flat. Finally, I learned to use leverage — now I lose money even when I breathe. Coincidentally, I also met with an A‑share hedge fund this week. Their marketing guy earnestly told me, “You have to believe me — there are so many retail investors in A‑shares. For us, it’s basically a money‑printing machine!” But if you compare retail investors today with those from ten years ago, the difference is striking. Thanks to the rise of finfluencers, retail investors have become far more informed — better access to information, higher financial literacy, and a deeper understanding of investment tools. So in this week’s newsletter, I want to discuss a question: What exactly is the love–hate dynamic between finfluencers, traditional finance, and the family office world? Contents of This Week's Newsletter Family Office Buzz Love-Hate Saga: Finfluencers vs. Traditional Finance Next Week Key Events to Watch Next Week Social Media 【The Most Insane Engineering Miracle Ever: EUV】 【Venezuela's & Emerging Market Sovereign Bonds】 【Family Office Buzz】Love-Hate Saga: Finfluencers vs. Traditional Finance If the past decade was defined by fintech   reshaping the financial industry, then the past few years have been the era of finfluencers  redefining how financial information spreads. Their relationship with traditional finance and the family‑office world is a curious mix of collaboration and competition — mutually beneficial yet mutually restraining. In other words, a classic love–hate saga. Why the “love”? — Because each side has what the other lacks 1. What traditional financial institutions envy about finfluencers: speed + reach + the ability to simplify Traditional analysts 🏦 Spend days writing a report, only for it to go through layers of internal review before it can be released. 🏦 Fill reports with jargon and limited language versions—practically ancient scripture to retail investors. Finfluencers 🎭 Their goal is to grab your attention, without a compliance department slowing them down. → The trade‑off: their content may be incomplete, imprecise, or light on risk disclosures. 🎭 They rely on visuals, sound effects, and animation to turn complex ideas into bite‑sized, digestible content. → For example, the EUV video we shared on social media this week is one of the clearest explanations I’ve ever seen 2. What finfluencers envy about financial institutions: expertise + data + formal titles After all, “Chief Strategist at ABC Bank” simply carries more weight than “I make investment videos from home.” And banks have access to vast datasets, channel checks, and industry networks—advantages that solo creators can’t easily replicate. Why the “hate”? — Because both sides are fighting for investors’ attention 1. Finfluencers have stolen the “first‑reaction privilege” In the past, investors would call their banker when they had questions. Now, they open TikTok, IG or YouTube first. Take last December, for example: a major Hong Kong bank planned to launch a private‑credit fund for retail investors as its big 2026 kickoff. Then a finfluencer wrote a blunt newspaper piece comparing the product to the 2008 Lehman products. The public reaction was swift. The bank quietly shelved the entire launch. Rumor has it the staff were frustrated — “All our marketing language passed internal compliance. How did one anonymous finfluencer pop the whole bubble?” 2. What family offices fear most isn’t finfluencers but “half‑informed clients” Finfluencers have undeniably raised retail investors’ financial literacy, which is a good thing. But it’s also led to something else: clients watch a few short clips and walk away with false confidence in complex products — and even a misguided righteousness about how markets “should” behave. As a family office, sometimes all we can do is quietly patch things up: “Hmm… this opportunity does sound attractive, but have you considered the following risks?” “Yes… in theory that structure would skip layers of fees, but with your transaction size… my magic wand just doesn’t reach that far. 【Next Week】Key Events to Watch in the Week Ahead: US - Eco Data Jan 13 (Tue) - US December CPI Jan 14 (Wed) - US December PPI, Retail Sales, U.S. Supreme Court rules on the legality of the Trump administration’s tariffs Jan 15 (Thu) - Fed's Beige Book Jan 16 (Fri) - US December Industrial Production US - Earnings Season Kicks Off, Led by Financials Jan 13 (Tue) - JPM Jan 14 (Wed) - BAC、WFC、C Jan 15 (Thu) - MS、GS、BLK 【Social Media】Topics from Jadewell's Social Media 【The Most Insane Engineering Miracle Ever: EUV】 😲 A client once asked me: “Why can’t China catch up in chipmaking? Isn’t it just about money?” It’s not. And Youtuber Veritasium’s new video explains the true bottleneck of modern chips - EUV lithography and the only company on Earth that can make it, ASML . I watched the video several times. The engineering is so extreme it feels unreal. 👉 Facebook (Chinese)  / Instagram (English) 【Venezuela's & Emerging Market Sovereign Bonds】 Venezuela dominated headlinesin the past week — but behind the politics lies a dramatic financial story that's less talked about: its sovereign bonds . A tale of rising with oil, collapsing with oil, and a surprising rebound. 👉 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.

