Quote:
Originally Posted by Johnny630
We are only going up on the good stuff, it’s never coming down.
|
Only going up and never coming down? This was the housing market’s same sentiment in 2006. This same dangerous sentiment has also financially ruined several stock market “investors” over the years.
Everything comes down. It is just a matter of when and how far. On 1/27/22, a ‘51 Bowman Mantle PSA 8 sold for $504k. Six months later, on 7/21/22, the exact card hammered for only $444k. A $60k loss in six short months. This is just one example. I could cite several similar examples over the past six months in the vintage baseball card market. Also, take a look at the high-end basketball card market.
The Fed can’t soft land this economic plane. The financial markets will worsen in 2023. Demand for high-end cards will further soften. Portfolio values psychology affect spending habits and feelings. I don’t see whales taking double digit portfolio loses (at least on paper) while still dropping deep six figures on cardboard that goes immediately into a safe or safety deposit box.
Not only can the “good stuff” go down, it will go down.