|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Fred C</b><p>Oh yeah, that JP. I was thinking in the general terms of a name for the hedge fund. Memory Lane = Antique store = collectibles. There seems to be a Memory Lane Antiques Store in many different cities. It was kind of a generic term but with that said there is THAT possibilty... <br /><br />ring, ring, ring... (for those younger than 25-30 that's what old telephones used to sound like <img src="/images/happy.gif" height=14 width=14> )
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Corey R. Shanus</b><p>As regard transactions costs, while I do not necessarily disagree that funds could for considerally less than the BP arrange to have private placements to well-heeled collectors, that in and of itself will not suffice. Funds will need to have full access to the entire collectibles marketplace, which vastly exceeds any private collector base. The way to access this market is via the auction route. My guess is that should the day come that a fund has a signficant place in the baseball collectibles market, it will overcome the hurdle of high transactions costs by having a significant ownership interest in a major baseball auction house.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>brian</b><p>"One never sees posts<br />from the "big three" high grade collectors."<br /><br /><br />And who would they be? Are there 3 who have more slabbed high grade vintage cards than JimB, other than including graded commons held by post-war set collectors? There is only one collector I can think of with more high grade rarities, and that person probably has the highest total of vintage slabs in the hobby in all grades)....100,000+
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Jeff Lichtman</b><p>Corey/Bruce: Corey makes a good point. Maybe the best way to make money in vintage cards is through ownership in an auction house. Barry, have any venture capitalists come calling yet? <img src="/images/happy.gif" height=14 width=14>
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>barrysloate</b><p>The venture capitalist business has been a little slow lately, Jeff.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>peter chao</b><p>Guys,<br /><br />The T206 Gretzky Wagner is the only really pricey item. Why does a hedge fund have to get involved? A wealthy collector willing to spend about 20 million on key vintage cards could probably control the market.<br /><br />The Vintage Card Market is small potatoes for a Hedge Fund. My guess is that the Funds that have considered the Rare Card Market thought it wasn't worth their time and effort to gain the expertise and make the necessary administrative changes to their company.<br /><br />Peter C.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>SC</b><p>I would have to think, with the expenses involved, that a fund investing would only be interested in individual items of $1000+ (and that's a pretty low level), probably certified, and probably key cards that are widely traded (i.e. no condition scarcities, or set scarcities). <br /><br />You would probably only want to focus on the very top players (Ruth, Cobb, Wagner, Gehrig, DiMaggio, Williams, Mantle - how many other iconic players are there??), and perhaps key/rookie cards of some of the top players from the 50s (Aaron, Koufax, Mays, etc.) How much can you spend on those items? Even less if you kept to the standard & most recognized issues of T206, Goudey, Bowman, Topps?<br /><br />On a smaller level, I've always felt there was money to be made by making a market in one or two issues. What if someone just decided to buy every Aaron rookie that makes it to the market? I count about 20 Aarons in closed auctions on ebay, another dozen or so live. If you only look at PSA, it's a fraction of that. Doesn't seem it would take much $$ to move the market.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Misunderestimated</b><p>Ramblings:<br /><br />In the rarified world of hedge funds and the like the cards are pretty much "small beer" with a few notable exceptions mentioned above...<br /><br />Also I think there is a potential problem on the supply side -- especially for the post WWII cards (even in the high grades). <br />While we talk as if the supply is somewhat fixed based on the pop reports etc. it really isn't. We just don't know what else is out there and whether there will be finds (like the Stengel etc) or even just a bunch old-time collector's divesting that will belie our assumptions about rarity.<br />On the other hand there is virtual certainty about how many Stratavari and other top notch violins/cellos etc. are out there.<br /><br />Also, with the instruments they have to be used (they really do according to concert performers I have talked to) to be maintained and musicians want to use the best and can own/rent/lease them in ways that are tax-friendly. A perfect 1933 Ruth (or whatever) is best left alone -- entombed in plastic and then encarcerated in light and temperature controlled a safety deposit box where no harm can befall it.<br /><br />
