1
00:00:09,240 --> 00:00:12,680
Speaker 1: Hi, and welcome to another episode of the Odd Lots Podcast.

2
00:00:12,760 --> 00:00:18,640
Speaker 1: I'm Tracy Alloway and I'm Joe Wish Joe, I bet

3
00:00:18,960 --> 00:00:22,520
Speaker 1: I can guess what shoes you've got on your feet?

4
00:00:23,040 --> 00:00:27,160
Speaker 1: Oh no, I totally messed that up. Well, what were

5
00:00:27,200 --> 00:00:31,200
Speaker 1: you going to guess? I totally messed it up. I

6
00:00:31,280 --> 00:00:33,800
Speaker 1: was supposed to say, I bet I can guess what

7
00:00:33,960 --> 00:00:39,479
Speaker 1: you've got on your know what shoes you've you had? No,

8
00:00:39,640 --> 00:00:42,000
Speaker 1: I remember, I bet I can guess where you got

9
00:00:42,000 --> 00:00:48,000
Speaker 1: those shoes? Where on your feet? That really was a

10
00:00:48,120 --> 00:00:51,720
Speaker 1: disastrous opening to this podcast. I know. I can't believe

11
00:00:51,720 --> 00:00:55,160
Speaker 1: I messed that up so much. Um, okay, Well, with

12
00:00:55,200 --> 00:00:58,840
Speaker 1: that embarrassment aside, Um, we are actually going to talk

13
00:00:58,840 --> 00:01:01,680
Speaker 1: about shoes today. I'm really excited because not only are

14
00:01:01,680 --> 00:01:04,319
Speaker 1: we talking about shoes, we're going to be talking about

15
00:01:04,440 --> 00:01:08,520
Speaker 1: sneakers and collecting sneakers in the market for sneakers, and

16
00:01:08,560 --> 00:01:12,800
Speaker 1: there's someone who owns a lot of Nikes, including one

17
00:01:12,880 --> 00:01:17,080
Speaker 1: or two pairs of Jordan's and dunks. I am particularly

18
00:01:17,120 --> 00:01:20,800
Speaker 1: excited about this discussion. So I know nothing about the

19
00:01:20,840 --> 00:01:26,280
Speaker 1: market for sneakers. Are Jordan's better than Nikes? Well, Jordan's

20
00:01:26,600 --> 00:01:28,399
Speaker 1: Nike you know, it's a it's a kind of it's

21
00:01:28,400 --> 00:01:32,679
Speaker 1: a category of Nike. Oh god, I just keep embarrassing

22
00:01:32,720 --> 00:01:36,520
Speaker 1: myself today. Um okay, well all right, without further ado,

23
00:01:36,560 --> 00:01:39,800
Speaker 1: then why don't we bring on our guest for this episode.

24
00:01:39,840 --> 00:01:43,680
Speaker 1: It is Josh Luber. He is the founder of stock x,

25
00:01:43,760 --> 00:01:48,120
Speaker 1: which is basically a stock exchange for sneakers. So we're

26
00:01:48,120 --> 00:01:50,680
Speaker 1: going to talk all about what it's like to make

27
00:01:50,720 --> 00:02:07,120
Speaker 1: a market in a semi unusual asset. I would say, Josh,

28
00:02:07,160 --> 00:02:11,160
Speaker 1: thank you very much for joining us. Uh, tell us

29
00:02:11,280 --> 00:02:16,040
Speaker 1: about your stock exchange for sneakers? What is it? Sure? Well,

30
00:02:16,080 --> 00:02:20,720
Speaker 1: thanks for having me. Um. Stock x is a consumer marketplace,

31
00:02:21,240 --> 00:02:24,480
Speaker 1: not unlike eBay or Amazon. It's a place where we

32
00:02:24,480 --> 00:02:28,000
Speaker 1: connect buyers and sellers, and in particular right now, we

