Nice post. I've been struggling with the same thing.
Regarding the comparison with the S&P 500, I treat that as an investment, the price rises over time and that is fine as the value of my portfolio is also rising and eventually I will start selling at what I hope is at a the higher price.
For cards, I am definately a collector and not an investor. I purchase a card to own it; likely forever. I would rather the card than the money. For example, about 25 years ago the $300 I spent on a raw Ruth (PSA2?) seemed reasonable. I knew I would get more joy out of the Ruth than the $300. Now that I am close to retirement and have the cash, I've thought of upgrading that card, but to pay $25k or so to upgrade doesn't make sense. $2k yes, but to be honest I'd rather the $25k. The fact that my $300 card is now worth $6000 brings me no joy as I have no plan to sell.
I've come to the realization that there are cards I will never own due to their high price. Hank Aaron rookie etc. I will adjust my collecting focus accordingly. It seems I am buying a lot less, sitting on the sideline. I am thinking of narrowing my focus, perhaps giving up some sets, selling or trading those cards to finance higher purchases on cards in sets I am working on. I'll be missing that National this year but will hit the big local show later in the year (Shriner's). Hopefully, this will reenergize me. Not sure what I will do if $1 cards are $5 and $5 cards are $20.
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