Are watches really investments, or is that the wrong way to think about them?

I’ve been thinking a lot about the phrase “watch investment,” and honestly, I think it helps and hurts the hobby in equal measure. On one hand, I do believe certain watches hold value well, and a few even appreciate in a way that makes collecting feel financially intelligent. I’ve seen that with pieces from Seiko, Grand Seiko, and even some newer brands when they get the design, pricing, and production numbers just right. But I’ve also learned that buying purely for profit can drain the joy out of this hobby fast. Some of my best purchases were never the “smartest” on paper. They were watches I kept reaching for — the ones that taught me something about design, movement finishing, or just my own taste as a collector. Over time, those ended up feeling like the right investments anyway, because I actually lived with them. These days, I try to think in terms of value rather than hype. Is the watch well made? Is the brand credible? Would I still want it if the resale market disappeared tomorrow? That question alone has saved me from a few mistakes. I’d love to hear how you all think about this. When you buy a watch, how much weight do you give to resale value versus personal connection?