TABLE OF CONTENTS Forward Introduction: Some History Trading Cards in the 1960s and 1990s What’s Next? Part I: Recent Growth and Volatility The Card Ladder 50 Index and what it tells us about the market From COVID to $738K Jordan rookie sales Part II: The Q2 Crash and Theories of Correction General Theory: Low-Cost-Bases and One-Less-Buyer Dynamics Special Theory: Card Shows, Crypto and Closed Gra