Why Investors in Manhattan's Fanciest Condos Should Have S&P 500 Envy

Over a 10-year period, the boring index fund beats New York City's finest condos.

A view of New York's Central Park, taken from the Top of the Rock Observation Deck, showing the One57 building at the left, on July 24, 2015. 

Photographer: William Edwards/AFP/Getty Images

Manhattan condominiums have gained a reputation in recent years as a favorite store of wealth for the global megarich. But what if all those those Russian oligarchs, Chinese industrialists, and U.S. hedge fund managers would have been better off investing in a boring index fund instead of some of the nation's hottest luxury homes?

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