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Selling the world’s most valuable life insurance policy earlier this year was undoubtedly a major coup for Hong Kong. Paying an astronomical US$250 million to the beneficiary upon the holder’s death, it was issued by HSBC Life to an ultra-high-net-worth individual (UHNW) whose identity understandably has not been disclosed. The cover surpassed the previous Guinness World Record for life insurance, a US$201 million policy to a US billionaire facilitated by advisory firm SG, LLC in 2014.  



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The 10-year wait to break the world record is relatively short, considering the previous interval spanned almost a quarter of a century – it was back in 1990 that British life insurance agent Peter Rosengard sold a US$100 million policy to a prominent figure in the US entertainment industry. 


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To the surprise of many industry insiders, this latest record-smashing policy is fully underwritten by HSBC Life. But what is certain is that it represents a huge vote of confidence in Hong Kong’s financial services industry, and particularly the insurance sector. 



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The attention-grabbing sale in question was an HSBC Life Paramount Global Life Insurance Plan, a type of life insurance that offers whole-of-life protection with wealth preservation and legacy planning features. According to HSBC Life, the demand for such policies among UHNW individuals has ballooned over the past year, with a further 10 valued at US$50 million or above issued by the insurance firm to clients seeking facilities for wealth transfer and legacy planning.&nbsp;



<h3 class="wp-block-heading">High penetration</h3>



Hong Kong has been a major player in the world of insurance since the early 20th century, a feat commonly attributed to its relatively stable sociopolitical environment, advanced finance infrastructure, and open-door policy to foreign investment. Given its strong, high-income per capita economy, there is a high life insurance penetration in the territory. Insurance companies eye further expansion via a proliferation of new policies and the city’s rapid growth as an Asian hub, particularly its close ties with mainland China.  



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“Asia is home to one of the fastest-growing UHNW populations in the world, and as such we are seeing a substantial increase in demand for insurance solutions to address business succession, estate management and legacy planning needs,” says Edward Moncreiffe, CEO of HSBC Life Hong Kong and Macau. He stresses that the issuance of these high-value life insurance policies proves that Hong Kong has reaffirmed its position as both a preferred destination for wealth management and a leading international insurance hub. 


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“The Hong Kong life insurance market has a number of characteristics that puts us in a strong position to capture this growth in regional UHNW wealth-transfer demand,” he says, citing Hong Kong’s deep talent pools across intermediaries, underwriters and actuaries, strong competition among international banks, brokers and insurers, well-capitalised insurance companies with strong credit ratings, and sound regulatory regime as contributing factors to the thriving insurance services. &nbsp;



<h3 class="wp-block-heading">Massive sector</h3>



According to recent research by GlobalData, a UK-headquartered data analytics and consultancy company, the Hong Kong life insurance market was worth HK$478.2 billion (US$61.1 billion) in 2023 and is expected to grow by more than 3% per annum from 2024 to 2028. 



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The high level of financial literacy and digitalisation has spawned a diverse range of products in Hong Kong. Major developments have included the growth of finance technology such as insurtech and Environment Social and Governance (ESG) related products, as well as inclusive insurance products aimed at the excluded or underserved market.    


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The industry’s leading line of business in Hong Kong last year was whole life insurance. Demand in this area is driven by an ageing society, increased life expectancy and a falling fertility rate. It is also buoyed by inclusivity elements to reflect these societal changes, such as whole-life protection for senior citizens and expanding the package of death and dementia-related benefits. &nbsp;



<h3 class="wp-block-heading">Mainland surge</h3>



Many Hong Kong-based life insurance companies have experienced a surge in interest and sales since the reopening of the border with mainland China in early 2023. Prudential, one of the top three life insurers in Hong Kong, has cited border flow from the north as a major contributor to the vast boost in sales last year. Its annual report stated that mainland customers were looking for “diversification of currency and asset class, professional financial advice across a broad product spectrum, and access to high-quality medical care available in Hong Kong”.



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The border reopening came not a moment too soon for Ryan Lam Leong Sing, a Licensed Individual Agent of an insurance company with nearly 15 years of experience. He shares that about 80% of his life insurance business emanates from mainland buyers, adding that sales have rocketed by 30% and the pent-up demand from mainland Chinese eager for Hong Kong life insurance policies is huge. “It’s not difficult – the demand is there,” notes Lam of the influx of mainland buyers, pointing out that they need to be physically present in Hong Kong to sign the policy.  


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Mainland Chinese are attracted to Hong Kong to buy life insurance policies for a plethora of reasons, including its status as a leading financial centre and its legal system. More specifically, they are limited to US$50,000 per year in currency exchange and transfer out of China “If their money is in Hong Kong, they can exchange whatever they want and transfer it to any country,” says Lam.&nbsp;



<h3 class="wp-block-heading">Vehicle for growth</h3>



Due to Hong Kong’s highly developed financial services sector, life insurance policies here can offer mainland customers a far better vehicle for the growth of financial assets. “The growth of their money is what they are seeking,” affirms Lam. “They maybe want to put it in a trust, and life insurance is an important part in the trust.” 



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Their life insurance policies fall into three categories: risk management, such as life, accident and medical insurance, and critical illness; savings management, such as savings plans for retirement and educational funds; and investment plans, offering customers a passive income and a fund manager to monitor their money. &nbsp;



<h3 class="wp-block-heading">Hong Kong attraction</h3>



According to Lam, Hong Kong policies have an advantage over those offered on the mainland for paying dividends on the likes of critical illness cover. “In Hong Kong, after 30 years, even if you don’t become ill, you still get money paid out. On the mainland, there is no dividend at all,” he says.



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“Then, for some savings plans, like an educational fund or retirement planning, the yearly return is under 3% on the mainland. But in Hong Kong, you can get like a maximum of 6-7%.” 


