How about “The Investment Performance of Collectible Stamps”?
In a recently published paper, Elroy Dimson of London Business School and Christophe Spaenjers of Tilburg University investigate the returns on British collectible postage stamps and conclude that during the period of 1900-2008:
“While the annualized 0.7% real return for gold over the entire sample period is significantly less than that for stamps, price patterns for gold and stamps are similar.
Stamps are a hedge against expected inflation and perhaps, like gold, a partial hedge against unexpected inflation.
After accounting for holding periods and reasonable trading frictions, stamps may rival equities for the average investor in terms of realized performance.
Stamps generate a nominal (real) annualized return of 7.0% (2.9%) over the entire sample period, worse than equities, better than bonds and comparable to art...”
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- In particular, I am interested in investors' sentiment and valuation levels. Disclaimer: I work at an Investment Management firm. My comments on this site are not posted in that role, and no opinions of mine should be construed to be recommendations of or to reflect the views of my employer.
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