33
00:02:28,040 --> 00:02:32,360
Speaker 1: connect them to buy sneakers. But the way that we

34
00:02:32,440 --> 00:02:35,919
Speaker 1: do that is in the exact same format, the exact

35
00:02:35,919 --> 00:02:39,080
Speaker 1: same process that the stock exchange uses. And what that

36
00:02:39,120 --> 00:02:43,120
Speaker 1: means is, first of all, it's anonymous, right, buyers and sellers,

37
00:02:43,240 --> 00:02:45,680
Speaker 1: you know, transact with the market. Um. You don't have

38
00:02:45,720 --> 00:02:47,880
Speaker 1: to worry about who the seller is or where they're located,

39
00:02:47,960 --> 00:02:49,880
Speaker 1: or what the review is. It's totally anonymous, just like

40
00:02:49,919 --> 00:02:53,880
Speaker 1: buying the sheriff stock. Second, there is data. There is

41
00:02:53,960 --> 00:02:56,240
Speaker 1: data to understand what things are worth, what things are

42
00:02:56,280 --> 00:02:58,959
Speaker 1: selling for, and have a history of data, so unlike

43
00:02:58,960 --> 00:03:01,639
Speaker 1: going to Amazon and saying only what something is listed for,

44
00:03:01,919 --> 00:03:04,160
Speaker 1: you can see every price that it's ever sold for.

45
00:03:04,800 --> 00:03:08,399
Speaker 1: But more importantly than those two things is what's called

46
00:03:08,639 --> 00:03:12,280
Speaker 1: the live bid ask market, which is how the stock exchange,

47
00:03:12,520 --> 00:03:15,679
Speaker 1: how the stock market reaches a market price. Buyer's place

48
00:03:15,800 --> 00:03:17,840
Speaker 1: bids how much they're willing to pay for something, and

49
00:03:17,840 --> 00:03:20,600
Speaker 1: seller's place asks how much they're willing to sell it for,

50
00:03:20,840 --> 00:03:24,280
Speaker 1: and when it been't, ask me, the transaction happens automatically.

51
00:03:24,560 --> 00:03:26,640
Speaker 1: There's a reason why the stock exchange has been the

52
00:03:26,639 --> 00:03:29,440
Speaker 1: most efficient form of commerce for hundreds of years, and

53
00:03:29,520 --> 00:03:32,520
Speaker 1: this is why. And we are taking that process that

54
00:03:32,600 --> 00:03:35,480
Speaker 1: the stock exchange uses and bring it to consumer goods

55
00:03:35,760 --> 00:03:38,960
Speaker 1: and we're starting with sneakers. Josh, can we step back

56
00:03:39,000 --> 00:03:43,280
Speaker 1: for a second, because when I think about investable assets, UM,

57
00:03:43,320 --> 00:03:47,600
Speaker 1: I have to admit I do not necessarily think about sneakers.

58
00:03:48,120 --> 00:03:52,640
Speaker 1: What what is the market like for a high value sneakers?

59
00:03:53,200 --> 00:03:56,680
Speaker 1: The biggest distinction between sort of h cong this the

60
00:03:56,720 --> 00:04:00,360
Speaker 1: stock market versus how people traditionally think about it is

61
00:04:00,400 --> 00:04:03,400
Speaker 1: that it's really about connecting buyers and sellers to exchange

62
00:04:03,400 --> 00:04:05,720
Speaker 1: a physical good. The fact that you may or may

63
00:04:05,720 --> 00:04:08,200
Speaker 1: not be able to invest in sneakers and make money

64
00:04:08,480 --> 00:04:11,840
Speaker 1: is almost tangential to that. But that said, the sneaker

65
00:04:11,880 --> 00:04:14,960
Speaker 1: resell market within the United States is about a one

66
00:04:15,000 --> 00:04:18,720
Speaker 1: point to one point three billion dollar industry. So that's

67
00:04:18,760 --> 00:04:21,680
Speaker 1: people buying a pair of sneakers at say, foot locker,

68
00:04:22,040 --> 00:04:24,320
Speaker 1: and then going and turning around and reselling them on

69
00:04:24,400 --> 00:04:27,080
Speaker 1: stock x for a hundred dollars more two hundred dollars

70
00:04:27,120 --> 00:04:30,520
Speaker 1: more than they paid for it. So let's back up.

