10. Billboards – the Highway Beautification Act of 1965 and local laws make developing new billboards extremely difficult if not impossible.  This large barrier to entry makes existing billboards very valuable.

There is a large real estate element to billboards; billboards are typically located on leased sites, although sometimes the billboard owner also owns the land.

There are a number of success stories of billboard owners like Artie Moreno, Karl Eller, or Bill Levine generating tremendous wealth from owning billboards.

This billboard is located on a high traffic highway in Atlanta.

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