Like many, I have watched these incredible prices with astonishment and amazement but didn't really suffer any real angst until the Rose RC PSA 9 sold for more than 10x a nice N173 Anson. Heritage, I think. Regardless of the price differential, I would always vote for the Anson, because I am first and foremost a pre-war guy, and I think Rose has gone from a pathetic figure to a joke. That got me to thinking all about the internet and tech stocks that were all the rage 15-20 years ago. Billions were made on these issues, most likely by those originally involved in the underwriting. But, likewise, investors at many levels took a hosing, as there really were no assets supporting these stocks only dreamy ideas. Roberto Clemente's rookie card is backed by the man, his record and the legend. So...the S&P and Nasdaq are right now close to the all time high, and I can't help but wonder if some of the smart money is moving some money out of the market and into these cards. Asset reallocation, if you will. Apparently, as well, a lot of hot Chinese money, trying to avoid taxes, is involved with these mega card deals. Chinese investment in the States is red hot now so why not? I do know from my years in Hong Kong that the Chinese will often go to extreme lengths to avoid taxes. Much better a Rose RC than a payment to Beijing. As Chairman Mao himself said, "May you live in interesting times."
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08-30-2016, 02:12 PM
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