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This is important, stresses Lam, as the key component of these types of policies is maximising return for educational or retirement provision, while the insurance part acts purely as the foundation of the plan. 



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Lam adds that higher operating costs and taxes on the mainland are factors in limiting the level of return there. “Also, in Hong Kong, premiums are reinvested, and they can be put in any market around the world. In China, it is limited to the mainland market.”



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The Covid years were difficult for life insurers in Hong Kong as business dropped by as much as 70%. Confidence in the Hong Kong insurance sector hinges on three factors, says Lam – “trust, ability and integrity” – and it appears this is now paying off. While it is not every day that a new policy smashes a world record, the industry has rebounded and sales are soaring.&nbsp; &nbsp;

Set for Life: Hong Kong insurers’ policy of attracting mainland buyers is paying dividends

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Food lover, passionate scuba diving instructor, wine expert, Christie’s alumni, founder of Aeos Auctions – Simon Tam is a man of varied experiences and a wealth of knowledge.&nbsp;We caught up with the seasoned auctioneer to learn about his craft and relish in his lively character…
Was there one particular glass or moment that sparked your love of wine? 
I come from a family of restaurateurs and grew up in our restaurants in Australia – good food, good wines, good company, laughter and conversations were the norm for me. I often thought to myself, ‘What an interesting industry to get into.’ My surroundings made me adventurous with food and wine. I love trying new tastes, and the sights, sounds and smell of a working kitchen have always fascinated me – they still somehow evoke the deepest part of my memories. When you’re surrounded by food and wine as a child, it leaves an impression.
Infamously, I not only tried wine for the first time at 13, but also spiked it with Coca-Cola! It was the early ’80s, and I happened to ‘borrow’ a bottle of 1961 Château Lafite from my mother’s cellar and had my first sip. I instantly loved the smell, though not so much the taste. The moment I added Coke, I knew it was going to be my life-long poison [laughs].
I was in high school when I first made wine. My friends and I had a pact that in the winter holidays we would teach skiing and in summer we’d make wine. That was a turning point for me, and I haven’t looked back; I think wine is the only thing I know.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-66119" src="//www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-1.jpg" alt="gafencu_interview_simon-tam_christies_wine-collector_aeos 1" width="337" height="500" srcset="https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-1.jpg 337w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-1-200x297.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-1-189x280.jpg 189w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-1-120x178.jpg 120w" sizes="(max-width: 337px) 100vw, 337px" />
How did your journey evolve from opening Hong Kong’s first wine school back in 1996 to founding Aeos Auctions last year? 
Amazing. The wine industry is a melting pot of generous, kind, and funny people from different cultures and parts of the world. I’ve been very fortunate with mentors in my career and my decades of professional experience which have prepared me for running an auction house – it’s been a fulfilling, fun learning journey.
Tell us about your 10 years at Christie’s and how this shaped you today as an auctioneer? 
[In 2010] I was the first Chinese appointed as the Head of Wine at Christie’s in Hong Kong. I started with the China market, which was growing rapidly in the fine-wine sector; it was a great honour to be heading the ever-expanding China team, and then my role grew to head wine for the whole of Asia.
As an organisation, Christie’s is amazing – the client service experience is second to none, people are passionate about their jobs, and there’s an incredible amount of knowledge and expertise in all departments. I am grateful for the rich learning environment I got to be in. I discovered that the business of auctions is exhilarating – it gave me butterflies each time the gavel came pounding down on the podium.
What are the best as well as the worst aspects of your profession? 
The best aspects of the wine and auction industries are the people – the passion, the motivation that drives people to understand, taste and collect wine is exemplary. It doesn’t get mundane – no two days are the same; there’s always something new to learn and some of the best, most colourful and kindest people I’ve met in life are wine lovers. 
The worst part, I would say, is an empty bottle [laughs]. But there’s always another one…
<blockquote>
“There’s always something new to learn [in the wine industry] and some of the best, most colourful and kindest people I’ve met in life are wine lovers”
</blockquote>
Any underrated wines which people should know about and appreciate? 
Now, I am tasting and drinking a lot of New Zealand Pinot Noir – it’s one of my favourite grapes; Sauvignon Blanc may be New Zealand’s calling card, but the country has built a formidable reputation for handling this Burgundy grape remarkably well. Winemakers there have been mastering this fickle grape from more than 20 years, and I am absolutely smitten. The region’s cool climate gives an impressive and eclectic depth, purity, freshness, complexity and exoticness to the variety.
You’ve been in the industry for more than 30 years. Can you reveal the best business advice you’ve ever received? 
I’ve been mentored by several people at different times in my career, and everyone had something valuable to say, but the advice that stood out for me was from my mother. She said, ‘Treat everyone the same way – a janitor or a CEO.’ That’s the most beautiful life lesson for me; when you are capable of doing anything in life, the least you can do is treat people with kindness. It has certainly helped me make a lot of genuine friends in and out of this industry.
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What denotes a fantastic food and wine pairing? 
Now we’re talking! I grew up in an environment of food, wine and laughter, but I took it ahead and decided to explore how Asian food pairs with wine – an Indian sabzi, Thai green curry, Vietnamese pho, chilli-laced noodles&#8230; Asian food runs a gamut of flavours, and the standard wine rules don’t always apply. Sometimes red meat and red wine work, sometimes white meat and white wines work, but the world is so much more diverse than that.
Some of my pairings are unorthodox – I love spicy food and instead of drowning out the chilli, I want the wine to exaggerate the drama. If I wanted my wine to dull or flatten the spice, I might as well have bland food, no? I also feel that the finest food and wines should be reserved for the highlight moments of your life, so for weekends and regular get-togethers find wines that fit your lifestyle and match the occasion.
<blockquote>
“Some of my pairings are unorthodox – I love spicy food and instead of drowning out the chilli, I want the wine to exaggerate the drama”
</blockquote>
Since you’re so passionate about food and wine, is opening a restaurant in the pipeline? 
Hospitality is in my blood and I love the industry, but much to my parents’ disappointment, none of their three boys carried on the family business. I like the idea of having my own restaurant, but it’s way too much hard work – whenever everyone else is chilling and having their downtime, like Christmas or New Year, you’re working. I’ve lived that life and made a conscious decision to have some balance.
Tell us about your other passions. 
That would be underwater photography and scuba diving. I am an accomplished scuba diving instructor but, wait for it, I can’t swim. I am extremely skilled in water; I know my buoyancy, but I just can’t swim long laps. Being underwater is paradise – it’s such a thrilling and a humbling experience; a true realisation that the universe is majestic and you’re a tiny, tiny part of it. Both underwater photography and scuba diving bring balance and a diverse perspective to my above-ground life.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-66121" src="//www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-3.jpg" alt="gafencu_interview_simon-tam_christies_wine-collector_aeos 3" width="337" height="500" srcset="https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-3.jpg 337w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-3-200x297.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-3-189x280.jpg 189w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-3-120x178.jpg 120w" sizes="(max-width: 337px) 100vw, 337px" />
What brings you happiness in life? 
Laughing with my son. He’s 15-years-old, remarkably intelligent – I can’t take credit for that – has a very good sense of humour and is a gorgeous human being. I just love being with him, laughing with him, and we have a delicious time together.
<figure id="attachment_66122" aria-describedby="caption-attachment-66122" style="width: 337px" class="wp-caption aligncenter"><img decoding="async" loading="lazy" class="size-full wp-image-66122" src="//www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-4.jpg" alt="gafencu_interview_simon-tam_christies_wine-collector_aeos 4" width="337" height="500" srcset="https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-4.jpg 337w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-4-200x297.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-4-189x280.jpg 189w, https://www.gafencushop.com/wp-content/uploads/2022/04/gafencu_interview_simon-tam_christies_wine-collector_aeos-4-120x178.jpg 120w" sizes="(max-width: 337px) 100vw, 337px" /><figcaption id="caption-attachment-66122" class="wp-caption-text">Jacket, button-up shirt, pants and shoes by Brunello Cucinelli</figcaption></figure>
What are your vices? 
I can’t be left alone in a supermarket – I just can’t be trusted with a wallet and a shopping cart! I am an obsessive, impulsive kitchen and gadget shopper. I absolutely love to cook and entertain – in fact, I eat out only for work purposes – so I cannot do without a fully functional pantry. And when I’m in a supermarket, there’s always this urge to buy extra for dinner with friends, or an impromptu party at home…
If you could have any wine with any cuisine tonight, what would it be? 
I would drink my own wine. I made it before leaving Australia and my godparents have kept a stock, pair it with my godmother’s Brien Stew and Suet pudding. It’s outrageously delicious! Reliving my childhood, my happiest days, while sipping my own wine – now that’s home for me.
Thank you.
&nbsp;
(Interview by: Nikita Mishra; Photographer: Jack Law; Art Direction and Styling: Jhoshwa Ledesma;&nbsp;Videographer: Kes Lei Venue: Aeos Auctions Office)

