Member Info for ArbInv

I have been reflecting on the SG results and given the huge bubble in almost every single collectables market, from comic books to collectable watches its amazing how Stamps and Coins seem to be the only items not to join the party. The fractional ownership model seems unlikely to pay off unless people see strong growth opportunities. They would have been better off piloting this on a platform like Rally rather than seeking to develop their own.

I continue to hold but now see this as a coin flip that they either get shut down or sold off at an even lower fire sale price and the holders of the common get pretty much wiped out...

Agreed. Good job. Need to do a better job in simplifying the story around the financial hedges as its still very not clear.

One of the lessons I learnt from the MLP meltdown a few years back was just how impenetrable the sectors financial reporting was and that I should have taken this as a red flag. I can think of no other industry / sector whose financial reporting is harder to analyze. Lots of data and almost no real information. I listened into the call and my takeaways were that their cost of debt was higher than I imagined. I am sure the concern here is the debt load and Nat Gas being at the high of the channel which has been in place for the last decade. It might blast through the upper band here but equally it has not previously and may well start a long grind back down.

I also though the CEO talking about ESG in terms of adding diversity to the board and their local community work is kind of missing the point and disingenuous. Its the "E" people are concerned about and no reference was made to that.

I am long and adding but I have to say there are a number of red flags here which I am watching carefully.

This is what I was thinking so it might actually be more straightforward and be no different than any other US equity holding. I sure hope so.

One of the most interesting things I have seen in recent months is SG looking at enabling payment with Crypto. I read this in relation to the magenta stamp but has anyone seen any other mention of this in terms of mainstream purchases either in store or in auction. I think this would be a masterstroke given mature crypto owners understanding of unique attributes of alternative assets / property.

Sorry to reignite this "yawn" subject but anyone any experience of how this should be taxed if held in a US taxable brokerage account. I am a US tax resident and should have done more research on the tax aspect of holding this before buying but spent my time reviewing cash slows not tax international tax treaties. Any help much welcomed?

Principal is going in a very diversified set of assets. 80% in Equities with about half in the US, and the other half split between UK, China and Japan (nothing in EU other than VW). The other 20% mainly in crypto, with 25% in Bitcoin 25% in Eth and the other half sitting in various DeFi tokens with Polkadot being the largest of the other tokens. Lastly a very small residual amount left in Gold and Silver. I think I will move this to other hard assets. The area which intrigues me most is farmland which currently I hold via some US holdings such as LAND but I do see options for direct investment in yielding farms as interesting.

I was pretty bullish on the company but have gone cold after seeing just how hot almost every other part of the collectible markets has become. The fact that products like RallyRd and others which have helped boost the collectibles market have entirely overlooked stamps / coins is either a big opportunity or yet another miss for the stamp/coin community. I think likely the latter. I halved my position on one of the daily spikes and took out my principal and am only letting my profits now run on this one.

I think it is interesting that the professional grading and encapsulation of stamps has not caught on in the same way as other items (comics, cards etc) which make these much more fungible and tradeable as investible assets. Relevance is obviously a big part of it but coins seem to be in slightly better shape than stamps. But likely a lot of this could come down to marketing and the need for someone to be the accessible face of stamp collecting to energize the space. Without this unlikely to deliver the gains people wish for as the "hobby" is unlikely to catch fire again without the investment component leading the way.

What I find perplexing is how all things collectable (had assets): comic books, baseball cards, pokemon cards, etc etc are at crazy highs.

Folks who provide professional grading services like https://www.collectiblesgroup.com/ have huge backlogs and cannot hire staff fast enough and yet stamps/coins have really gone nowhere. I am bullish on the collectibles space and hope the contagion spreads but so far little sign unless I am missing something.

Yes it is definitely shown in Frankfurt. https://www.bloomberg.com/quote/TB6:GR

I asked the company and it seems it is not a Frankfurt listing but is some other arrangement. I am with one of the biggest brokers in the USA (Interactive Brokers) and they confirmed that they only have the Frankfurt listing.

Hi All

Does anyone know about the SGI listing in Frankfurt. I am based in the US and only seem to be able to purchase via the Frankfurt exchange? I presume the liquidity is lower albeit pricing seems to be same. Any thoughts?

Cheers,
Arb