Investing in Emotional Assets

The authors reviewed the long-term investment performance of collectibles and found that these so-called emotional assets have outperformed government bonds, Treasury bills, and gold over the long run. However, the costs of trading in these markets are high and an investor faces many dangers and pit...

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Bibliographic Details
Published in:Financial analysts journal 2014-03, Vol.70 (2), p.20-25
Main Authors: Dimson, Elroy, Spaenjers, Christophe
Format: Article
Language:English
Subjects:
Art markets
Assets
Business administration
Collectibles
Collecting
Costs
domain_shs.gestion.fin
Emotional attachments
Emotions
Financial investments
Financial portfolios
Government bonds
Humanities and Social Sciences
Institutional investments
International finance
Investment portfolios
Investment risk
Investors
Musical instruments
PERSPECTIVES
Portfolio management
Prices
Sales
Treasury bills
Trends
Violins
Weight control
World War I
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Summary:The authors reviewed the long-term investment performance of collectibles and found that these so-called emotional assets have outperformed government bonds, Treasury bills, and gold over the long run. However, the costs of trading in these markets are high and an investor faces many dangers and pitfalls. Emotional assets are particularly attractive to some high-net-worth investors. The need for vigilance makes it hard to justify the inclusion of emotional assets in the portfolios of most institutional investors.
ISSN:0015-198X
1938-3312
DOI:10.2469/faj.v70.n2.8