All very good points....
What is different in this market as with other tangible goods markets is that investors can only make $ when prices go up....at least I am not aware of how you can "short" baseball cards or even NFTs. That would make the market truly fluid - let's hope it doesn't get...
New Product values will be suspect because of all the previous comments. Vintage and graded vintage should hold high values - perhaps will level off - but in the long term should be solid choices.
We have $B investors buying companies like PSA, P/E in firms like Topps, and now talk of SPACs getting involved. Long term play or short term gain? I think there is a lot of smart $ in the hobby for alternative investments - the question is will demand continue to keep and drive card prices...