January 16, 2014
From its origins in the British metals industry in the 1800’s, futures markets have evolved from tool for risk management to an asset class deeply ingrained in popular culture. In addition to the recent asset-backed depression that plagued the globe for several years, futures markets have also been associated with other, lighter sides of popular culture. In the music world, the most famous use of futures were for Bowie Bonds. Issued in 1997, Bowie Bonds used the current and future revenues of David Bowie’s 25 albums and 287 songs recorded before 1990 to pay bondholders a 7.9% annual return. The offering generated $55 million of proceeds and more importantly gave fans the ability to benefit economically based on the success of their favorite entertainers....Read the rest of this article on Forbes.com.
