What Is ‘Bond King’ Bill Gross’s Favorite Investment?
Last week, an anonymous buyer, bidding by telephone at Sotheby’s on the Upper East Side in New York, paid a record $9.5 million for a British Guiana One-Cent Magenta postage stamp from 1856.
The winning bid was almost four times the previous record auction price for a single stamp — 2.87 million Swiss francs (about $2.2 million) set back in 1996. It was also a far cry from the $35,000 Utica, N.Y.-based textile magnate Arthur Hind paid for the stamp back in 1922.
David Beech, longtime curator of stamps at the British Library, called the stamp the “Mona Lisa” of the world’s stamps. And after collecting a 20% commission on the sale, it’s no wonder David Redden, Sotheby’s vice chairman, called the auction “a truly great moment for the world of stamp collecting.”
Stamps as an Investment
If you’re like most retail investors, you’ve probably never thought of stamps as an investment.
So you’ll also be surprised to learn that stamps are billionaire bond king Bill Gross’s favorite asset class.
Read more about this surprisingly profitable unconventional investment at Eagle Daily Investor.