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PSKenny, that is very convincingly put. There still, however, seems something unfair to me about a buyer who sits mutely instead of asking the obvious question, "is there a grading history," and then if things don't work out turns around and sues the seller for nondisclosure. It's litigation as insurance policy. Then again, I guess you would say well it's even more unfair for a seller to sit there silently knowing he is sitting on adverse information about grading history. Point well taken. I guess in your view, then, fraud is the industry norm. Not in the case of every card, of course, but in the case of every card where there is a known adverse grading history, because it just NEVER gets disclosed except perhaps in response to private inquiries. As I mentioned in my prior post, that was my initial reaction purely on the law of materiality, but it's hard for me to swallow the notion of fraud as an industry standard. Interesting discussion for sure. EDITED TO ADD I think the question, "is there a grading history," is a pretty obvious one even though nothing about a PARTICULAR card suggests it. Everyone knows the practice of cracking and resubmitting and trying to cross cards in holders is widespread.