procreative（procreative透明度）

•Thesecondmajorcategoryofinvestmentsinvolvesassetsthatwillneverproduceanything,butthatarepurchasedinthebuyer’shopethatsomeoneelse–whoalsoknowsthattheassetswillbeforeverunproductive–willpaymorefortheminthefuture.Tulips,ofallthings,brieflybecameafavoriteofsuchbuyersinthe17thcentury.Thistypeofinvestmentrequiresanexpandingpoolofbuyers,who,inturn,areenticedbecausetheybelievethebuyingpoolwillexpandstillfurther.Ownersarenotinspiredbywhattheassetitselfcanproduce–itwillremainlifelessforever–butratherbythebeliefthatotherswilldesireitevenmoreavidlyinthefuture.Themajorassetinthiscategoryisgold,currentlyahugefavoriteofinvestorswhofearalmostallotherassets,especiallypapermoney(ofwhosevalue,asnoted,theyarerighttobefearful).Gold,however,hastwosignificantshortcomings,beingneitherofmuchusenorprocreative.True,goldhassomeindustrialanddecorativeutility,butthedemandforthesepurposesisbothlimitedandincapableofsoakingupnewproduction.Meanwhile,ifyouownoneounceofgoldforaneternity,youwillstillownoneounceatitsend.