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>peter chao</b><p>It is going to be more common, that people with money are going to display their vintage cards and memorabilia just like they currently hang paintings on their walls. It works really well in the hobby room or bonus room. <br /><br />I've got the T-206 white and dark cap Mathewsons, now all I'm looking for is the portrait. If I can find one in excellent condition, I'm on my way to a good looking display.<br /><br />Peter C.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>LetsGoBucs</b><p>I believe that several funds already identify that they invest in collectibles with a small part of their funds.<br /><br />Coins and stamps are their first choice as the demand for these are global. But Baseball cards offer opportunity. <br /><br />What is interesting to consider is the potential strategies that the funds could employ. Graded cards would definately be viewed by a fund as a necessity. Even if cards bought raw they would probably soon be graded if only for insurance purposes.<br /><br />There are a couple potential strategies. Highest grade cards post WWII - PSA 9's and 10's. High Grade pre-WWI popular HOF'ers - 7's, 8's, and 9's and complete sets mid-grade and above. And 19th century HOF'ers and significant cards.<br /><br />Irregardless of the strategy the fund would want to execute over a relatively short period (2-3 years) of time and quietly. <br /><br />However I think the opportunity has passed. Those funds that may have already invested will likely begin to realize their gains as the overall economy in the USA will have a large potential impact on the baseball card market for high priced items. It doesn't affect many of the best heeled collectors but definately impacts those that "feel" wealthy but aren't quite there yet in reality.<br /><br />If I was going to invest, I'd go after the items with a combination of scarcity and popularity. W600's HOF, T3's HOF, E90-1, E94, E98 sets & HOF, N167, N172's HOF. High Grade T206 Cobb's and Johnson's. T204 mid & High Grade. E90-2 Wagner; D's Young, Wagner, Cobb, Mathewson. A consistent three-four year effort to buy all that come to market (within reason) and holding for a good period of time (at least 3 years) would have the impact of taking out supply and moving the price point for these items higher in people's minds.<br /><br />Now if I could only get folks to pony up $100 million for my new fund <img src="/images/happy.gif" height=14 width=14><br /><br />
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>barrysloate</b><p>I suspect a fund wouldn't have the sophistication to buy the cards you cited. More likely they would buy items related to Babe Ruth, Ty Cobb, Joe DiMaggio, Mickey Mantle, etc. I couldn't imagine them buying W600's or E94's. Too esoteric. And N167's? How many of them come to market in a year? A Ruth jersey or game used bat is a lot more likely.<br /><br />I think a fund would go more mainstream, assuming they would get involved with baseball memorabilia at all.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>LetsGoBucs</b><p>Well I would disagree that the fund wouldn't have sophistication. They'd pay for the best minds available and would attempt to buy inroads to large known collectors and offer above average prices for those cards.<br /><br />What I think would appeal about W600's and others is that they would be having an impact on the supply available to "real" collectors.<br /><br />There have been funds that have traditionally invested in stamps and they often have targeted high quality "niche" issues that "big-time" collectors would want to complete their collections. Various British Isle issues and scarce British subsets have been frequent targets. Due to the British empire, you have worldwide collectors atracted to British issues (since this was used in their countries). Taking out even 20-30% of the available supply - especially if its high quality leaves the potential for large returns down the road.<br /><br />I'd try to do the same with W600's. Buy two of the largest collections known and purchase 70-80% of the high quality items coming to market for three years and the next 5 or 6 well heeled collectors that want to complete the set will be willing to consider a very different price point for the issue....with the resulting reward for my fund!!
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>barrysloate</b><p>Well then the fund would have to solicit the expertise of a die-hard baseball card collector. Guess it could be done, but I still think Ruth and Cobb would be the way they would go.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Al C.risafulli</b><p>Not only do I agree with Barry, but I'm pretty sure that's exactly what I'd do if I were investing someone else's money. I'd be buying "sure thing" investments like Mantle, Ruth, DiMaggio, Cobb, and Wagner. T206s, '33 Goudeys, '52 Topps.<br /><br />I'd only put a small percentage of the total investment into esoteric card types, and I would balance that with investments into eBay and Sealed Air Corp. <br /><br />-Al