71
00:04:30,640 --> 00:04:34,080
Speaker 1: Tell us about yourself. How did you get what made

72
00:04:34,080 --> 00:04:37,400
Speaker 1: you want to create this, what's your interest in sneakers,

73
00:04:37,440 --> 00:04:41,000
Speaker 1: and how did your interest in financial markets come together.

74
00:04:41,640 --> 00:04:45,000
Speaker 1: My background is, uh that I'm a startup guy. I've

75
00:04:45,040 --> 00:04:48,480
Speaker 1: started and run a few startups before this, and none

76
00:04:48,480 --> 00:04:52,159
Speaker 1: of them have ever been within the sneaker industry. Because

77
00:04:52,440 --> 00:04:55,279
Speaker 1: on a personal note, I have collected sneakers since I was,

78
00:04:55,640 --> 00:04:58,400
Speaker 1: you know, probably in middle school. Um, I am thirty

79
00:04:58,480 --> 00:05:00,720
Speaker 1: eight years old, and I have the exact same story

80
00:05:01,200 --> 00:05:03,479
Speaker 1: as every other thirty eight year old sneaker head, which

81
00:05:03,480 --> 00:05:06,200
Speaker 1: is I grew up playing basketball when Jordan played, and

82
00:05:06,200 --> 00:05:08,320
Speaker 1: I always wanted Air Jordan's, and my mother never buy

83
00:05:08,320 --> 00:05:10,159
Speaker 1: me Air Jordan's. As soon as I had some money,

84
00:05:10,160 --> 00:05:13,560
Speaker 1: I bought Air Jordan's, and you know, and and so

85
00:05:13,640 --> 00:05:16,839
Speaker 1: that was a personal passion. And at some point along

86
00:05:16,839 --> 00:05:19,479
Speaker 1: the way, as I was doing a lot of other

87
00:05:19,600 --> 00:05:22,080
Speaker 1: data work in my career, I decided to try to

88
00:05:22,120 --> 00:05:25,320
Speaker 1: figure out whether we could pull in sneaker data and

89
00:05:25,360 --> 00:05:27,599
Speaker 1: whether we could build a price guide. And so in

90
00:05:27,640 --> 00:05:31,159
Speaker 1: early I created a company that was called camp Liss

91
00:05:31,400 --> 00:05:33,480
Speaker 1: C A M p l e. S. S. And it

92
00:05:33,560 --> 00:05:35,640
Speaker 1: was a price guide. It was the Kelly blue Book

93
00:05:35,800 --> 00:05:38,080
Speaker 1: for sneakers, where we were pulling in data from all

94
00:05:38,120 --> 00:05:41,839
Speaker 1: the other places that sneakers sold, primarily on eBay, and

95
00:05:41,880 --> 00:05:44,560
Speaker 1: figuring out what they were actually worth. And that was

96
00:05:44,600 --> 00:05:47,360
Speaker 1: the genesis of this as the as the sneaker data company,

97
00:05:47,400 --> 00:05:49,720
Speaker 1: as the price guide grew, as people started using it,

98
00:05:49,960 --> 00:05:52,080
Speaker 1: there was a natural progression of well, if I know

99
00:05:52,160 --> 00:05:54,760
Speaker 1: the price of one pair of sneakers, then I could

100
00:05:54,760 --> 00:05:57,359
Speaker 1: tell you the value of your entire sneaker collection. And

101
00:05:57,400 --> 00:05:59,240
Speaker 1: you could look at that data the same way you

102
00:05:59,279 --> 00:06:02,200
Speaker 1: look at a stock portfolio. And once you know the

