Collectibles are terrible investments
I find this argument very strange:<p>> But it is, because in the long run, assets without cash flows cannot increase in value more than the economy as a whole. If something appreciates faster than the whole economy in the long run, it eventually eclipses the whole economy, which is impossible.<p>No one is operating on an infinite time horizon in their investments, so this argument seems moot. You can certainly find collectibles that have grown faster than the economy as a whole over a period of O(decades), which is all any human needs.<p>e.g. a Black Lotus card from magic was about $15 in 1994 and about $11,000 (or more, depending on age and condition) in mid-2021. [0] In that same time period, the S&P 500 has gone up only about 10x.<p>[0]: <a href="https://infinite.tcgplayer.com/article/A-History-of-the-Price-of-Black-Lotus/6328d04e-a921-4200-b289-961b1c852ae4/" rel="nofollow">https://infinite.tcgplayer.com/article/A-History-of-the-Pric...</a>