From the given options, select the word which correctly explains the expression:
To be a white elephant

Expensive and useless possession

The idiom "to be a white elephant" means to be an expensive and useless possession. This idiom comes from the practice of kings in Southeast Asia giving white elephants to courtiers who they wished to punish or humiliate. White elephants were considered sacred and were very expensive to care for, so they were a burden to the recipient.

The other options are incorrect. "Very huge item" does not mean to be an expensive and useless possession. "Fair investment" means to be a good investment, which is the opposite of being an expensive and useless possession. "Waste material" means to be material that is not used, which is not the same as being an expensive and useless possession.