My latest column is up over at the WPRI website. It discusses what lessons the markets can learn from baseball card collectors. An excerpt:
I suppose it could be argued that everything I know about markets and economics came from baseball card collecting. At age 14, I had a massive collection, complete with card value spreadsheets and the like. My card trading negotiations with my friends likely resembled the Iranian hostage negotiations. They often dragged on for days, and involved insults, flattery, and every other negotiating tactic one can invoke. Thank God I hadn\’t heard of waterboarding.
I bought Mike Greenwell rookie cards in the way Warren Buffett snatches up undervalued stocks. I tucked them all away, waiting for them to appreciate in value, as they almost certainly had to. When I finally took a class in college on investing in stocks, I just said “ooooh, it’s just like baseball cards.” Only a little less cutthroat.
Read it here.