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Jamie</b><p>It is conceivable that a hedge fund could invest in cards with a considerable amount of money, but it would be challenging. First off, due to the auction format, they would often find themselves bidding against collectors who will often pay considerably over market value for their card. This would make purchasing 1/1's and other esoteric items somewhat impractical.<br><br>Then if they went to sell that item, they would no longer be driving up the price of that very same card, causing them to lose money. This would limit their purchases to more mainstream high-grade cards with a worth of $50k+.<br><br>Another salient point to consider is that hedge funds I believe often have to report performance, and since a card is an individual collectible, it is considerably difficult to track value unless an actual sale is made. Though it is becoming more easier these days due to sites like VCP, etc., auction prices do vary considerably and hedge funds would have to risk not getting the return in value which they estimated to their investors and getting potential attacks of fraud.<br><br>This is not to say that a baseball card hedge fund could not happen. Certainly individual collectors have at times put massive amounts of money in, amounts that could be comparable to a small hedge fund.<br><br>Would I could see happening is a baseball card holding company that is publicly traded as an OTC (over-the-counter) penny stock. For instance, the company buys a mid-grade t206 Wagner for $1mn, then floats 100,000 shares at $10 a share. This would be incredible as it would give everyday people a chance to say that they own part of an Honus Wagner card.<br><br>Then if the company wants to purchase other cards, it floats 10,000 shares to give it an extra $100k and perhaps buy T206 PSA 9's of Johnson and Cobb, or whoever. As the value of the cards rise or fall, so does the share prices of the company stock. But then, what would be the motivation to create such a company? And the overhead of issuing shares and creating SEC filings would make it frustrating.<br><br>All in all, baseball cards can be great investment, but there is significant overhead. You need to pay the auction house 15-20%, and profits are taxed at general income. Storage costs, insurance, for a hedge fund paperwork and research experts, then the tediousness of late-night auctions bidding against fanatic collectors could create considerable overhead. Not to mention that most people who invest in baseball cards like to own the actual card, which as someone stated here, lessens it intrinsic worth for a hedge fund.<br><br>Many top collectors seem to like displaying their cards and sets, which is healthy for the promotion of their cards and the hobby. If a hedge fund buys cards and stashes them away for twenty years, it could be damaging to the hobby. Not that it won't necessarily happen, though. Interesting topic.<br><br>I do love cards, but yes, I do view them as an investment. I can't afford to overpay by 100% just for the "passion" of collecting.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Jamie</b><p>Also, a few couple other factors that would be a detriment to a hedge fund:<br><br>1.<br><br>For a hedge fund to justify investment in baseball cards, it needs investors who understand the value of baseball cards. If a hedge fund invested just a small percentage of its portfolio in cards, with the other parts in more traditional investment instruments such as stocks, bonds, real estate, etc., it could turn off potential clients who don't understand the card market. This would probably limit the fund to a 100% investment in at the very least collectibles, if not purely cards.<br><br>Furthermore, those who truly do understand the value of baseball cards are generally the people who already collect them. They would then be more likely to do the bidding on their own and own their own cards then have to deal with the massive fees associated with a hedge fund.<br><br>2.<br><br>Liquidity will be a major issue. Take, for instance, a hedge fund with four investors who each invest $5mn. So $20mn is invested in cards. Then, in a couple years, one investor wants to take their money out, so the hedge fund sells $5mn worth of cards. Then six months later, a new investor comes along and wants to invest $5mn. So the hedge fund is forced to buy back cards that are similar or the same as the ones it just sold. Obviously, the costs of all this turnover is tremendous. These factors lead me to believe that, while every collector would love to run a hedge fund that invests $30mn in baseball cards, it may never happen, or if it does, that it may be a pretty failed idea.<br><br>----<br><br>All that said, if people can try to corner a rare violin market, they could do it with cards. Attempts to corner a market, however, can be very dangerous. Think the Hunt Brothers with silver back in the eighties... so if a hedge fund were to try it with cards, we could see exploding values for cards, followed by a crash like has never been seen before... ultimately, the problem with cornering a market is that once you become the seller, the market becomes less and less cornered and values crash.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Al C.risafulli</b><p>So if someone started a hedge fund for baseball cards, bought high-end cards, altered them and sold them at astronomical prices...<br><br>...would that make him a hedge trimmer?<br><br>-Al
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Jamie</b><p>No, it would make him a criminal.<br><br>Meaning, since this is hedge funds we're talking about, it's quite feasible...
