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#1
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Nat Turner bought PSA
I always like to hear successful stories of young kid starts a company and sold at billions! But realize Mr. Turner is a PSA10s collector and that doesn't make this PSA purchase sound right to me.
Any thought? |
#2
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LOL. Young kid makes good. Buys big company with his hard-earned boot strappin' dollars. Instantly sets to gouging customers with huge price hikes.
Guess there wasn't an opening in the Texas Energy Market for him, and this was the next best thing. Sorry, feelin' a little salty today. |
#4
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The Nat Turner group just finalized the sale what, a week ago? They didn't run in the door and change the pricing that quickly. PSA had already raised prices a couple of times over the past year and they were perfectly capable of setting the price hikes in motion long before the sale went through. I think it's too quick to point fingers at the new ownership.
Now if a few months go by and prices double again then sure, I'll grab my pitchfork. |
#5
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Quote:
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Leon Luckey Last edited by Leon; 03-01-2021 at 03:09 PM. |
#6
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PSA is a de facto monopoly and it is behaving precisely as a monopoly would be expected to behave: extract the most money from the captive consumers as it can while adding nothing to the cost, and service be damned. That is why we discourage monopolies.
PSA's new management knew precisely what it purchased--a monopoly--and understood precisely what it was going to do to goose revenues, and it wasn't chopping through the backlog. That's why the price increases dropped with no warning, why longtime preferred customers are being left out in the cold, etc. If the backlog holds up, expect further price increases.
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Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#7
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Saw this on my twitter feed and thought it was pretty timely:
Re OP's post: I personally think it makes sense that someone who already has invested heavily in the hobby would see the value in this acquisition. But it does raise an interesting point about how insider power could be misused and how a subsequent windfall could result. Assuming they haven't already done so (don't see it here), PSA should clarify their policy on how non arms length submissions are queued, graded and reviewed. Last edited by slightlyrounded; 03-01-2021 at 06:01 PM. |
#8
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Quote:
And just what is being insinuated here? NEVER! That would NEVER happen! Vomit, Ralph or what ever sound we make when we throw up. Here we go... anybody wat to start a pool on how long it takes before something like that happens? You'd hope if someone tried something shady like that they'd be smart enough to use a third party (until someone figures it out and then OUTS the scam). Crap - I must be loosing my trust in others to "do the right thing". I don't know why...
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fr3d c0wl3s - always looking for OJs and other 19th century stuff. PM or email me if you have something cool you're looking to find a new home for. Last edited by Fred; 03-01-2021 at 06:15 PM. |
#9
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 03-01-2021 at 07:04 PM. |
#10
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To be clear, not insinuating anything. I actually think the value of running an upstanding company of this size dwarfs the value that would be gained by unscrupulous grading.
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#11
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I thought Nat bought the company because
He was pissed off about how long his submissions were taking?!
Last edited by hcv123; 03-02-2021 at 01:07 PM. |
#12
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When rich people are sick and tired of waiting in line (PSA submission).... the first thing comes to their minds are "I am just going to buy this company.... damn it!".
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#13
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__________________
Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#14
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Quote:
PSA trades on it's customer loyalty - not because they've swallowed up or priced out competition or had government cronies protect their market position. Their brand has achieved such great market share that it drives potential and existing buyers to continue that relationship in the belief there is monetary value in doing so. And corresponding loss of value in exiting that relationship. Their customers buy and trade with eachother and the beast simply feeds the beast. Others see what's happening and don't want to miss out on 30% premium that slab sticker banks. It's not PSA's fault that it's minion following is willing to simply look past their sketchy grading history, including to this day where some of their 8's look better than their 10's. Kind of like people buying Jeeps the last 40 years regardless of their poor quality control, poor reliability, poor interior design, below average driving characteristics, etc. Chrysler sold a cleverly marketed brand and people are extraordinarily loyal to that brand. Having said that, I bought a 2020 Jeep Grand Cherokee and absolutely adore it.....then again current models look and feel nothing like those of previous eras. If the vehicle breaks down I bought a Heep, knowingly, willingly, and enthusiastically. I love how it looks, how it makes me feel driving down the road, the utility it has in spades. See, we can all make questionable decisions. |
#15
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__________________
Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#16
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It would be really interesting knowing how many collectors use the registry in an official/self adulating way and share with others or preen knowing others are on-looking, and how many collectors simply like being able to check on populations to help determine scarcity and value. Either way, being able to do either certainly enables collectors who use PSA services to feel more enabled. Last edited by 68Hawk; 03-01-2021 at 09:12 PM. |
#17
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Quote:
Austin Powers: Allow myself to introduce... myself.
