Global Asset Price Review - The US Treasury Secretary proposed the removal of Clause 899 from the tax bill, which is a controversial "capital tax" clause, leading to a waiver for US companies from certain taxes imposed by other countries [1][8] - Global geopolitical tensions have eased, resulting in a notable increase in equity markets while commodities generally declined [1][8] - As of June 27, 2025, the 10Y US Treasury yield decreased by 9 basis points to 4.29%, and the US dollar index remains below 100 at 97.3 [1][8] Global Fund Flows - Developed European equity funds experienced significant outflows, while Japan and emerging markets saw notable inflows [1][8] - In the past week, foreign capital flowed into the Chinese stock market while domestic capital saw outflows, with domestic outflows amounting to $380 million and foreign inflows of $997 million [1][8] - Active overseas funds withdrew from the Chinese stock market, while passive funds saw inflows, with active outflows of $538 million and passive inflows of $1.535 billion [1][8] Global Asset Valuation - The equity risk premium (ERP) for A-shares remains significantly higher than that of overseas markets, with the ERP percentile for the CSI 300 dropping 4 percentage points to 73% [1][8] - The ERP percentiles for the S&P 500, Dow Jones, and Nasdaq are at 4%, 2%, and 6% respectively, indicating a lower risk premium compared to A-shares [1][8] Global Asset Risk Indicators - The sentiment in the US stock market continues to improve, with the put/call ratio on June 27 dropping to 0.90 from 1.23 on June 23, indicating a more optimistic outlook [1][8] - In the A-share market, only 30% of CSI 300 constituent stocks are above their 5-day, 10-day, and 20-day moving averages, suggesting a weaker overall performance [1][8] Global Economic Data - The US Q1 GDP showed a contraction of -0.5%, indicating increasing economic pressure [1][8] - Federal Reserve Chairman Powell indicated expectations for monetary easing, with a 91.4% probability of a rate cut by September 2025 [1][8]

Global Asset Price Review - The Federal Reserve's decision to maintain interest rates aligns with market expectations, but it raised the forecast for the personal consumption expenditure price index from 2.7% to 3%, significantly above the long-term target of 2% [3][8] - Global equity markets mostly declined, with notable drops in European stocks. Specifically, the Nikkei 225 fell by 1.50%, while the Hang Seng Index decreased by 1.52% [3][8] - Commodity prices showed mixed results, with gold dropping by 1.98% and ICE Brent crude oil rising by 0.80% [3][12] Global Fund Flows - There was a significant inflow of funds into developed market equities, with U.S. equity funds receiving $37.1 billion and developed equity markets overall attracting $41.98 billion [3][14] - In terms of sector flows, U.S. equity funds saw inflows into energy, technology, and consumer sectors, while utilities and financials experienced outflows [3][14] - In China, both domestic and foreign funds flowed into the stock market, with domestic inflows of $1.887 billion and foreign inflows of $0.104 billion [3][14] Global Asset Valuation - The equity risk premium (ERP) for A-shares remains significantly higher than that of overseas markets, with the current ERP for the CSI 300 at 77% and the Shanghai Composite at 71% [3][8] - The ERP for major U.S. indices such as the S&P 500 and NASDAQ is considerably lower, at 4% and 6% respectively, indicating a more favorable valuation for A-shares [3][8] Global Economic Data - The Federal Reserve's increase in inflation expectations has raised concerns about re-inflation in the market. The Fed's economic forecast indicates a higher expected inflation rate for 2025-2027 [3][8] - Economic data from the U.S. shows signs of cooling, with both supply and demand indicators weakening, reflecting potential challenges for the economy [3][8]

Group 1 - The article discusses the launch of the "Family Office 100 People" interview series by Family Office Insight, aimed at exploring governance, operations, and asset allocation in the family office sector through in-depth conversations with industry veterans [1] - The interview features an industry practitioner, An Xu (pseudonym), who shares her investment journey, starting from strategic investments in internet giants to her current role in a family office focusing on global technology private equity [1][2] - An Xu emphasizes the importance of creating deep connections and real value in her career, highlighting the transformative impact of technology on everyday life [2][4] Group 2 - The investment philosophy of family offices is rooted in diversified asset allocation, contrasting with the more focused approach of strategic investments [7] - Family offices assess investment opportunities based on risk-adjusted returns and liquidity needs, rather than merely selecting the best asset class [7][9] - The unique perspective of family offices allows them to leverage insights from both primary and secondary markets, enhancing their investment decision-making [9] Group 3 - Artificial intelligence (AI) is a key focus area for family offices and their VC partners, with early-stage investments primarily centered on big data and algorithm applications [10] - The emergence of large language models (LLMs) has the potential to reshape knowledge acquisition and decision-making processes [10][12] - Family offices can quickly identify investment opportunities in the AI sector due to their ongoing communication with top fund managers and systematic industry tracking [13] Group 4 - Family offices are increasingly focusing on selecting emerging general partners (GPs) who are closer to the core venture capital ecosystem and can provide differentiated project sourcing [14] - The selection criteria for GPs include geographic proximity to innovation sources, quality of industry connections, and the ability to maintain independent, deep thinking amidst market noise [15][17][18] - The evolving landscape of venture capital in the U.S. presents both challenges and opportunities for family offices, necessitating a strategic approach to investment [20][21] Group 5 - The article highlights the shift in competitive advantage for family offices from capital scale to the ability to integrate scarce resources and top-tier investors [25] - Building a platform for aggregating quality GPs and employing diversified investment strategies is essential for achieving sustained excess returns [25]