103
00:06:02,240 --> 00:06:05,120
Speaker 1: price of one pair and you know portfolio pricing, then

104
00:06:05,120 --> 00:06:07,200
Speaker 1: there was this natural leap of maybe we could actually

105
00:06:07,240 --> 00:06:11,880
Speaker 1: create a marketplace that operated like a stock market. So, uh,

106
00:06:12,080 --> 00:06:16,600
Speaker 1: what is in your collection? What is your your single

107
00:06:16,720 --> 00:06:22,000
Speaker 1: prize pair of Jordan's And give us a range for

108
00:06:22,040 --> 00:06:24,440
Speaker 1: the value of your collection if you don't mind, based

109
00:06:24,480 --> 00:06:27,360
Speaker 1: on the prices on your side, Can I hijack Joe's

110
00:06:27,440 --> 00:06:30,000
Speaker 1: question and say, can you also explain the difference between

111
00:06:30,120 --> 00:06:36,400
Speaker 1: Nikes and Air Jordan's. Sure? So, um, there's a lot

112
00:06:36,440 --> 00:06:39,679
Speaker 1: of different sneaker brands out there, and um and Nike

113
00:06:40,279 --> 00:06:43,600
Speaker 1: which owns the Air Jordan brand, right, but they are

114
00:06:43,680 --> 00:06:48,039
Speaker 1: separate brands have historically been the dominant part of the

115
00:06:48,200 --> 00:06:51,359
Speaker 1: resale market, the secondary market for sneakers, dating back to

116
00:06:52,480 --> 00:06:56,200
Speaker 1: when Air Jordan's were first released. And so um, it's

117
00:06:56,240 --> 00:06:58,680
Speaker 1: just a distinction between the two brands that you know,

118
00:06:58,800 --> 00:07:02,360
Speaker 1: Nikes make Nike season and uh and Jordan Brand makes

119
00:07:02,400 --> 00:07:05,440
Speaker 1: Air Jordan's. Um, but they're both, you know, make up

120
00:07:05,480 --> 00:07:10,240
Speaker 1: the dominant chair of the resale market. In fact, through February,

121
00:07:10,520 --> 00:07:15,360
Speaker 1: Nike including Jordan Brand, accounted for nine of the resale

122
00:07:15,360 --> 00:07:20,000
Speaker 1: sneaker market, and in February, Adidas released the Yeasy, which

123
00:07:20,040 --> 00:07:23,320
Speaker 1: is Kanye West shoe with Adidas, and it started a

124
00:07:23,320 --> 00:07:26,040
Speaker 1: really a year and a half process of Adidas becoming

125
00:07:26,040 --> 00:07:28,280
Speaker 1: a lot more relevant on the secondary market. And today

126
00:07:28,280 --> 00:07:31,960
Speaker 1: Adidas makes up about of the resale market in terms

127
00:07:31,960 --> 00:07:35,120
Speaker 1: of dollars, but it is still overwhelmingly dominated by Nikes

128
00:07:35,160 --> 00:07:37,920
Speaker 1: and in particular Air Jordan's all right, now, tell us

129
00:07:37,920 --> 00:07:41,360
Speaker 1: about your collection a little bit. So you know, I've

130
00:07:41,400 --> 00:07:44,400
Speaker 1: been collecting sneakers for probably thirty years, UM, and I

131
00:07:44,440 --> 00:07:49,239
Speaker 1: have a very average collection within the sneaker head world.