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Wine & Investments: An interview with Auctioneer Simon Tam

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Million Dollar Sneakers: Insanity or investment opportunity?

Unlike vintage wine, classical art and centuries-old antiques that can cost an arm and leg to invest in, alternative collectables such as whiskys, sneakers and the burgeoning NFTs are easier (and relatively less expensive) to enter into the market and starting investing in now for higher returns in the future. Here are six types worth considering&#8230;

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<ol>
<li>Whisky 
In over an eight-year period, the value of single malt whisky has risen by 361.09% in value with particular interest in rare and special edition collections. Last October the oldest Japanese whisky Yamazaki-55 fetched a whopping HK$6.2 million while a collection of six-special edition Macallan single malt whiskys went under the hammer for an astounding HK$20.65 million, proving to be a lucrative investment.</li>
<li>Chinese antiques 
Chinese antiques such as rare porcelains, jades, sculptures, bronzes and traditional works of art and calligraphy spanning 4,000 years reflect a rare part of Chinese history and heritage that is highly valued for its provenance and the fact that many of these artefacts were produced by high-ranking officials or housed within Chinese imperial quarters. Sotheby’s alone held a total of 23 live and online auctions across 3 continents for Chinese Art which altogether realised over US$193 million last year.&nbsp;With sales of Chinese art and antiques surging over the last decade, investments in Chinese traditional art and antiques have proven to be of high value and worth in the marketplace.&nbsp;</li>
<li>Vintage handbags 
Vintage handbags, dating over 20 years back, are known to fetch a sum on auction blocks. According to the Knight Frank Luxury Investment Index, handbags performed better than art two years ago, profiting with 13% gain in overall returns. World renowned luxury houses such as Hermès, Chanel and Louis Vuitton are known to have produced limited and highly exclusive hand bag models, such as&nbsp;Hermès Birkin, Chanel Flap Bag and Louis Vuitton Neverfull,&nbsp;often going under the gavel for hundred thousands and even millions (USD).&nbsp;</li>
<li>Comic books 
Once deemed as a pastime for the pre-pubescent, comic books — particularly rare first editions — have burgeoned into an unexpected investment opportunity in the last year or two. Their investment value have seen jaw-dropping returns such is the case of the record-breaking DC Comics Superman-debuting Action Comics #1 from 1938 which sold for a staggering HK$25 million, while the original artwork of the fifth instalment of the Tintin series from 1936, The Blue Lotus, fetched a whopping HK$31.75 million.</li>
<li>Sneakers 
When it comes to the hypebeast culture — specifically sneakers —the truth of the matter is that although these footwear, at face value, don’t hold much value in themselves, their demand in the market have driven its worth through the roof. Rare or limited edition sneakers commonly resell for over 50 times its original cost. A case in point is the latest sale of a Yeezy at Sotheby&#8217;s, the original Nike Air Yeezy 1 that was worn by the artist Kanye West himself during his performance at the 50th Grammy Awards which sold for a jaw-dropping US$1.8 million, and this is just one example of many sneaker editions that have made headlines in the past.</li>
<li>NFTs 
Non-fungible tokens are unique and new to the world of investment yet it is the talk of the town. One-of-a-kind and irreplaceable certifications of authenticity of any digital work from musical albums to digital art have proven to be worth millions at auctions as seen by the ground-breaking sales of two digital works in two different areas of the creative industry. Digital artist Beeple&#8217;s Everydays: The First 5,000 Days collection of illustrations went under the gavel for nearly US$70 million at Christie&#8217;s, while American producer and DJ 3LAU&#8217;s Ultraviolet music album fetched an astonishing US$11.7 million, and it is not likely to stop there.</li>
</ol>