January 4, 2026 2025 — Jadewell's very first year — flew by in a blink ✨ A year of joy, challenges, growth, and humility 🌿 Stepping into 2026 with Li Bai’s words in mind: 行路難！行路難！多歧路，今安在？ 長風破浪會有時，直掛雲帆濟滄海。 Winds will rise and waves will break I’ll lift my sails and chase the open sea I take. During the Christmas and New Year break, I finally allowed myself a little time off. Instead of staying on high alert watching the financial markets every day, I actually relaxed and read a few books for pleasure. The one that stood out most was: “Inheritocracy: It’s Time to Talk About the Bank of Mum and Dad.” The book looks at the wealthy but aging Baby Boomer generation and how their assets are gradually being passed down to Millennials — the “sandwich generation” caught between caring for aging parents and raising young children. But unlike the usual reports from financial institutions, this book approaches the topic from everyday life. It raises questions I had never considered before, yet they feel strikingly real. If you’re reading this, chances are you’re part of either the Baby Boomer or Millennial generation yourself. In this week’s newsletter, I’d love to share a few reflections inspired by the book. Perhaps you’ll see a bit of your own story in it too? Contents of This Week's Newsletter Family Office Buzz Inheritocracy & The Bank of Mum and Dad Next Week Key Events to Watch Next Week Social Media Can Retail Investors Buy SpaceX Through ETFs? How to Read the Fed's Dot Plot? 【Family Office Buzz】Inheritocracy & The Bank of Mum and Dad My parents belong to the Baby Boomer generation (born between 1946 and 1964) , the group that shaped much of the modern world — culturally, politically, and economically. 💼 The Baby Boomer upbringing: Extraordinary Tailwinds Rapid economic expansion:  Global GDP soared, and job opportunities everywhere. Affordable housing prices and fast‑rising wages:  Buying a home was achievable, and assets appreciated quickly. Widespread education and strong social mobility:  Many had the chance to build success from the ground up. Well‑run retirement systems:  Civil servants, professionals, and business owners accumulated meaningful wealth. All of this made Boomers the wealthiest generation in history, holding more than half of global personal wealth and a significant share of property. I, on the other hand, am part of the Millennial generation (born between 1981 and 1996) , now the core workforce of society. 🏠 But unlike the Boomer's "golden era", Millennials are navigating : Soaring housing prices and stagnant wages:  Buying a home on our own feels nearly impossible, let alone having an asset that appreciates. Rising education and healthcare costs:  Raising children is expensive, and caring for aging parents is expensive too. And of course, that persistent longing we all carry for "work‑life balance". It’s not that we aren’t working hard — it’s that the difficulty level  of our efforts is far higher than what the previous generation faced. 💸 Hard work doesn't always translate into wealth The uncomfortable truth is that much of the wealth Millennials have — or will eventually have — may not come from our own labor, but from the “Bank of Mum and Dad.” This support can take many forms: financial help, inheritance, connections/referrals, free housing, free childcare, even free labor. As the book’s author puts it, most Millennials don’t need to rebel — more importantly, we can’t afford  the cost of rebellion. 🌉 Boomers vs. Millennials As Baby Boomers move into their 60s to 80s, we are witnessing 👉 the largest wealth transfer in history . And that is exactly what Inheritocracy  explores at its core. 