132
00:07:49,760 --> 00:07:53,200
Speaker 1: I have about maybe three four hundred pairs of sneakers,

133
00:07:53,320 --> 00:07:57,200
Speaker 1: which sounds crazy, but there are people with thousands of

134
00:07:57,200 --> 00:08:00,720
Speaker 1: pairs of sneakers, so you know, within the sneaker universe. Uh,

135
00:08:00,800 --> 00:08:04,200
Speaker 1: you know, it's a it's a pretty average collection. But UM,

136
00:08:04,240 --> 00:08:07,520
Speaker 1: I do have um one pair in particular that is

137
00:08:07,520 --> 00:08:11,560
Speaker 1: is pretty special. UM so UM. We announced a couple

138
00:08:11,600 --> 00:08:14,200
Speaker 1: of months ago that Eminem is an investor and partner

139
00:08:14,280 --> 00:08:18,200
Speaker 1: with stock x UM and UM and through that UM

140
00:08:18,240 --> 00:08:21,840
Speaker 1: I was able to become friendly with people there and

141
00:08:21,880 --> 00:08:26,320
Speaker 1: I was given a pair of Air Jordan's four Eminem

142
00:08:26,400 --> 00:08:28,720
Speaker 1: carhart and this is a collaboration that Eminem and the

143
00:08:28,800 --> 00:08:31,680
Speaker 1: brand Carhart did with Air Jordan's and there were only

144
00:08:31,720 --> 00:08:35,200
Speaker 1: ten pairs released the public. They were sold on eBay,

145
00:08:35,240 --> 00:08:37,679
Speaker 1: this is before stock ex existed, and they sold for

146
00:08:37,720 --> 00:08:41,960
Speaker 1: an average price of twenty three thousand dollars. And so, UM,

147
00:08:42,000 --> 00:08:43,960
Speaker 1: I have a pair of those, Um, I will not

148
00:08:44,040 --> 00:08:47,319
Speaker 1: be selling mind mine is Uh, there's more sentimental value

149
00:08:47,320 --> 00:08:50,120
Speaker 1: in terms of our relationship with with Eminem and the

150
00:08:50,160 --> 00:08:52,719
Speaker 1: fact that it came from him. But it's certainly the

151
00:08:53,160 --> 00:08:55,719
Speaker 1: most valuable and most interesting pair in my collection. That

152
00:08:55,840 --> 00:09:00,160
Speaker 1: is pretty sweet, Josh. I have so many questions, um

153
00:09:00,600 --> 00:09:03,600
Speaker 1: right now, I'm trying to narrow them down. UM. Okay,

154
00:09:03,640 --> 00:09:06,200
Speaker 1: So first of all, I have to ask do you

155
00:09:06,360 --> 00:09:12,720
Speaker 1: wear your collection of sneakers? Everyone within this sneaker world, Um,

156
00:09:12,760 --> 00:09:16,079
Speaker 1: there's a there's a spectrum from people on on the

157
00:09:16,080 --> 00:09:19,240
Speaker 1: far one end where pure business people and are here

158
00:09:19,720 --> 00:09:23,720
Speaker 1: just to to to make money, UM, to the sort

159
00:09:23,720 --> 00:09:26,000
Speaker 1: of pure sneaker collectors who could care less about the

160
00:09:26,080 --> 00:09:28,920
Speaker 1: value of the shoes and they wear them and um

161
00:09:28,960 --> 00:09:32,680
Speaker 1: and aren't really trying to aren't concerned about about sort

162
00:09:32,679 --> 00:09:36,760
Speaker 1: of maintaining the value or the or the condition sneakers

163
00:09:36,800 --> 00:09:39,920
Speaker 1: just like anything else. Um, once they're worn, the more

164
00:09:39,920 --> 00:09:43,559
Speaker 1: they're warned, the value of them goes down. Me in particular,

165
00:09:44,000 --> 00:09:46,640
Speaker 1: I wear pretty much all of my sneakers. UM. I

166
00:09:46,720 --> 00:09:48,760
Speaker 1: buy sneakers for myself and I wear them. And I'm

167
00:09:48,800 --> 00:09:51,680
Speaker 1: not a very big reseller trying to make money. Um.

