In the Next Crisis, What Assets Will Take the Biggest Hit?

The US real estate and equity markets have been on a roll for the last several years. One of the drivers of this trend has been record low interest rates.

My question for you is if there is correction or even a crash, what will happen to assets that are made up of more Pride-of-Ownership premium than other assets? The Pride-of-Ownership premium is the premium that buyers will pay for an asset compared to an alternative asset without the same subjective bragging rights. My hypothesis is that luxury goods will take a bigger hit than bread-and-butter kind of assets.

If this hypothesis is correct then I would expect fine art prices to decline faster than the price of five year old Chevy trucks, caviar to drop faster than potatoes, Malibu beach house prices to take a bigger hit than basic apartment complexes in Los Angeles.

What do you think?