Even if the market does burst soon, it may be less likely that something like your Mays would lose anywhere close to the 80% that you fear. It's naturally a blue chip type holding.
What seems more like a possible bubble issue in the making is back page stuff like 1988 Fleer Magic Johnson PSA 9s selling for $250 now. A $15 card a year ago. That seems more like irrational panic buying that can lead to highly inflated prices that eventually plummet from the peaks
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