I haven't looked at their financials Jay, you are correct. But I believe they have created one of the most incredible marketing coups with the set registry. How many thousands and thousands of cards have been resubmitted to see if they can get a bump?
If PSA is the weak link here, fine. But how many collector have made a ton of money by getting that bump? How much money do collectors make when they submit a crappy card that has been altered and get it graded a 7 or 8? I'm sure I could come up with a few more, but it's 5:30 AM and I need another cup of coffee.
But I haven't done an audit so perhaps my numbers are less than perfect.
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