gafencu collectible invesments high returns

Collectible Investments: Opportunities to grow your portfolio…

<div style="width: 640px;" class="wp-video"><video class="wp-video-shortcode" id="video-56443-2" width="640" height="360" autoplay="1" preload="metadata" controls="controls"><source type="video/mp4" src="https://www.igafencu.com/video/2103/2103_GMHK_Interview_JehanChu.mp4?_=2" /><a href="https://www.igafencu.com/video/2103/2103_GMHK_Interview_JehanChu.mp4">https://www.igafencu.com/video/2103/2103_GMHK_Interview_JehanChu.mp4</a></video></div>
Long a supporter of blockchain and cryptocurrency technologies, Jehan Chu now helms Kenetic, a venture&nbsp; capital firm helping others looking to break into the industry.
Kenetic is an interesting business. As its founder&nbsp;and managing partner, how exactly do you define it? 
Essentially, it’s a venture capital firm, one that&nbsp;supports start-up companies at a very early stage.&nbsp;In particular, we help to fund entrepreneurs in the&nbsp;blockchain sector, while also providing them with&nbsp;advice and guidance, allowing them to realise their visions of the technology’s future. I firmly believe that&nbsp;blockchain represents the next stage in the evolution&nbsp;of the internet – a new technology that will underpin developments&nbsp;over the next 50 years. With that in mind,&nbsp;Kenetic is a bespoke vehicle designed to help facilitate&nbsp;that evolution.
<a href="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4.jpg"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-56469" src="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4.jpg" alt="gafencu people interview Jehan Chu, founder of blockchain venture capital firm Kenetic (4)" width="466" height="700" srcset="https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4-200x300.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4-186x280.jpg 186w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4-120x180.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-4-400x601.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" /></a>
At what point did you decide the time was right to&nbsp;launch Kenetic? 
We opened Kenetic in 2016 when it became apparent&nbsp;that no Asian venture capital business was really&nbsp;focusing on blockchain technology. At the time,&nbsp;those of us who had first ventured into the bitcoin&nbsp;and blockchain space knew something special was 
taking place. We also believed that, without support,&nbsp;it wouldn’t necessarily fulfil its potential. That’s where&nbsp;Kenetic comes in – we support those people crazy&nbsp;enough to try and make their dreams come true.&nbsp;
What was it about blockchain / cryptocurrency that&nbsp;first drew you in? 
Well, while I was studying International Relations at&nbsp;Johns Hopkins University, I taught myself how to code&nbsp;html. After that, I went to work in New York coding as&nbsp;a front-end developer during the first dot.com boom.&nbsp;In 2013, I first came across Bitcoin. Once I started&nbsp;researching it, I immediately fell down that particular rabbit hole.&nbsp;One of the things that drew me to Bitcoin was&nbsp;my love of decentralisation and the idea of returning&nbsp;power to the people. I soon started a number of related communities, including a local Ethereum group, one&nbsp;of the earliest such associations in Hong Kong, as a&nbsp;means of helping to provide investment advice for&nbsp;those interested in the sector. In 2016, I went fulltime,&nbsp;leaving my job as an art dealer to focus&nbsp;solely on providing blockchain and cryptocurrency&nbsp;investment advice.
<a href="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2.jpg"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-56467" src="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2.jpg" alt="gafencu people interview Jehan Chu, founder of blockchain venture capital firm Kenetic (2)" width="466" height="700" srcset="https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2-200x300.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2-186x280.jpg 186w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2-120x180.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-2-400x601.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" /></a>
Why do you think cryptocurrency has become&nbsp;such an attractive investment option? 
When I started out in cryptocurrency, nobody&nbsp;wanted to hear about it. It was, at best, a joke&nbsp;and, at worst, seen as somehow improper.&nbsp;Now, though, it seems as though everyone&nbsp;realises how important cryptocurrency is,&nbsp;especially with regard to decentralisation.&nbsp;If you look at what’s happening in the world&nbsp;right now, centralised systems are failing,&nbsp;making decentralisation seem an increasingly&nbsp;appealing prospect. Even companies like&nbsp;UBS, JP Morgan, Visa and PayPal are turning&nbsp;their attention to Bitcoin and cryptocurrency.&nbsp;It took a little time but it&#8217;s happening.&nbsp;
<blockquote>
“ Kenetic aims to support people&nbsp;crazy enough to try and make&nbsp;their dreams come true”
</blockquote>
Aside from Bitcoin, which other cryptocurrencies do you&nbsp;see as significant? 
While Bitcoin is really a payment token or a store-in value&nbsp;token, Ethereum is an application-based blockchain with&nbsp;easily the largest community of developers and applications.&nbsp;Bitcoin is akin to gold, where Ethereum is more like oil – it&nbsp;is used to power things, whether an engine, a machine or&nbsp;a factory. The other interesting one is Polkadot, which is&nbsp;similar to Ethereum but has a very different approach in&nbsp;that it’s really trying to create a network of blockchains.&nbsp;
