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Hong Kong billionaire puts a quarter of his wealth into gold
By Diana Li
Bloomberg News
Sunday, January 18, 2026
For three decades, Cheah Cheng Hye was a face of value investing in Asia, building Value Partners Group Ltd. into a multi-billion dollar stock-picking powerhouse.
Now the former fund manager is putting a massive portion of his personal wealth into gold and is advising others to do the same.
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Precious metals make up about a quarter of assets at the $1.4 billion family office through which Cheah manages his riches, according to people familiar with the matter. A year ago precious metals were about 15% of the family office portfolio.
"I was a very patient investor. ... I bought precious metals, didn't trade them, and considered them part of my lifetime savings," Cheah, 71, said in an interview with Bloomberg News. "Eventually the whole thing became larger and larger."
The bullish call on gold makes Cheah a distinct outlier in the world of ultra-high-net-worth investing, even as bullion keeps hitting record highs. According to the UBS Global Family Office Report 2025, the average allocation to gold and precious metals was just 2% in 2024. ...
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