"...the important thing is no longer what a song, movie, or book does to you. The big question is its relationship to its reputation. So instead of abandoning yourself to the artifact, you try to exploit inefficiencies in the reputation market."
The investment metaphor is interesting. I often meet people who are clearly trying very hard to like obscure bands. Perhaps they do this (consciously or not) so that if the group becomes famous, they can retroactively claim coolness; they can point to their early investment as evidence that were (and supposedly still are) in tune with artistic trends.
But this theory predicts that people who make a point of liking obscure bands will be happy as the band gains popularity. And that doesn't always match my observations. These people often seem genuinely upset as their favorite obscure bands become popular.
At least for this example, the investment metaphor doesn't seem to work. These kinds of people appear to be after social exclusivity, not growth.
The metaphor still works for me even with your example: I think of the people who behave as you describe it as "investors" hoarding cash under their mattresses. The important thing, for them, is to make sure that nobody else can have their money (exclusivity), whereas growth is either not considered or even rejected (since you have to at least partially relinquish control, by giving your money to a bank, fund, whatever).
The investment metaphor is interesting. I often meet people who are clearly trying very hard to like obscure bands. Perhaps they do this (consciously or not) so that if the group becomes famous, they can retroactively claim coolness; they can point to their early investment as evidence that were (and supposedly still are) in tune with artistic trends.
But this theory predicts that people who make a point of liking obscure bands will be happy as the band gains popularity. And that doesn't always match my observations. These people often seem genuinely upset as their favorite obscure bands become popular.
At least for this example, the investment metaphor doesn't seem to work. These kinds of people appear to be after social exclusivity, not growth.