Quote:
Originally Posted by Peter_Spaeth
From Phil's last question it's pretty clear he is not interested in the big picture advice people are giving. He's just going to keep trickling out cards to meet his immediate cash needs and his only question is which ones.
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I'm not sure what Star Jordon Rookies are worth but Phil (great name) says he over invested in them. The trick is to have your residual income cover your monthly nut, sell the highest value cards until you can set up an income producing portfolio so you know your basic needs will be met, then play with the rest if you want.
Phils mistake was thinking his incredible foresight in collecting Negro players would transfer to his decisions at the height of the market, (I can't even name the top 5 team sports), those were heady times rife with opportunities to lose money if you were drinking the kool-aid, I overpaid for a few cards then too.
The difference is collector/investor dynamic.
I would almost guarantee Phil was a collector of NL and when he sold them he turned into an investor. As a collector I still spend too much on awesome cards, it's my hobby and I love it, but I would never consider myself an investor, I'm not that smart when it comes to cardboard. I just collect what I love.
I feel like we should all meet Phil and have an intervention to square him away so he can get back to being a collector. I'm sure Leon has some rented space in a basement in Cleveland where this could take place.