168
00:09:51,720 --> 00:09:54,040
Speaker 1: But with about four pairs of sneakers, there's certainly some

169
00:09:54,040 --> 00:09:57,400
Speaker 1: pairs I haven't worn yet. UM, but I'm certainly I

170
00:09:57,480 --> 00:10:00,360
Speaker 1: certainly will at some point. All right, let's get to

171
00:10:00,640 --> 00:10:04,839
Speaker 1: the subject of the you know your financial market for sneakers,

172
00:10:04,920 --> 00:10:08,520
Speaker 1: because this sort of speaks to a reoccurring theme that

173
00:10:08,559 --> 00:10:12,000
Speaker 1: we've discussed on the Odd Lots podcast, which is the

174
00:10:12,080 --> 00:10:16,840
Speaker 1: relationship between the listing of a price, the creation of

175
00:10:16,880 --> 00:10:21,080
Speaker 1: an index, the creation of transparent pricing, and then the

176
00:10:21,120 --> 00:10:24,360
Speaker 1: market itself. And we've discussed this in several ways. We've

177
00:10:24,360 --> 00:10:28,800
Speaker 1: had multiple episodes about the bond market and its relative

178
00:10:28,960 --> 00:10:33,840
Speaker 1: transparency or lack of transparency. We've talked about baseball cards

179
00:10:33,920 --> 00:10:37,760
Speaker 1: and the Beckett magazine and Beanie Babies and the magazine

180
00:10:37,800 --> 00:10:40,360
Speaker 1: that came around those in the nineties and how that

181
00:10:40,440 --> 00:10:43,960
Speaker 1: led to price booms. So let's talk about what the

182
00:10:44,080 --> 00:10:48,840
Speaker 1: creation of transparent pricing and consistent listing means for the

183
00:10:48,880 --> 00:10:52,400
Speaker 1: actual functioning of the sneaker market. What have you seen

184
00:10:52,480 --> 00:10:56,359
Speaker 1: in terms of the back and forth, what your initial

185
00:10:56,880 --> 00:10:59,800
Speaker 1: recording of eBay prices meant to the market and how

186
00:10:59,840 --> 00:11:03,480
Speaker 1: it traded, and then of course your news site stock

187
00:11:03,679 --> 00:11:06,640
Speaker 1: x and how that has affected the market itself. That's

188
00:11:06,640 --> 00:11:11,040
Speaker 1: a phenomenal question, right Transparency of data is everything, and

189
00:11:11,320 --> 00:11:16,320
Speaker 1: it is uh so rare to find true transparency of

190
00:11:16,440 --> 00:11:20,240
Speaker 1: pricing information UM in any market right now besides the

191
00:11:20,280 --> 00:11:22,800
Speaker 1: actual stock market. And that's a big part of what

192
00:11:23,320 --> 00:11:27,280
Speaker 1: UM drives us in and was the foundation of creating this.

193
00:11:27,960 --> 00:11:30,679
Speaker 1: A phenomenal example of this go back to the camp

194
00:11:30,800 --> 00:11:32,920
Speaker 1: Less days and so when we were a price guide

195
00:11:32,920 --> 00:11:35,360
Speaker 1: and we were the sort of the the the index

196
00:11:35,440 --> 00:11:39,360
Speaker 1: for sneakers and what they were selling for. We created

197
00:11:39,640 --> 00:11:42,160
Speaker 1: a blog that was kind of like fre Economics for

198
00:11:42,160 --> 00:11:44,880
Speaker 1: sneakers and doing this really high level data analysis and

199
00:11:44,920 --> 00:11:47,920
Speaker 1: putting it on the blog. And one of them was

200
00:11:48,160 --> 00:11:52,400
Speaker 1: an analysis into the difference between actual price and the

201
00:11:52,600 --> 00:11:57,080
Speaker 1: perception of price on eBay. Right So, there was this

202
00:11:57,120 --> 00:12:00,440
Speaker 1: perception within the sneaker community that sneakers were very sensive

203
00:12:00,559 --> 00:12:04,880
Speaker 1: on eBay, and we had a hypothesis that whatever you