What are the some of the most common cryptocurrency&nbsp;misconceptions that you encounter? 
A lot of people think that as cryptocurrency is not&nbsp;“backed” by anything, it doesn’t have any intrinsic value.&nbsp;This is inherently untrue. The value of Bitcoin and other&nbsp;types of cryptocurrency stems from the subscription and&nbsp;investment of the community, both in terms of dollars&nbsp;and effort. This infuses cryptocurrency and blockchain&nbsp;with value, be it in terms of its use in applications or in&nbsp;having a multi-million-dollar market cap. Basically, they&nbsp;are backed by millions of people who say there is value and&nbsp;are willing to put their money and commitment into them.
<a href="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3.jpg"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-56468" src="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3.jpg" alt="gafencu people interview Jehan Chu, founder of blockchain venture capital firm Kenetic (3)" width="466" height="700" srcset="https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3-200x300.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3-186x280.jpg 186w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3-120x180.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-3-400x601.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" /></a>
You co-founded Social Alpha Foundation, a blockchain /&nbsp;social impact non-profit. What can you tell us about its&nbsp;aims and ambitions? 
I was raised by my parents to be very generous and try to&nbsp;support communities. As a result, I have always thought it&nbsp;was important never to take anything for granted and to use my resources to help others. In line with this, the idea behind&nbsp;Social Alpha Foundation is to support blockchain projects&nbsp;that are looking to create social impact.&nbsp;The first grant we made was to a small start-up in South&nbsp;Africa, which was providing official identity documents to&nbsp;children who were either too poor to apply for them or were&nbsp;refugees. What they would do is use blockchain technology&nbsp;to track these kids and verify an identity for them. Right now,&nbsp;though, we’re focused on environmental issues and have&nbsp;recently given a US$250,000 grant to Open Earth,&nbsp;a Yale University initiative aiming to use blockchain to&nbsp;help combat climate change.&nbsp;
In terms of cryptocurrency-friendliness, how do you see Hong Kong ranking on the global scale? 
Hong Kong is easily one of the most significant&nbsp;centres in the world when it comes to blockchain and&nbsp;cryptocurrency and is probably the most important&nbsp;such destination in Asia. This is partly because the&nbsp;regulation is very engaged here and the regulators 
are very knowledgeable. The entrepreneurial spirit&nbsp;is also very strong and there are a lot of start-ups,&nbsp;especially in the financial sector. There are also many&nbsp;people in institutional and more traditional companies&nbsp;across a variety of different sectors that have become&nbsp;engaged with blockchain and cryptocurrency. All in all,&nbsp;I think that I’m very fortunate to be in Hong Kong as&nbsp;there’s just so much going on here in terms of both&nbsp;cryptocurrency and blockchain.&nbsp;
<a href="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic.jpg"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-56470" src="//www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic.jpg" alt="gafencu people interview Jehan Chu, founder of blockchain venture capital firm Kenetic" width="700" height="466" srcset="https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic.jpg 700w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-421x280.jpg 421w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-400x266.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2021/02/gafencu-people-interview-Jehan-Chu-founder-of-blockchain-venture-capital-firm-Kenetic-600x399.jpg 600w" sizes="(max-width: 700px) 100vw, 700px" /></a>
You also invest in alternative proteins, notably&nbsp;Impossible Foods… 
That’s largely because I have been going mostly vegan.&nbsp;I do what is called a 95-percent diet – depending on&nbsp;which week it is, I have only one or two animal protein&nbsp;meals in a seven-day period, staying vegan for the rest&nbsp;of the time. The fact that this has boosted my own health made me want to invest in initiatives such as Impossible Foods, as well as other alternative protein&nbsp;sources. My cholesterol has gone way down; my sleep, 
skin and digestion are all better and it’s good for the&nbsp;planet too.
You are also big on meditation… 
I actually practice Vipassana, an ancient breathing&nbsp;practice favoured by Buddha as the root of&nbsp;mindfulness and all other forms of meditation. When&nbsp;I was first introduced to it, it was quite a challenge&nbsp;– I had to undergo 10 days of silent retreat without&nbsp; 
reading, using a phone or having any human contact.&nbsp;During that time, though, I learned how to quieten&nbsp;my mind, focus and use breathing to achieve a&nbsp;state of centeredness and hyperawareness. While&nbsp;it’s one of the hardest things I’ve ever done in my&nbsp;life, it also transformed it in a very positive way.&nbsp;
&nbsp;
Thank you.
&nbsp;
Interview by: Roberliza Eugenio 
Photos: Jack Law 
Video: Andy Wan 
Art Direction &amp; Styling: Jhoshwa Ledesma
&nbsp;

gafencu people interview Jehan Chu, founder of blockchain venture capital firm Kenetic