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Fred C</b><p>Good one Al...<br><br>If someone did try to make a hedge fund worth $$$$$ then I suspect you'd see the best card doctors come out and put the graders to the test. I would be willing to bet that someone could invest 100 hours in time to fix a card. At $100 an hour that's $10K. Why not invest $10K to make a $25K card look like a $100K card. That's a great return on an investment. I'd just hate to think what some greedy a$$holes would do just to make a buck. We've seen some pretty unscrupolous butt heads work the system, now assign the million dollar price tag to our cards/hobby and the a$$holes will come out of the wood work. It makes me sick to think about it.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Al C.risafulli</b><p>Dollars to donuts that's happening right now.<br><br><br>-Al
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Sandy Schwartz</b><p>"It is all well and good to have an open debate and to give thought about the future direction<br>of rare card collecting and its investment potential. It is our hope, however, that some of<br>the posters who appear to be afraid of a major money market investor do their homework<br>before posting."<br><br>No fears here, I'll take my SGC 60 and head home. Guess I'm just a measly collector, what a shame. Not a knock on the Bruces, I'm just at a different end of the collecting spectrum.<br><br>Leon, suggestion for the new board (which looks great by the way) ... how about a separate section for "Investment-Grade Collectors", where folks like Mr. Dorskind can have his audience but not at the expense of collectors like me who just love the cards and the history of baseball, and are not hung up on the finances. Or maybe a section called "Pre-War $$$$" ... or something else that the board members here can come up with. <br>
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Joann</b><p>I understand exactly what you are saying Sandy, but I think I have to disagree. As much as I am offended by Bruce personally, his way of collecting and looking at it is as legitimate as any other. Although I am firmly cemented into the "collector grade" layer of the hobby, I can see that people like Bruce and Jim C that collect with an eye to the financial part of it are just as firmly part of the hobby as well.<br><br>With so much money in these cards, I don't know if it will ever be "just a hobby". You can't not think about the money at some of these levels.<br><br>I think it's really all just a continuum. There is almost no pure hobby/collecting end and almost no pure financial/investment end. Everyone has the mix in varying proportions. I am firmly a collector, but would never say that I don't consider the financial aspects of collecting (including hoping for card value appreciation over time). I also think that Jim and Bruce, as much as they are looking at the financial aspects, are pretty clearly passionate about the hobby and cards too.<br><br>So I think we all benefit by seeing the mix and play of both aspects of collecting.<br><br>Just my opinion.<br><br>Joann
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Jeff Lichtman</b><p>Somehow I suspect with the recent implosion on Wall Street, the misuse of mortgage-backed securities, etc....there will not be any hedge funds collecting baseball cards anytime soon. Just a hunch.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Bob</b><p><<<< Leon, suggestion for the new board (which looks great by the way) ... how about a separate section for "Investment-Grade Collectors", where folks like Mr. Dorskind can have his audience but not at the expense of collectors like me who just love the cards and the history of baseball, and are not hung up on the finances. Or maybe a section called "Pre-War $$$$" ... or something else that the board members here can come up with. >>>>><br><br>Sandy, what a great idea. I'll second that motion.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Robert Klevens</b><p>This thread was started on October 2007.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Rob D.</b><p>Let's just have 200 categories -- heck, make it 500 -- so we can ensure that no one will <i>ever</i> stumble upon a topic or comment that he or she doesn't agree with 100 percent.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>barrysloate</b><p>Definitely need a section for religion, politics, and abortion. That would always be good for at least a hundred posts a day.<br><br>And hedge funds will never invest in baseball cards. That's for the individual collector to do.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Sandy Schwartz</b><p>Hi Joann, point I was making was not whether the financial view of the hobby is legitimate, of course it is. In fact, the importance of that view, you can argue, justifies having its own thread. Just saying that Leon has an opportunity to organize that discussion and funnel the finance-driven folks into a channel of their own. Benefits: 1) The finance folks will have a $$$$-focused place to call home and not have to sift thru other thread noise<br>2) Folks like me can OPT to read the $$$ thread if and when we choose.