__________________
Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#18
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'I'm not saying it's hot, but I'm pretty sure the thermometer reads Satan's balls'.
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#19
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Quote:
That's like saying you need Topps baseball cards and therefore Topps has a monopoly over you. |
#20
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In light of this - I feel much better now knowing that I will never feel the irresistible urge to submit anything to PSA for grading going forward
(man that's a Load Off)
__________________
Lonnie Nagel T206 : 172/520 : 32.8% |
#21
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Quote:
No one "has to" be a PSA customer at all. i quit a few years ago and haven't missed it a bit.
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Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... Last edited by Exhibitman; 03-02-2021 at 07:58 AM. |
#22
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Psa operates in a market that is an oligopoly. They offer a similar set of service to competitors with some differentiation such as the registry. PSA is displaying price leadership as they are the alpha of the group. With an oligopoly what needs to be closely examined is evidence of collusion between the entities which is normally discussed in context of price but could also be relevant to the structure of fees, wait times and services rendered.
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#23
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But at some point extreme price increases drive the very customers you’re trying to attract - registry set builders away. And this begins to erode price advantage - not immediately, but over time.
Dad and I like collecting 52T and 33G signed cards. We started to put together a 52T registry set. When we began I think it was $20 to get the “red label” - autograph authenticated, card graded. Recently that became $50 ... and very recently $100. We are right in the mix for a #1 registry spot and have many raw autographed cards that would likely put us there. At $20 a pop all these cards are getting submitted. At $50 per mayyybe I swallow hard and send them in but a $100 a shot - no freakin’ way. I now don’t care nearly as much if a card that we are missing is PSA or any other reputable firm, even including raw with some certification. Furthermore, we are now NOT going to do a 33G registry set even though we have more than half the set signed. If enough people begin to have the same thought process and take similar actions then the premium will shrink. |
#24
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Cohen Capital Ventures, D1 Capital Partners, and Nat Turner teamed up to make an offer to Collector's Universe, Inc (PSA) to buy all stock and take the company private. And the board of directors voted to accept the deal.
I think this was about the money. The board could cash out their stock options and holdings, the shareholders would be able to sell their shares for more than they'd been valued before... and I think the buyers were doing this for the money. It's their work. They might have bought a company having shopping malls, or a golf cart manufacturer, or a greeting card company. It's about the money. And those 'buyers' are buying because they think that Collector's Universe will make 'more money' in the future. I don't think Mr. Turner is gonna get all of his submissions graded as 10's. It's not about getting cards graded. It is about two things: first, 'the money', and then secondly, 'more money.' And how they make money is by having rabid collectors thinking all of their collectables need grading. Those collectors think it's about two things; first, getting a collectable graded; and secondly, getting it regraded. Think about the change to half grades, and then the change in label styles... that increased regrading. It's about the money. |
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#26
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Thankfully I have 91 cards in for dual auto grading, I'll do beckett from now on. I'm close, I mean REALLY close, just 002% from the #1 signed 52 set, but at $100 a card it is financial suicide. Many of the easier names struggle to get back the grading fee plus the cost of the raw card. At some point any prestige is just thrown out the window!
Also, I have a hard time believing they will upcharge me $100 per card as was mentioned somewhere. As soon as the backlog is completed, prices will come back down. It's like a popular nightclub, keep raising the cover until nobody comes, then roll it back to get a happy medium. Pulling psa 10s from packs and getting a 1000% return could only last so long. It's a self fulfilling prophecy. Make it all about the money, and money it will cost. Now having the comfort of a grade and protection of a slab for something worthwhile at $100 really isnt so terrible.
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"Trolling Ebay right now" © Always looking for signed 1952 topps as well as variations and errors |
#27
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I have purchased PSA graded cards but I have never
submitted a card for grading. That doesn’t mean I don’t recognize the value of the company. I am a card collector and a stock investor. Very happy to have made a 25% return since purchasing their stock a few months ago. Now I have to decide whether to buy a PSA 10 Whitey Ford I’ve had my eye on or a few hundred shares of Ford Motor Company. |
#28
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Quote:
__________________
Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
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