The Institutionalization of Collectibles: When Passion Assets Become Investable Markets
An asset changes character when the market around it begins to acquire the infrastructure of institutional finance. The institutionalization of collectibles is therefore about more than wealthy buyers spending more on rare objects; it is about valuation, authentication, financing, ownership and liquidity becoming increasingly organized around assets once viewed primarily through the lens of passion. […]
The Investment Consequences of Shrinking Working-Age Populations
For much of modern economic history, investors could assume that a growing population would provide a natural tailwind to economic expansion: more workers produced more output, more households consumed more goods, and expanding tax bases supported public finances. That assumption is becoming less reliable as shrinking working-age populations move from a distant demographic concern to […]
