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True. I think the stimulus plays very little part in this.
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I am not an economist and every time I try to play one on TV, I get smacked down by someone who actually knows what they are talking about, so forgive me...
But, it seems like QE and the money printing is a stimulus for the (semi)wealthy. My investment portfolio was down 42% on March 23rd last year. Since then, my investments (and net worth) have more than doubled. Based on income, I don't qualify for the $2,000. But it seems that I get the a 10x factor of that benefit every time they juice the economy with more money. This could be just coincidental, but that money feeds the market and it feeds corporate earnings and that drives valuations.
I make a nice living with a paid off house and college saved, so I should be one of those people that are being described that are buying into the market. However, I bought one card in 2020 and just track auctions and prices so far this year. I have a memory of 2012-2015 prices and my mind won't seem to ever let me pull the trigger anymore. So the person buying the PSA 7 Mantle must be playing in a different stratosphere and considers it an asset class. I have a tough enough time leaving my collection in cards versus converting to equities. When you factor in the risk of fire and theft as well as the eventual costs with estate taxes at 28% and auction house fees, it just doesn't seem to make sense long term. The fact that someone would have several hundred grand in liquid cash to add to a safe or safe deposit box somewhere just seems hard to believe. It is not like they aren't getting good returns in equities right now. But there is some crazy money out there, I guess.