The Speculation that Occurs During a Money-Printing Bonanza

From Bill Bonner’s Diary, a subscription service I cannot link to:

"On Monday, Sotheby’s announced it had brokered a $1.8 million sale of Kanye West’s Nike Air Yeezy 1 sneakers, making them the most expensive pair of (known) shoes to sell, ever.

But the sneakers weren’t purchased by a footwear-loving collector. Instead, they were acquired by the company Rares, which plans to fractionalize pieces of the shoes as an investment."

They plan to sell pieces of the shoe?

I hope you are trying to be funny here. No, shareholders will own the shoes. Just think, for a mere $180,000 you could have a 10% stake in shoe ownership.

Of course, perhaps for $900,000 a person could outright own one shoe.