Blast from the Past

10+ Oh, no! I fired you! Just like the hair salon guy and the Chevy dealer!  You know
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Victor K
Member
Victor K

Did you keep the Becketts?

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Peter
Member
Peter

As always, you and Ben present issues facing investors, portfolio managers so well.

It does seem that Government officials (like The FOMC) are using actual resources and sacrificing future growth to
turn free markets into what you describe as public utilities in their misguided and hubris-filled attempts to “manage” the economy .

And it may well mean that sharp declines in markets that we’ve seen for over a century will be “managed” out of existence.
But I doubt it. History argues against their ability to do so even if it’s proven they want to.

But let’s say you’re right, The Neo-Keynesians that populate the FOMC ( and economic advisors to Congress and the President)
become determined to domesticate markets for their vision of the greater good.

It may mean no more 50-60% cyclical declines, but it also means no upside, perhaps for decades.
Long term valuation still rules.

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Mark Kahn
Member
Mark Kahn

My pre-this-piece take was that eBay was the catalyst that exposed the, um, house-of-cards that was the baseball card market and, technically, that’s still an okay explanation, but your piece is so much more as it walks one through the inflating and deflating of a bubble in granular and nuanced detail.

One of several takeaways that resinated with me – as I’ve seen it happen before but never fully appreciated its value as a tell – is your explanation of why the “market makers” became nothing but sellers / shills. There are some “interesting” parallels here to the retail structured-note market – both the dealers-are-really-just-sellers and the market-segmentation-to-create-“scarcity” (more variation of the basic structured note) aspects.

Once again, I emphasize, ET is intellectually stimulating (which is all good and well), but also provides very practical tools and analysis for trading and investing (which is even better).

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Ian VanReepinghen
Member
Ian VanReepinghen

Wow. A true blast from the past. I LOVED collecting baseball cards and checking Becketts. And it’s weird because I was only 9 or 10 but the proliferation of remixes on the original cards that started coming out made me disgusted and sad and I remember losing interest quickly.

Me aculpa though; I bought stuff like 1986 Donruss Rookies sub-collection and some of the “true” rookie cards like Daryl Strawberry I think ‘83 (vs a mere standard ‘84) with full gusto so it’s not like I didn’t partake.

Didn’t know why but strongly remember being really disappointed. Is that a heuristic, when the passion and fun and puzzle start to dissipate; it’s a bubble / it’s politicized / some politician, Baron or executive is surtaxing or needs to surtax a pool of value?

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