💡 My Takeaway #1: Be nice to your grandma The author raises a point that is often overlooked yet incredibly insightful: Before wealth is transferred between generations, it often undergoes a major shift between genders  — landing first in the hands of widows. The reasons are straightforward: Baby Boomers overwhelmingly married in heterosexual unions Women generally live longer than men Most countries offer the most favorable estate‑tax treatment for assets left to a surviving spouse In many Asian blue‑blood families, we see the same pattern: the ultimate decision‑making power often ends up with “the matriarch,” (except, of course, in families with polygamy or large age gaps). For family offices, this dynamic is especially important. Baby Boomer mothers often have investment preferences that differ significantly from fathers of the same generation: Greater emphasis on sustainability and impact investing More willingness to take financial advice from their children — especially daughters For bankers, this may point to a harsh reality: It’s said that 70% of women fire their financial advisor immediately after their husband passes away. It’s time to rethink who the real  client is. 💡 My Takeaway #2: Wealth that will fall from the sky Although many Baby Boomer parents are still healthy today, the reality is undeniable: by the 2040s and 2050s, most of their wealth will have shifted into Millennial hands. Which raises an important question: What will Millennials do when they suddenly inherit such a large pool of assets? • Retire early? • Finally pay off the 40-year mortgage and buy more properties? • Invest? • Start a business? • Travel the world? My own expertise is in financial investing, and from what I’ve observed, Millennials have a very distinct investment mindset. Compared with Gen Z, Millennials face far heavier real‑world pressures. As a result, Millennials are less likely to engage in YOLO‑style, high‑leverage and speculative investments. Instead, they grew up under the influence of Buffett‑style value investing — prioritizing long‑term thinking, stability, and compounding. Compared with their Baby Boomer parents, Millennials — who grew up with the internet — are far more open to new ideas, new trends, and even new asset classes, rather than simply holding traditional high‑dividend stocks and waiting for payouts. However, today’s investment products are still largely designed around Boomer preferences . That’s understandable — after all, Boomers still control most of the wealth. But as the gears of Inheritocracy begin to turn, Millennials will inevitably reshape the investment landscape, adjusting and reinventing the portfolios and tools their parents leave behind. This generational shift isn’t just a transfer of wealth — it’s a transformation of investment philosophy. Millennial friends, are you ready for it? Come chat with Jadewell Family Office today and see how we can support you! 【Next Week】Key Events to Watch in the Week Ahead: US - Eco Data Jan 9 (Fri) - Non-Far Payroll, Unemployment Rate 【Social Media】Topics from Jadewell's Social Media Can Retail Investors Buy SpaceX Through ETFs? 😲 Rumor has it that SpaceX may IPO next year with a potential US$1.5T valuation — possibly the biggest IPO in human history. But here’s the twist: While institutions and rich people can access SpaceX privately via different channels, retail investors can also buy SpaceX through ETFs. ⚠️ BUT — This post is not recommending these ETFs. It’s here to warn you about the hidden traps... 👉 Facebook (Chinese)  / Instagram (English) How to Read the Fed's Dot Plot? What exactly is the Federal Reserve’s famous interest rate “dot plot”  that everyone keeps talking about? And since it was first introduced in 2012, how has it evolved in response to shifting political objectives? From the dot plot released last month, what subtle hints can we pick up about what Fed officials are really thinking beneath the surface? 👉 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.

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 Key Events to Watch Next Week Social Media Who Really Has a Say on US Stock Market? An "Entertaining" Insider Trading Case 【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.

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 Our Reflections on Recent Fund Research Next Week Key Events to Watch Next Week Social Media When Giants Ditch "Asset Allocation" and "ESG" Impressive, My King - Dollar Carry Trades 【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) - 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.