204
00:12:05,040 --> 00:12:08,160
Speaker 1: see on eBay at any given moment is something that

205
00:12:08,400 --> 00:12:13,079
Speaker 1: is overpriced because it's been sitting there for a long time,

206
00:12:13,240 --> 00:12:15,599
Speaker 1: or or the inverse, right, it's been sitting there for

207
00:12:15,640 --> 00:12:18,120
Speaker 1: a long time because it's over priced, and that you're

208
00:12:18,160 --> 00:12:20,880
Speaker 1: more likely to see those because the good deals will

209
00:12:20,920 --> 00:12:23,960
Speaker 1: disappear immediately and someone will buy them until by having

210
00:12:24,080 --> 00:12:27,160
Speaker 1: access to the the actual sales data and to be

211
00:12:27,200 --> 00:12:29,440
Speaker 1: able to look through that and create transparency into what

212
00:12:29,480 --> 00:12:32,640
Speaker 1: its sinkers actually sell for, what we found was there

213
00:12:32,720 --> 00:12:37,080
Speaker 1: was a difference of about thirty between people's perception of

214
00:12:37,160 --> 00:12:40,520
Speaker 1: price given the average number of days that we see

215
00:12:40,520 --> 00:12:42,800
Speaker 1: each auction. I mean, we can go into the details

216
00:12:42,800 --> 00:12:45,440
Speaker 1: of it, but essentially between the actual price of what

217
00:12:45,480 --> 00:12:48,920
Speaker 1: are you sold for versus what people would think it

218
00:12:49,080 --> 00:12:51,679
Speaker 1: sold for given how often they saw it, there was

219
00:12:51,679 --> 00:12:54,840
Speaker 1: a difference of thirty in the perception of what a

220
00:12:54,880 --> 00:12:59,280
Speaker 1: sneaker was worth. So josh Um Joe kind of already

221
00:12:59,360 --> 00:13:01,440
Speaker 1: touched on us. But we've we've done a lot of

222
00:13:01,440 --> 00:13:05,000
Speaker 1: episodes about the bond market and how difficult it is

223
00:13:05,400 --> 00:13:09,680
Speaker 1: to trade bonds simply because unlike stocks, a bond will

224
00:13:09,679 --> 00:13:13,800
Speaker 1: come in all sorts of flavors of maturity and coupon

225
00:13:13,960 --> 00:13:16,120
Speaker 1: and things like that. And it kind of strikes me

226
00:13:16,160 --> 00:13:20,280
Speaker 1: that sneakers are similar in the at the very least,

227
00:13:20,520 --> 00:13:24,760
Speaker 1: you have a variety of sizes, right, So, like, how

228
00:13:24,760 --> 00:13:29,480
Speaker 1: does the size issue affect trading of sneakers? Do people

229
00:13:29,559 --> 00:13:32,640
Speaker 1: only want to buy sneakers in their sizes or do

230
00:13:32,720 --> 00:13:36,920
Speaker 1: they look beyond that because they're betting on future value.

231
00:13:37,920 --> 00:13:41,360
Speaker 1: There's I think there's some similarity, um in this sort

232
00:13:41,360 --> 00:13:43,559
Speaker 1: of lack of transparency in the sneaker market. But it's

233
00:13:43,600 --> 00:13:46,960
Speaker 1: not really around UM size, right, It's really about channel

234
00:13:47,480 --> 00:13:51,200
Speaker 1: UM first to mention quickly on size UM. You know,

235
00:13:51,320 --> 00:13:55,160
Speaker 1: the entire sneaker recent market is just supply and demand, right,

236
00:13:55,280 --> 00:13:57,720
Speaker 1: It is econ one oh one UM. It is the

237
00:13:57,720 --> 00:14:00,800
Speaker 1: difference between the supply that the brands put out and

238
00:14:00,840 --> 00:14:04,120
Speaker 1: what the demand is for those particular sneakers, and the

239
00:14:04,200 --> 00:14:06,720
Speaker 1: gap in that UM and how big or small that

240
00:14:06,840 --> 00:14:09,240
Speaker 1: is will depend you know, how much the shoe sells for.

