Anyone who did this between 2000 and 2019 outperformed the market massively if they bought blue chip cards. I wouldn't do it now, but it has worked in the past.
I know the OP is talking about people pulling money out of retirement accounts, but in a way we are all doing this with our collections. Every dollar you spend on baseball cards is a dollar you could have plowed into a Vanguard fund. I'm sure there are people who just invest every extra dollar, and to them the way we spend on cards probably looks crazy.
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