Block Trooper: Jehan Chu, founder of blockchain venture capital firm Kenetic

After 2016’s paltry Burgundy harvest, Robin Lynam ponders the merits of investing in valuable wines before release
Few of the grape-growers of Burgundy will look back on 2016 with fond nostalgia. Lulled into a false sense of security by a mild winter, the region was hit hard in the spring – first by unexpectedly severe frost, and then by hailstorms, compounded by unusually heavy rain. The quantity of the eventual harvest was drastically reduced.
That’s bad news for the many wine lovers in Hong Kong and China who in recent years have turned to Burgundy rather than Bordeaux when buying premium priced French wine, but at least the quality has turned out to be much better than had been widely feared thanks to a hot early summer which helped the vines to recover, and fine weather during the harvest&nbsp;itself. &nbsp;
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-32805" src="//www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1.jpg" alt="" height="427" width="640" srcset="https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1.jpg 640w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1-500x334.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-1-600x400.jpg 600w" sizes="(max-width: 640px) 100vw, 640px" />
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In some ways that just makes it all the more painful that there isn’t enough to go ‘round. Just over 163 million bottles are available from 2016, which, against an average calculated over the last 10 years, means production is down by about 20%.
Smaller quantities of course mean higher prices. The Burgundians are traditionally less prone than their Bordeaux counterparts to overcharge for their wines, but they too have to make a living, and if there is less to sell, then they have to ask more for it.
So should Burgundy lovers be looking at buying 2016 wines en primeur – before release – rather than waiting to see what prices are when the vintage has been shipped?
The rules have changed in recent years. Although not the only region to invite customers to invest early in wines at a supposedly lower price than they will later command, it was Bordeaux that made en primeur a major element of its marketing.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-32806" src="//www.gafencushop.com/wp-content/uploads/2018/02/EDV2010-06.jpg" alt="" height="640" width="427" srcset="https://www.gafencushop.com/wp-content/uploads/2018/02/EDV2010-06.jpg 427w, https://www.gafencushop.com/wp-content/uploads/2018/02/EDV2010-06-200x300.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2018/02/EDV2010-06-187x280.jpg 187w, https://www.gafencushop.com/wp-content/uploads/2018/02/EDV2010-06-120x180.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2018/02/EDV2010-06-400x600.jpg 400w" sizes="(max-width: 427px) 100vw, 427px" />
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As demand from Chinese buyers for the top Bordeaux wines went through the roof in the early years of this century, so did the en primeur prices. Customers who had bought with the idea of possibly turning a profit on at least some of the bottles found themselves holding cases worth less on the open market than they had paid for in advance.
The market has since adjusted, and provided you are buying high quality well known wines wisely through a reputable wine merchant, Bordeaux en primeur now looks once again like a reasonably attractive idea. But that period of inflation disillusioned some wine lovers, many of whom turned instead to Burgundy.
Burgundy en primeur has generally been less about price than about obtaining an allocation year after year as a preferred regular customer.&nbsp;During these times of strangled supply, if you want to obtain some of the better wines, en primeur is almost the only way.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-32804" src="//www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3.jpg" alt="" height="427" width="640" srcset="https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3.jpg 640w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3-500x334.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-3-600x400.jpg 600w" sizes="(max-width: 640px) 100vw, 640px" />
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Bordeaux and Burgundy are talked of so often as though they were two sides of the same coin that people tend to forget that even in years when Burgundy is not beset with frost and hailstorms, the quantities of wine the region produces still amount to only a tiny fraction of Bordeaux’s output.
Either region can experience bad weather and a reduced harvest, of course, but Bordeaux has more than 120,000 hectares under vine by comparison with Burgundy’s just under 30,000.
In Hong Kong and China much of the interest in both regions is focused on the red rather than white wines, and in this area too Bordeaux’s production dwarfs Burgundy’s. Still, white wines account for around 61% of Burgundy’s total production, and sparkling white Cremant de Bourgogne, which is often a very acceptable alternative to Champagne, represents another 11%. That leaves just 28%, and although that is mostly red, rosé accounts for some of it. Burgundy is 50% planted with Chardonnay to just 41% Pinot Noir.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-32808" src="//www.gafencushop.com/wp-content/uploads/2018/02/OBJETS00016.jpg" alt="" height="253" width="384" srcset="https://www.gafencushop.com/wp-content/uploads/2018/02/OBJETS00016.jpg 384w, https://www.gafencushop.com/wp-content/uploads/2018/02/OBJETS00016-200x132.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2018/02/OBJETS00016-120x79.jpg 120w" sizes="(max-width: 384px) 100vw, 384px" />
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“The question of volumes is inescapable,” says Adam Bruntlett, who has succeeded Jasper Morris MW as the Burgundy buyer for <a href="https://www.bbr.com/" target="_blank" rel="noopener">Berry Bros &amp; Rudd</a>. “While we have been well looked after by suppliers thanks to our longstanding relationships, there are many instances where volumes are limited.”
With strong pressure on prices and volumes, this, suggests Bruntlett, is a time to start looking beyond the Grand Cru vineyards. He points to lesser known producers and areas of fine but much less famous terroir which produce wines that don’t command the same stratospheric prices, whatever the weather has been like in any given year.
“The 2016 vintage is the time to look beyond the bigger names and consider lesser-known villages such as Marsannay, Santenay, St Romain and Auxey-Duresses,” says Bruntlett. The 2016 Burgundy white wines, he notes, generally have a fresher, more classic feel than their richer 2015 counterparts.
“Some frost-affected vineyards display a more angular profile, but many of these filled out over the course of the autumn barrel tastings and will continue to do so with further élevage [a wine&#8217;s adolescence or education]. The very best white wines will come close to matching those of the 2014 vintage.”
<img decoding="async" loading="lazy" class="aligncenter wp-image-32810 size-full" src="//www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-2.jpg" alt="" height="640" width="427" srcset="https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-2.jpg 427w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-2-200x300.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-2-187x280.jpg 187w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-2-120x180.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2018/02/Bourgogne-2-400x600.jpg 400w" sizes="(max-width: 427px) 100vw, 427px" />
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For Chablis lovers, says Bruntlett – and you can’t really enjoy seafood and not love Chablis to go with it – the bad news is that quantities are severely down.&nbsp;As for the 2016 reds, in general Bruntlett finds them more consistent than the whites, and worth considering at all quality levels from Grand Cru down to everyday casual drinking.
“Across the board, the wines display an unmistakably Burgundian Pinot Noir fruit character. They offer a beguiling paradox of initial rich fruit on the front of the palate and succulent acidity on the finish, leaving one delightfully perplexed as to whether this is a warm or cool vintage. The very best wines are the equal of the 2015s &#8211; albeit in a style that will appeal more to the traditional Burgundy drinker,” he says.
Berry Bros has a good range of red and white Burgundies available to its Asian-based customers across a range of price points. Other well connected wine merchants able to offer a reliable en primeur service include <a href="http://www.altayawines.com/" target="_blank" rel="noopener">Altaya</a>, <a href="http://www.asc-wines.com/" target="_blank" rel="noopener">ASC Wines</a>, and <a href="http://www.watsonswine.com/" target="_blank" rel="noopener">Watson’s Wine</a>.
<figure id="attachment_32803" aria-describedby="caption-attachment-32803" style="width: 700px" class="wp-caption aligncenter"><img decoding="async" loading="lazy" class="wp-image-32803 size-full" src="//www.gafencushop.com/wp-content/uploads/2018/02/TS2011_Londres14_path-e1519202650662.jpg" alt="" height="490" width="700" srcset="https://www.gafencushop.com/wp-content/uploads/2018/02/TS2011_Londres14_path-e1519202650662.jpg 700w, https://www.gafencushop.com/wp-content/uploads/2018/02/TS2011_Londres14_path-e1519202650662-200x140.jpg 200w" sizes="(max-width: 700px) 100vw, 700px" /><figcaption id="caption-attachment-32803" class="wp-caption-text">Terroirs et Signatures de Bourgogne / Photo: Anthony Upton</figcaption></figure>
Still shopping for a few cases from the Grand Cru vineyards?&nbsp;“Clos Vougeot and Vosne Romanee experienced a very good vintage,” says José Lau, Private Sales Manager for&nbsp;Berry Bros &amp; Rudd in Hong Kong. He too recommends buying en primeur.
“Supply and demand play a big role in why en primeur makes plenty of sense for Burgundy. There has been a huge increase in Burgundy drinkers in the past 10 to 12 years which has driven&nbsp;prices up again and again. Buying early will save you money down the road –&nbsp;and you might even use it as an investment to gain some.”
&nbsp;
This article appears on Gafencu Magazine&#8217;s March 2018 print issue entitled &#8220;Burgundy En Primeur&#8221; by Robin Lynam

