[Rhotchkiss]

We have discussed this many times before. Ultimately, its personal whether someone buys cards/memorabilia for investment. By definition, anyone who buys memorabilia intending to profit is investing.

The definition of "Investment":

Cambridge Dictionary: "the act of putting money, effort, time, etc. into something to make a profit or get an advantage"

Merriam Webster: "the outlay of money usually for income or profit"

I buy cards with the exclusive intent of selling them down the line for profit. I recognize they do not produce income and that they are somewhat illiquid, neither of which attributes is requisite for an investment. Thus, to me, cards are an asset class that I invest in with the intent of profiting.

And, in my experience, if you buy the right stuff and you are patient, memorabilia can be VERY profitable

Many people buy memorabilia to display or because they like it and want to own it. That's great. These people are not investing in memorabilia. The fact that the memorabilia they own may go up in value does not make it an investment, to them. The key is that the buyer spends money with the intent of making a profit. It’s nice when people collect stuff that could go up in value, but unless acquired to make money, it’s not an investment.

Accordingly, whether memorabilia is an investment is personal and turns on whether someone buys something hoping to profit off it.