[jsfriedm]

Two points:

1)Looking at the trajectory of vintage cards, it doesn't really look like a steady climb, more like a punctuated equilibrium. Cards are at some plateau, then there's a sudden shock to the market, and then there's a new plateau - like ships going through canal locks. If you buy and sell between shocks though, you don't actually make much money. What is the guarantee then that such shocks will continue, or that they can be predicted?

2)Long-term I still think we're basically looking at cards as having real value over the course of two or three generations. Boomers can retire and sell their cards off to Millenials, many of whom were hooked in the 1980s/1990s. Who will Millenials be able to sell their cards to when they retire?