"Only buying, not selling"! The "Hong Kong Buffett" has invested a quarter of his wealth in gold.

Nicknamed the "Hong Kong Buffett," Asian value investing representative Cheah Cheng Hye has allocated a quarter of his personal wealth to gold—far surpassing his peers—and adheres to a "buy only, never sell" strategy. The 71-year-old founder of Value Partners Group manages about $1.4 billion in family office assets, with precious metals accounting for about 25%. In contrast, the 2025 UBS Global Family Office Report shows the average allocation to gold and precious metals is only 2%. According to a June 19 Bloomberg report, insiders revealed that Cheah began making small investments in precious metals in 2008, then made substantial purchases in physical gold ETFs a decade later. These investments have yielded a cumulative profit of $251.1 million, a gain of 167%. In an interview with Bloomberg News, he stated that he considers precious metals a part of his life's savings, does not trade them, does not use derivatives or structured products, and never invests with borrowed money. Cheah recommends investors construct a portfolio holding "60% stocks, 20% bonds, and 20% precious metals (mainly gold)." He believes geopolitical tensions—including Venezuela, the Ukraine conflict, and other risks—are creating growing support for gold and silver. Entering 2026, metals such as gold, silver, copper, and tin all hit historic highs, driven by expectations of Fed easing, political pressure from the Trump administration, and geopolitical tensions. Cheah states that the global situation has fully validated his bet. **From Value Investing to Precious Metals Allocation** Cheah, a former Malaysian financial journalist, co-founded Value Partners Group in 1993, making it the first Hong Kong-listed asset management company. The firm peaked in 2017, managing as much as $17 billion. He currently serves as a board member of the Hong Kong Exchanges and Clearing Limited and chairs its investment committee. For three decades, Cheah has been an Asian value investing figurehead, turning Value Partners into a stock-picking giant managing billions. Now, he invests a large portion of his personal wealth in gold and recommends others do the same. Insiders reveal Cheah’s precious metals investment began with small bets in 2008, with large purchases of physical gold ETFs starting a decade later. Beyond ETFs, he’s invested in gold mining stocks, physical gold bars, and coins. As of January 12, 2026, his precious metal holdings are focused on highly liquid instruments, including Value Gold ETF (HK$1.297 billion), SPDR Gold Shares (HK$985 million), and iShares Silver Trust (HK$287 million). Cheah’s investment record is not without blemishes. In his last years at Value Partners, assets under management plunged—hitting a low of $5.1 billion in 2024—and a 2017 deal with HNA Group fell through. After GF Securities invested in the company, he eventually stepped down as chairman, and the transition period was fraught with reports of cultural conflict and executive friction. **Optimistic About Silver and Precious Metals Outlook** The seed money for Cheah's massive gold purchases came from a 2015 move, when he reduced his Value Partners stake ahead of a major market correction. After buying gold since 2008, he grew dissatisfied with Western vaults and launched the Value Gold ETF in 2010, storing physical gold at Hong Kong Airport. Insiders say he is still the fund’s largest holder, with shares worth HK$1.3 billion ($167 million). Cheah claims that after Russian assets were frozen in 2022 and recent tensions in Venezuela and Iran, the world is entering an era of mass "vault migration." Asian wealthy families are increasingly moving funds back to the region to avoid U.S. sanctions or potential asset seizures. He believes the best way to store such wealth is in gold. "If you have physical gold in a warehouse or bank vault, nobody owes you anything," he said. His holdings are backed by gold stored in government warehouses at Hong Kong Airport. "For Asian investors, buying physical gold is much better than buying paper gold." Cheah is also bullish on silver, which has roughly doubled over the past year, outperforming gold. Early this year, metals including gold, silver, copper, and tin hit all-time highs, propelled by expected Fed easing, pressure from the Trump administration, and geopolitical tensions. Meanwhile, some Asian family offices, like Cavendish Investment Corp., are bypassing intermediaries to trade physical gold directly, allocating a large portion of their portfolios to the metal. Cheah is confident in his precious metals strategy. "I’m a very patient investor—once I buy precious metals, I don’t trade them, and I treat them as part of my lifelong savings," he said. "Eventually, the size of these assets grows larger and larger." Risk Warning & Disclaimer There are risks in the market, and investments should be made cautiously. This article does not constitute personal investment advice and does not take into account individual users' specific investment objectives, financial circumstances, or needs. Users should consider whether any opinions, viewpoints, or conclusions herein fit their own situation. Any investment made accordingly is at your own risk.