[dcolkitt]

> When I purchase a baseball card, I do not have the expectation that there is any additional value attached to the baseball card beyond what the collector's market will pay.

What about music royalties rights? Those are almost always purchased with expectation of profit. Those are even explicitly marketed on the basis of how big an artist is going to be. Yet the SEC does not consider them securities

https://www.sec.gov/Archives/edgar/data/1490161/000104746910....

[TylerE]

That’s IP law, not investment.

[maerF0x0]

It's an interesting intersection because those rights produce an income stream that can be evaluated like a bond.