Quote:
Originally Posted by oldjudge
Barry—This is a quote from you in a post a few spots up:
“That's the great question and we know that collectors don't all agree on why this phenomenon has occurred. One thing, however, that the grading services have been able to do incredibly well is make money for their customers and themselves. As has been often said, they literally mint money. And unfortunately we know that card doctor's and fraudsters have been among the beneficiaries of it all.”
My question to you is what basis do you have to say that PSA mints money for themselves? Tell me if I’m wrong, but I’d guess that you have never looked at their financials. In point of fact, Collectors Universe is a not particularly profitable company. In 2018, the company made $6.2 million, the low point for the last five years. Their cash flow, excluding a credit line drawdown was over $2 million in the red, and that is with halving their dividend midway through the year. Despite the large volume of submissions they take in at shows, it appears to me that they are struggling to survive.
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they are sitting on almost 16 million of cash according to the latest Q. The stock is way up this year. 11.49 on 1/2, 22.23 yesterday. Weren't people clamoring to short it?
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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; 07-02-2019 at 05:12 AM.
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