Where is the most rewarding expression if we ignore regulatory constraints and region-specific investment mandates?
It is easy to claim that power law returns are the supreme category, but this hierarchy is conditional and does not account for institutional specifics that limit or redefine their relevance as a primary driver.
For a Family Office in Hong Kong, regulations from the SFC, listing channels of the HKEX, or even a policy change by the PBOC, can impose strict limits on the ability to pursue extreme returns.
For example, disclosure requirements or tighter liquidity rules on cross-border investments can make decision quality more complex than just detecting a unicorn.
Pushing for the peak means integrating these institutional realities, not ignoring them, to reach the maximum potential.