Hard Assets never dies:

The expression “hard assets never die” is an exaggeration, but it captures the notion that hard assets such as real estate, precious metals, and collectibles tend to retain their value over the long haul, serving as a hedge against inflation and economic decline. Hard assets do not necessarily die, yet their value can shift, and some of them can depreciate or become outdated.

What are hard assets?
Hard assets are physical, tangible products that have value and tend to be wealth stores. Examples are:
Real Estate:
Land and buildings provide long-term worth and potential for income streams.
Precious Metals:
Gold, silver, and platinum carry intrinsic value and tend to be store of wealth assets.
Collectibles:
Rarities such as art, antiques, and old goods have a tendency to increase in value over time.
Commodities:
Raw material such as oil and farm products can be worth something, but their value goes up and down.
Why are they resilient?
Intrinsic Value: Hard assets are of intrinsic value, whereas some financial assets are based on opinion.
Hedge Against Inflation: Their worth rises with inflation, safeguarding purchasing power.
Long-Term Stability: They tend to be more stable than risky investments such as shares.
Tangible Nature: They are storable and transportable, providing a sense of security.
Why is “never die” an oversimplification?
Depreciation:
Certain hard assets, such as machinery or cars, can depreciate over time and are subject to maintenance.
Obsolescence:
Technological changes or fashions can make certain assets obsolete.
Market Fluctuations:
Although generally stable, the value of hard assets can still fluctuate in accordance with market conditions.
Need for Management:
Hard assets require storage, maintenance, and sometimes expertise to manage effectively.
In summary: Although hard assets are typically more stable than some alternative investments, they are subject to change. They can diminish in value based on a myriad of different factors, and their long-term success lies in the hands of things such as market conditions, good management, and the inherent characteristics of the particular asset. The saying “hard assets never die” is a good idea for pointing out their strength, but one must appreciate the finer points of their worth and possible risks.

In the same way some business that never dies
growth slows down but never dies

Example of such businesses are:
Consumer staple, Alcohal industry, Banking, Hospitals, school, NBFC etc