> The Howey Test defines an investment contract more narrowly than you imply I mean, maybe? An investment of money, managed by somebody else, with the expecta

> The Howey Test defines an investment contract more narrowly than you imply I mean, maybe? An investment of money, managed by somebody else, with the expectation of profits. I feel like that covers most things we would typically consider to be investments. Aside from something like, "I bought this piece of art... as an investment." Maybe I'm just missing some obvious examples?