Burgundy En Primeur: Are wine investments a good idea?

<img decoding="async" loading="lazy" class="wp-image-29462 aligncenter" src="//www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-420x280.jpg" alt="" width="690" height="460" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A6092-opti.jpg 900w" sizes="(max-width: 690px) 100vw, 690px" />
With over 260 years under its belt, <a href="https://www.justerinis.com/">Justerini &amp; Brooks</a>’ expertise in fine wines is legendary. It boasts a portfolio of over 3000 different vintages and holds upwards of £200 million of wines for its customers. Last week, oenophiles were treated to an exclusive tasting of standout vintages from J&amp;B’s current portfolio at the Grand Hyatt Hong Kong.
J&amp;B’s Managing Director Chadwick Delaney was on hand to lead the tastings, which showcased a titillating variety of wines from Bordeaux, Burgundy, Rhone, Germany, Italy, Spain and more.
<img decoding="async" loading="lazy" class="wp-image-29437 aligncenter" src="//www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-420x280.jpg" alt="" width="690" height="460" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/2411-900x600-A-opti.jpg 900w" sizes="(max-width: 690px) 100vw, 690px" />
Wine enthusiasts will easily recognise the more famous French vineyards on display: Chateaux Margaux, Pichon Lalande, Chateau de Meursault, Rene Rostaing, etc. But Delaney also educated attendees on upcoming regions such as Piedmont, and relatively unknown (at least in Hong Kong circles) producers such as Bernhard Huber in Baden, Germany.
The latter is a perfect example of J&amp;B’s ability to judge and select bottles with unique provenances for its clients. Bernhard Huber’s 2014 Bienenberg Spätburgunder Grosse Gewächs, one of the bottles selected for last week’s event, has seen prices increase by a staggering 300% in just one year.
<img decoding="async" loading="lazy" class="wp-image-29463 aligncenter" src="//www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-420x280.jpg" alt="" width="690" height="460" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/6T3A5951-opti.jpg 900w" sizes="(max-width: 690px) 100vw, 690px" />
So if you’re an aspiring collector or a seasoned wine investor looking to expand your private cellar, a gander at the Justerini &amp; Brooks website or chat with one of its experts may be worth your while!
Text: Tenzing Thondup

