fractional ownership

NetJets, a private aviation company selling fractional ownership in its planes, announced Thursday that it would buy Marquis Jet, a private jet cards company that sells the use of NetJets's planes in 25-hour blocks. Marquis Jet becomes a subsidiary of NetJets, itself owned by Warren Buffett's Berkshire Hathaway.

The New York Times reports that fractional ownership of real estate -- which the newspaper calls a "step up from timeshares -- is gaining popularity among home owners desperate for cash. You get to keep living in your house for at least part of the year, reduce your debt load, and pocket some...

Well, sort of. You can at least own a piece of a yacht... or a jet... or a Ferrari... or a mansion... and the list goes on and on. Welcome to the world of "fractional ownership," sometimes called asset-sharing. While people have shared assets since the beginning of time, the modern version is a...