Dunno if this is more or less retarded than the folks writing credit default swaps on subprime MBS. A family spent 100K assembling a massive 20,000 beanie baby collection they expected would fund their kids’ college education...
http://www.businessinsider.com/family-spends-100000-on-beanie-babies-20…
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If he sold at the right time, this move would have almost been smart.
Heard about this. Feel really bad for the guy. It could have been a smart move but who knew beanie babies were so volatile.
Should have sold them all at the turn of the century. Around 1999 they were going for ridic prices.
Reminds me of the contemporary art bubble
Million dollar works traded among Greater Fools
This video is almost unwatchable... talk a little faster like holy balls
I feel bad for the dad though. That video shows one guy who fucked up in a big way and it cost him everything. Sad, really.
Glad I ditched my Pog collection at the top. Phew!
I feel bad for the dad, not so much for the $ he lost, but how everyone in the family interviewed has little respect for him now (esp since it was the wife that was working and it was his job to manage the finances).
Haha, I remember those (sigh, I'm old)
This is why you diversify. I'm no EMH guy, but I wouldn't bet the majority of my net worth on a single stock.
Exactly. I've been wondering about this for a while. You see people paying massive sums of money for pieces by recent art school grads who will likely remain unknown.
It's like a market has developed from nothing, and the auction houses / critics set the prices.
I think they are motivated too fuel their ego... I can't fathom how it would be a good business decision
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