> But it is, because in the long run, assets without cash flows cannot increase in value more than the economy as a whole. If something appreciates faster than the whole economy in the long run, it eventually eclipses the whole economy, which is impossible.
No one is operating on an infinite time horizon in their investments, so this argument seems moot. You can certainly find collectibles that have grown faster than the economy as a whole over a period of O(decades), which is all any human needs.
e.g. a Black Lotus card from magic was about $15 in 1994 and about $11,000 (or more, depending on age and condition) in mid-2021. [0] In that same time period, the S&P 500 has gone up only about 10x.
[0]: https://infinite.tcgplayer.com/article/A-History-of-the-Pric...