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Mitt Chen
CULTURAL ASSET ECONOMICS


Ownership Is Not Neutral: Why Some Assets Become Hard to Own Even When Markets Look Fine
Most financial analysis begins from a common premise: ownership is a neutral financial position. Assets are evaluated based on expected return, volatility, liquidity, and downside risk. Ownership is implicitly treated as reversible - an investor can enter and exit positions with limited structural consequence. This assumption is often incorrect. There are cases where an asset continues to perform, markets remain functional, and yet the owner becomes increasingly constrained.

Mitt Chen
Apr 13 min read
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