[Aquarian Sports Cards]

Whatnot recently did a round, raising capital at a valuation of $11.5 Billion on a projected $6 billion in sales in 2025.

Sotheby's sold in 2019 for $3.7 Billion on $6 billion in sales.

it's just like the emperor's new clothes to me though. Are they profitable? If yes, than why are they bothering to sell more of the company to raise money? If no, then why are they "worth" so much?

We've become a world of speculators and the boom bust cycle is just speeding up all the time and hopping around from dotcom to real estate, to collectibles to AI and round and round we go.

Nobody wants to build something of actual value they just want to get in on something of perceived potential value and make their killing flipping their piece.

If you wanted to make actual profit Sotheby's is a much better buy than Whatnot. If you want to see if you can find the next bigger sucker, Whatnot all the way.

I compare the all of these boom markets to Florida Condos in their boom/bust cycle. Eventually you have to find someone who wants to live there. You can shuffle the property from investor to investor marking it up every time, but unless you find someone who wants to live there at your price, you're just hoping for one more sucker bigger than you.

I'll go back to shaking my fist at clouds now...