Family Office Growth News — 27th Edition

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📩 Family Office Growth News | November 2025

Welcome to the 27th edition of Family Office Growth News.

Markets are proving harder to read this quarter, and the uncertainty is pushing families to rethink how they plan, allocate, and protect time-sensitive decisions.

This month:

• Dr. Brian Dooreck joins me on Founders & Fortunes to break down what it means to be the first call in a crisis and why that position builds generational loyalty.

• We track Stan Druckenmiller’s rapid repositioning at Duquesne, Aurora Borealis bringing in a former Walton FO executive, and how rising stewards are shaping their priorities for 2026 and beyond. 

The Vault Just Opened on a $2T Market Opportunity

Elf Labs owns 100+ priceless trademarks for icons like Cinderella & Snow White. They’ve already earned $15M+ in royalties, and are now using AI to turn these legends into living, interactive worlds for the next generation. With patented tech & a $2T market opportunity ahead, the next chapter of entertainment is being written in real time.

Invest in Elf Labs

_{This is a paid advertisement for Elf Lab’s Regulation CF offering. Please read the offering circular at https://www.elflabs.com/}

🎙️ Founders & Fortunes: Dr. Brian Dooreck on Health, Clarity & Leadership

This month on Founders & Fortunes, Dr. Brian Dooreck, founder of Executive Health Navigation, shares what it means to be the first call in a crisis.

In a system built for scale, his model remains intentionally analog, doctor-facing, high-touch, and deeply human. It is a conversation about loyalty, discretion, and why health is often the most fragile part of the family enterprise.

🔍 Key Takeaways:

• Why Executive Health Navigation matters during medical uncertainty, succession planning, and governance strain.

• What most UHNW families get wrong about concierge medicine and how expectations are shifting.

• How Dr. Dooreck became a behind-the-scenes advisor to families, boards, and trusted intermediaries.

▶️ Watch the episode | 🎧 Subscribe on YouTube

📊 November 2025 Monthly Pulse

Duquesne Overhauls 60+ Equity Positions

Duquesne Family Office reset 62 public equity positions in Q3, according to Institutional Investor’s Stephen Taub.

• Fully exited 33 stocks, initiated 29 new positions

• Largest new stake: iShares MSCI Emerging Markets ETF (global beta tilt)

• Added newly public names: Figure Technologies, StubHub

• Healthcare now anchors nearly one-third of the U.S. portfolio

• Key holdings: Teva Pharmaceuticals, Natera, Insmed

• Reflects opportunistic strategy suited to FO liquidity and macro flexibility

Bezos FO Hires Ex-Walton Exec as CEO

Mike Bezos’s Family Office, Aurora Borealis, named Valeria Alberola, former Walton Family Office executive, as CEO.

Here’s what it signals:

• Alberola brings experience managing one of America’s most disciplined family enterprises

• Move designed to balance legacy staff, family dynamics, and complex portfolios

• Marks a new chapter in the Bezos family’s operating and philanthropic strategy

Next-Gen Control Reshapes FO Investment Philosophies

In Institutional Investor, John Crabb unpacks how the $124 trillion generational wealth transfer is impacting FO behavior.

Takeaways:

• 59% of wealth expected to transfer over the next decade (BofA 2025 FO Study)

• Next-gen stewards emphasize direct exposure, transparency, and mission alignment

• Demand is growing for operational clarity and professional infrastructure

• Many are treating their Family Office as an enterprise, not a passive vehicle

Last Time the Market Was This Expensive, Investors Waited 14 Years to Break Even

In 1999, the S&P 500 peaked. Then it took 14 years to gradually recover by 2013.

Today? Goldman Sachs sounds crazy forecasting 3% returns for 2024 to 2034.

But we’re currently seeing the highest price for the S&P 500 compared to earnings since the dot-com boom.

So, maybe that’s why they’re not alone; Vanguard projects about 5%.

In fact, now just about everything seems priced near all time highs. Equities, gold, crypto, etc.

But billionaires have long diversified a slice of their portfolios with one asset class that is poised to rebound.

It’s post war and contemporary art.

Sounds crazy, but over 70,000 investors have followed suit since 2019—with Masterworks.

You can invest in shares of artworks featuring Banksy, Basquiat, Picasso, and more.

24 exits later, results speak for themselves: net annualized returns like 14.6%, 17.6%, and 17.8%.*

My subscribers can skip the waitlist.

Skip waitlist

_{*Investing involves risk. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

Thank you for reading!

💬 If you’re navigating these changes, or advising those who are, we hope this edition provides clarity, context, and conversation starters.

🔗 View this issue on LinkedIn and subscribe for future editions.

Best regards,
Ryan Austin
Founder, Arondight Advisors
Email: [email protected]

Disclaimer: This publication is created and distributed by Arondight Advisors and may not be construed as investment advice. This newsletter does not provide an analysis of any company’s financial position and is not a solicitation to purchase or sell securities in any company. Arondight Advisors is an investment research and marketing firm, and not a registered broker dealer.