Vintage Ferraris a better bet than stocks in age of market exuberance

Even with dividends reinvested, Ferraris commanded a faster increase in value than listed US companies since the end of 2009

A day after US stocks smashed out yet another record, a vintage Ferrari went under the hammer for the highest price ever — the latest sign that while investors may grumble about frothy financial asset valuations, they’re still prepared to pay up.
An early employee at Microsoft sold the 1962 Ferrari 250 GTO for $48.4 million at the weekend, more than 25 per cent above the previous record for a classic car sold at auction some four years ago.
 
And while the S&P 500 Index’s fresh all-time high on Friday claimed a lot of headlines, it turns out an