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The baseball card analogy is great—because it explains the stock market perfectly. You can scan a Ricky Henderson rookie card and an app will tell you it’s “worth” $800. Great. Try buying groceries with it. You can’t. Until someone actually pays that price, it’s just a number.
The same applies to markets. Assets aren’t worth what a spreadsheet says—they’re worth what a buyer is willing to pay. This matters now as private funds, real estate, and credit vehicles go public claiming lofty “net asset values,” only to drop fast once real trading begins.
On paper, everything looks rich. In reality, liquidity, buyers, and bids matter. Assets aren’t casino chips. Whether it’s baseball cards, stocks, or private funds, value only becomes real when someone shows up with cash.