<br><br>I can only speak for myself. I visit Net54 for the wonderfully educational, interesting and entertaining card-focused, baseball-focused, history-focused threads. The purer the content, the more likely I am to enjoy it. I'm sure there are many who'd agree, but equally as many who might not. <br><br>I agree with you Joann, $$$-driven folks are just as much a part of the hobby, but I believe there's enough of a divide between those folks and the "collector grade" folks like you and I, to warrant a content segregation on the new site. If Leon and the community feel otherwise, that's absolutely fine! It's quite possible that the more threads the new site has, the more confusing the site may get, that's certainly a risk. I do disagree with RobD though, this is not about stumbling on something I don't agree with, it's more of an organizational thing ... like the folks who have been advocating a separate OT category in Leon's recent thread. <br><br>Just my humble opinion. Net54 will continue to be a wonderful place to visit on a daily basis regardless.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>bruce Dorskind</b><p><br><br>We are quite astounded that Joann finds our approach offensive.<br>In fact three times in the last year she has written to us to<br>secure advise or opinion.<br><br>We would certainly not communicate directly with someone who we<br>found to be offensive.<br><br>More to the point<br><br>1.The market has changed significantly since our original post.<br>We agree with Mr. Lichtman that the hedge funds are unlikely to<br>look at any "out of the box" investments.<br><br>2. The market for ultra rare high grade cards with a price of <br>$2500+ is relatively small (less than 100 serious collectors) and<br>we don't believe that such a market warrants consideration from a<br>hedge fund.<br><br>3. There is no need to have a distinct section for investment grade<br>collectibles. Perhaps we should have a section for beaters, reprints<br>and ungraded cards<br><br>4. The most interesting aspect of the Board is the diversity of opionion.<br><br>5. We have collected ultra rare high grade type cards longer than 75% of<br>the board members have been alive. The market for these cards remains fiercely competitive...which is good... prices have dropped about 20% from their peak- but we still believe said cards to be a solid investment.<br>However, we are collectors not investors.<br><br>6. America is about cut throat competition and survival of the smartest,<br>most dedicated and most fiercely competitive. We view other collectors as<br>the competition. We enjoy competing against them.<br><br><br>Bruce Dorskind<br>America's Toughest Want List
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Rich Klein</b><p> Is that Mr. Dorskind created this thread JUST (or real real close) to the Stock Market peak in 2007. Since then, the market has come tumbling down. I wonder if Bruce thinks his prediction is any closer to occuring today then it was two years ago. <br><br> Bruce; I'd (and I hope others) would be curious to see if anything in your opinion(s) posts on this subject have evolved in the past couple of years. <br><br>Regards<br>Rich<br>
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Jamie</b><p>Which begs the question: should Network54 members even be allowed to hold money? Perhaps cards should only be exchanged through bartering. Money just destroys the sanctity of the cards, right?<br><br>We could bring back the Knights of Templar so the cards are not desecrated through the exchange of money.<br><br>Really, we should take the following steps:<br><br>1. Condemn money as evil, as it is desecrating our hobby.<br>2. Revive the Knights of Templar to hold all the money.<br>3. Condemn all those who might consider the value of their investments as evil, and banish them from the board.<br>4. The rest of us all hold hands and make little altars of pre-war cards to worship multiple times throughout the day.<br><br>All this, because pre-war baseball players never cared about making money. Or did they? <img src="/images/happy.gif" height="14" width="14" alt="happy.gif">
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Marty Ogelvie</b><p>My favorite Pre War Player Hal Chase played meerly for the love of the game!!! <br><br>marty
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Joann</b><p>Maybe I just lead a sheltered life in which I don't run across bad people and bad things. Maybe I just have a really inaccurate perception of the world as filled with generally good people because I have not personally run across the negative to any great extent.<br><br>Maybe that is why I am sitting here completely stunned at this line from Bruce: <br><br><<<<<We are quite astounded that Joann finds our approach offensive. <br>In fact three times in the last year she has written to us to <br>secure advise or opinion. >>>>><br><br>Wow. That is a complete, 100% outright lie. I have never emailed Bruce at all for any reason. Not once for anything. Nothing here is unclear, nothing ambiguous. There is no email ever so there is no way that Bruce could somehow mistake something I sent as a request for advice. Nothing.<br><br>So this is completely made up out of thin air, and I am totally shocked that someone would just outright lie. Make it up. Invent it. Maybe I shouldn't be shocked. Maybe that's just naive of me to think that people don't just make things up and lie. Wow.<br><br>Bruce - no one that reads this board for any length of time would ever think that I would ever email you for any reason at all, based on my very public contempt for your disdain for people with low incomes. <br><br>And a plain reading of my post shows that you are completely wrong. I do not find your approach distasteful. In fact, the point of my post was to say that it is a legitimate collecting approach. What I find distasteful is you.<br><br>Joann<br><br>(And Sandy - although I still believe that there is benefit to having all different collecting styles in the same threads, I really appreciate your very well-thought out and reasoned response. I completely understand it.)
