Kevin OโLeary explains why they have over $100,000,000 invested in cards
โIโd argue this is no different than building a portfolio of modern artโ
โIโve got three partners. One of them is Shyne, heโs a legend in the hobby. He curates for us and so he decides which card we buy nextโ
โIf you look at the dataโฆ 90% of the returns come from a fraction of the cards that are piece uniques. The ones that trade for $5M, $10M, $20M, $30M, even $40M nowโ
โBecause theyโre so rare, theyโre so coveted, theyโre so well known, theyโre so liquid, the rest do not get those kind of returnsโ
โSo this card here is a 1997 Jordanโฆ itโs 2 of 9 and we also control another one, itโs a grail piece. It would trade today around $4.7M to $5.2M. Had you bought it on its issue in 1997, youโve outperformed every marketโ
โSo the strategy Iโm using here is to build a portfolioโฆ weโre well over $100M now in cards but only the piece uniquesโ
โMy analyst showed me how this outperformed many other alternative asset classes. I challenged him I said look at my watch collection, letโs compare it against that and he said, sorry boss this thing wiped you outโ
โThis is such a broad interest, 150 million people are in the hobby in America with sons and daughters and so itโs become part of cultureโ
โBut I prefer the living legends or the legends that have passed. Kobe right now, a signed auto Kobe, Kobeโs gone. He wonโt be signing any more cards. Those are very, very valuableโ
โVersus letโs say, a Pokรฉmon which never really lived anyways and so for me, Iโm steering my say in the syndicate away from the fictitious stuff. I want living or historic legendsโ