Betting on election outcomes is somewhat similar to sports betting, but perhaps isn't as attractive to sink effort into as the events are lower frequency (e.g.

Betting on election outcomes is somewhat similar to sports betting, but perhaps isn't as attractive to sink effort into as the events are lower frequency (e.g. 4 year election cycle) with more variability. Another situation could be insurance - betting on rare events. Similar to your example of betting on weather events. Yet another way to approach it could be to find situations where you make money or accrue value without selling the asset: for example, long term buy-and-hold value investing where you never sell a stake in the business, so it doesn't matter how others might value that stake. But the return on your invested capital will be lower than if you can manage to find a repeatable process for making short-term trades with sufficiently positive expected value and can recycle your capital fast enough. Another variation of the long term buy-and-hold value investing approach is doing things like getting a plot of land and planting a bunch of fruit or nut trees, and looking after them for a few decades until they're established and thriving, and then enjoying the nuts and the fruit. Lower ROI but it really doesn't matter what other people think.