I agree with what packs is saying and that's pretty much what I see. I don't know if most people are speculators but the number of speculators/investors to collector seems to be out of whack.
That wouldn't necessarily be a bad thing as there are more people in the hobby except I think a large majority of those are in it because they saw a way to make easy money and when it is no longer easy, they leave.
You saw prices being run up for modern graded base cards because investors thought they could make quick money flipping them. They would even say buy the base cards because they are liquid. Well, they are only liquid as long as demand outweighs the supply. That currently is not the case for most modern.
People who bought Lebron, Jordan, Kobe and a myriad of other modern cards in February and March for the most part got crushed. Factor in some if not quite a few funded their buying with debt and you got some people who learned a hard lesson.
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