Justerini & Brooks MD entices and educates at exclusive wine event

<img decoding="async" loading="lazy" class="alignnone wp-image-29192" src="//www.gafencushop.com/wp-content/uploads/2017/11/1-9-420x280.jpg" alt="" width="600" height="400" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/1-9.jpg 900w" sizes="(max-width: 600px) 100vw, 600px" />
Where should we be putting our money during this period of record highs? Gafencu’s investment advisor Emrys Gould gives his two cents’ worth
Equity markets around the world are at record highs. The Hang Seng index is poised break the 29 000 barrier, and is at its highest in 10 years.&nbsp; If we look east from Hong Kong, the Nikkei is pushing 21 year highs and the S&amp;P is continuing to flirt with record highs. If we look west, the FTSE in the UK and the Dax in Germany are also at record highs.
What should investors do? At times like this many of us start getting a little edgy, “what goes up must come down” and all of that.
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A fall’s going to come, they always do, the only question is when. The indications are it might be soon(ish). Central banks are starting to unwind the quantitative easing which pushed markets to such highs, the Fed is reasonably likely to hike rates again in December, and, linked to all of this the US dollar is set to start rising again. As it does, liquidity would be likely to flow out of emerging markets and back to the US, hurting valuations.
The big question of course, is when is this going to happen. The Fed has been raising rates all year, and we’ve not seen a correction yet.
<img decoding="async" loading="lazy" class="alignnone wp-image-29194" src="//www.gafencushop.com/wp-content/uploads/2017/11/3-7-420x280.jpg" alt="" width="600" height="400" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/3-7.jpg 900w" sizes="(max-width: 600px) 100vw, 600px" />
If you know the answer, then what to do with your money is fairly easy. Hold plenty of cash, and if you really back yourself, then in Hong Kong since March of this year there have been a few reverse ETFs in the marketplace. These offer returns inverse to the performance of the Hang Seng index, so buy them just before the market plunges, and you’re in the money.
However, knowing when a market has reached its peak is notoriously near impossible to predict.&nbsp; Even if you’re absolutely convinced you’re right, the old saw attributed to John Maynard Keynes comes to mind: “the market can remain irrational for a lot longer than you can remain solvent.”
<img decoding="async" loading="lazy" class="alignnone wp-image-29195" src="//www.gafencushop.com/wp-content/uploads/2017/11/4-6-420x280.jpg" alt="" width="600" height="400" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/4-6.jpg 900w" sizes="(max-width: 600px) 100vw, 600px" />
So what do you do if you’ve just received a lump of cash and want to invest it? There is no point putting it in a bank when interest rates are as they are, and equity markets probably still have a few months more ooomf in them which you wouldn’t want to miss. There are some bond funds out there which should do OK when big investors start getting risk averse, but no one would describe them as exciting. Gold? Well maybe, but it’s not that big a jump from buying a sizeable chunk of gold, to buying tinned food and fortifying a shed in the woods, and we’re not there yet.
The answer is probably to keep buying equities. It’s a cliché, but in the US, if you invested in the S&amp;P 500 at its peak in 2008, and held on to everything you owned, you’d be back in profit by 2013, and well ahead by now. The same isn’t quite as true in Hong Kong, and since we’re not quite at a peak yet, then the thing to do is to keep buying. The question is what.
<img decoding="async" loading="lazy" class="alignnone wp-image-29196" src="//www.gafencushop.com/wp-content/uploads/2017/11/5-5-420x280.jpg" alt="" width="600" height="400" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/5-5.jpg 900w" sizes="(max-width: 600px) 100vw, 600px" />
If you’re Warren Buffet, then keep doing what you’ve been doing: finding companies whose strong fundamentals aren’t reflected in their price, and investing in them for the long term. But for those of us who have had less success at picking individual stocks, it is rather more a case of finding sectors or areas that might outperform the market as it peaks.&nbsp;
There are a few options. One thing to consider if you think that rising interest rates are going to put an end to a stock market boom are those few sectors that do well in a rising rate environment.
Banks would be one option, as when rates go up, they can get higher returns on any deposits they have sitting around in savings accounts that they haven’t been able to lend out more profitably. This is particularly true for the big Hong Kong banks. HSBC and Bank of China Hong Kong have vast lazy balance sheets, and higher interest rates go straight to their bottom line. The case is different for those mid and small sized mainland banks who have invested more than 100 per cent of their deposits in whatever bit of the Chinese shadow banking system is in fashion at the moment, but a peaking market isn’t the only reason to steer clear of those.
<img decoding="async" loading="lazy" class="alignnone wp-image-29197 aligncenter" src="//www.gafencushop.com/wp-content/uploads/2017/11/6-2-187x280.jpg" alt="" width="301" height="451" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/6-2-187x280.jpg 187w, https://www.gafencushop.com/wp-content/uploads/2017/11/6-2-200x300.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/6-2-120x180.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/6-2-500x750.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/6-2-400x600.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/6-2.jpg 600w" sizes="(max-width: 301px) 100vw, 301px" />
What about the stocks to avoid? Research by China Constriction Bank International Securities found that tech companies in Asia like Japan have fallen by an average of 25 per cent in the six month period either side of a market peak. The big Hong Kong listed tech companies (really we mean Tencent) might be all right with most analysts still saying buy, but the handful of smaller Chinese tech firms that Charles Li and the Hong Kong exchange managed to lure to Hong Kong rather than the Nasdaq are worth steering clear of.
Other poor performers by CCBIS’ analysis were materials and industrials, which also dropped by high single digits. The best performers, along with financials were energy and real estate stocks.
<img decoding="async" loading="lazy" class="alignnone wp-image-29191" src="//www.gafencushop.com/wp-content/uploads/2017/11/7-2-420x280.jpg" alt="" width="600" height="400" srcset="https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-800x533.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-120x80.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-500x333.jpg 500w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-400x267.jpg 400w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2-600x400.jpg 600w, https://www.gafencushop.com/wp-content/uploads/2017/11/7-2.jpg 900w" sizes="(max-width: 600px) 100vw, 600px" />
Energy certainly sounds like a reasonable bet at the moment when it comes to companies listed in Hong Kong with the Belt and Road Initiative likely to provide long term support for both new and old mainland energy firms. The Chinese authorities’ hope to be a green energy superpower continues to be a secular boost for newer forms of energy.
CCBIS’ advice seems sensible. Holding financials, energy and real estate as the market peaks looks like a reasonable thing to do.
Text: Emrys Gould
For the full article, please check out Gafencu’s November issue or the Gafencu app. Download the app from the Google <a href="https://play.google.com/store/apps/details?id=com.gafencu.android&amp;hl=en">Play Store</a> or Apple <a href="https://itunes.apple.com/us/app/gafencu/id541555130?mt=8">App Store</a>

Tag: investment