Resumen de Investing in emotional assets

Elroy Dimson, Christophe Spaenjers

• 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.