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Al C.risafulli</b><p>Jeepers, Bruce. What's that all about?<br><br>-Al
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Bruce Babcock</b><p>NEW SPORTS COLLECTIBLES HEDGE FUND TO OPEN -<br>PRIMARY CONSULTANTS TO BE JOHN COBB AND RAY EDWARDS<br><br>Dewey, Cheetham & Howe Select, L.P.<br>DEWEY, CHEETHAM & HOWE staff analyst<br><br>DEWEY, CHEETHAM & HOWE is launching its newest hedge fund, the DEWEY, CHEETHAM & HOWE Select, L.P. By law, hedge funds are largely unregulated by U.S. security laws and are strictly prohibited from advertising. As a result, the DEWEY, CHEETHAM & HOWE Select, L.P. hedge fund is offered as a private investment partnership. We can only extend this offer to fewer than 100 lucky investors who meet certain important qualifications. DEWEY, CHEETHAM & HOWE Select, L.P. will diversify between a number of different investment styles, strategies and managers to completely control all risk.<br><br>According to The Stock ReportTM, DEWEY, CHEETHAM & HOWE Select, L.P. is positioned for a 22% return during the first quarter after launch. Thereafter, returns can be expected to grow at an average rate no less than 32%, based upon similar returns from funds run by the experienced investment team at DEWEY, CHEETHAM & HOWE using similar strategies and the latest technology.<br><br>DEWEY, CHEETHAM & HOWE Select, L.P. is a private, unregistered investment pool that is unencumbered by disclosure and filing requirements imposed by the Securities and Exchange Commission. This massively reduces our administrative costs. In addition, the tax implications are superior for the individual investor because all monies will be safely held in off-shore tax havens. Unlike traditional investments, DEWEY, CHEETHAM & HOWE Select, L.P. will not track recognized indexes. DEWEY, CHEETHAM & HOWE Select, L.P. will seek out unconventional investment strategies, which will guarantee much higher returns.<br><br> * ACT NOW: Submit your application to invest in DEWEY, CHEETHAM & HOWE Select, L.P. here: www.dch.com<br><br>DEWEY, CHEETHAM & HOWE Select, L.P. <br>PO BOX PSA8910<br>Grand Cayman KY1-1102<br>Cayman Islands<br>Tel: (345) 555-5555 Fax: (345) 555-5556<br><br>______________________________________ ___________<br>In a totally unrelated story:<br><br>NEW FROM HBO<br><br>When It Was A Hobby - DVD<br>Item no: 1888794<br><br>Our Price: $14.97<br>Product Rating: Authentic<br> <br><br>These are the greats of sports collectible history, legends in their lifetime, legends today. It's sports collecting as you've never seen it before, the way you always imagined the way it was. When It Was A Hobby is composed entirely of 8 and 16 mm home movie footage taken by collectors themselves between 1934 and 1981. For the first time, famous collectors and their cloth-draped folding tables step out of the black and white newsreel footage, and appear in living, breathing color. You will see collectors actually touching pieces of card board. You will see dealers sorting Goudeys whilst eating fried chicken. You will see an activity once popular, now as rare as the passenger pigeon, collectors actually trading baseball cards. You will see uniforms and bats in their natural state, before being cut into a zillion pieces. You will see live auctions, with items changing hands for as much as $100. You will see bubble gum.<br><br><br>Just to be clear, for those keeping score at home, I am not, nor I have I ever been, "the Bruces."<br><br><br>
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Rob D.</b><p>Anyone seen Bruce?<br><br><img src="http://helpourburrowingowls.org/yahoo_site_admin/assets/images/Burrow_Complex.216200806_std.JPG" alt="[linked image]">
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Anonymous</b><p>i had the brief thought of a group of investors price skimming cards at a loss- that is, driving down the price of cards on ebay, then buying cards of competitors up as they lowered their prices, attempting to create a monopoly. Collectors would not have much else to turn to, so they would be forced to buy at the higher price.
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Matt</b><p>"driving down the price of cards on ebay" - how would that work in an auction?<br><br><p><br><br><br><a href="http://picasaweb.google.com/mwieder" rel="nofollow">My Trade/Sale Page</a></p>
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>JDRUM</b><p><br><br>"i had the brief thought of a group of investors price skimming cards at a loss- that is, driving down the price of cards on ebay, then buying cards of competitors up as they lowered their prices, attempting to create a monopoly. Collectors would not have much else to turn to, so they would be forced to buy at the higher price."<br><br>I am not sure any of the Buy-It-Now Commandos on ebay will ever lower their prices. <br><br> <br>
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>Anonymous</b><p>you could sell cards via buy it now cheaper than what is out there today. out of curiosity, does anyone ever actually buy those ridiculously priced cards in seller stores? How do they sell them?
|
How Long Before Hedge Funds Control The Rare Card Market?
Posted By: <b>John Cook</b><p>"you could sell cards via buy it now cheaper than what is out there today. out of curiosity, does anyone ever actually buy those ridiculously priced cards in seller stores? How do they sell them?"<br><br>I have bought a few, but only if they're close to what I would pay at auction. Most are ridiculous. However, I think in this market there are sellers who need to make sales and are listing Buy In Nows that will move.
|
| All times are GMT -6. The time now is 06:56 PM. |