241
00:14:09,320 --> 00:14:12,760
Speaker 1: I mean it is pretty straightforward. And in general, even

242
00:14:12,760 --> 00:14:16,280
Speaker 1: on the limited and exclusive sneakers, the brands uh know

243
00:14:16,440 --> 00:14:20,040
Speaker 1: pretty well the size distribution of the population. So there

244
00:14:20,040 --> 00:14:22,400
Speaker 1: may be less size fourteens in the market, but there's

245
00:14:22,440 --> 00:14:24,400
Speaker 1: less people that want to buy a size fourteen in

246
00:14:24,440 --> 00:14:27,800
Speaker 1: the market. So in general, UM, that doesn't have too

247
00:14:27,840 --> 00:14:31,520
Speaker 1: much UM difference, too much disparity in the price based

248
00:14:31,560 --> 00:14:35,280
Speaker 1: on the size. But where the majority of the sort

249
00:14:35,280 --> 00:14:38,480
Speaker 1: of lack of transparency still happens is in the distinction

250
00:14:38,480 --> 00:14:42,240
Speaker 1: between the channels. So unlike you know, a stock market

251
00:14:42,280 --> 00:14:46,040
Speaker 1: which essentially has a monopoly on any particular UM stock,

252
00:14:46,720 --> 00:14:49,400
Speaker 1: you can buy yourself sneakers anywhere. UM. You know, eBay

253
00:14:49,480 --> 00:14:52,640
Speaker 1: is is still the largest marketplace stock x. There's other

254
00:14:52,720 --> 00:14:55,840
Speaker 1: mobile sneaker apps. UM. There are people buy and sell

255
00:14:55,840 --> 00:14:58,400
Speaker 1: on Twitter, on Facebook, on Instagram, I mean anywhere that

256
00:14:58,440 --> 00:15:01,200
Speaker 1: sneaker has come into contact with a each other, shoes

257
00:15:01,200 --> 00:15:03,520
Speaker 1: are gonna be bought and sold. And the majority of

258
00:15:03,520 --> 00:15:07,200
Speaker 1: those channels, just like the majority of other marketplaces, there's

259
00:15:07,280 --> 00:15:11,000
Speaker 1: just there's imperfect information. Right. The seller UM is the

260
00:15:11,040 --> 00:15:13,520
Speaker 1: one who really understands the market better and the buyers

261
00:15:13,600 --> 00:15:16,440
Speaker 1: left it well whatever the sellers, I can see whatever

262
00:15:16,480 --> 00:15:19,320
Speaker 1: they're they're selling for, and so I bring that all

263
00:15:19,320 --> 00:15:22,480
Speaker 1: in one place, right, And a really fundamental tenant of

264
00:15:22,520 --> 00:15:24,920
Speaker 1: house stock X works and why It's like the stock market,

265
00:15:25,000 --> 00:15:29,640
Speaker 1: is that there's one place, there's one called ticker symbol

266
00:15:29,680 --> 00:15:32,040
Speaker 1: for one shoe. Right, So if you go to eBay

267
00:15:32,040 --> 00:15:34,520
Speaker 1: and you type in the Air Jordan eleven space Jam,

268
00:15:34,600 --> 00:15:37,800
Speaker 1: which is the shoe that is the the most popular

269
00:15:37,800 --> 00:15:41,040
Speaker 1: shoe that Air Jordan put out, and there's a rumor

270
00:15:41,120 --> 00:15:43,480
Speaker 1: to be over a million pairs, but people are buying

271
00:15:43,520 --> 00:15:45,480
Speaker 1: and reselling them. If you type in air Jordan eleven

272
00:15:45,520 --> 00:15:48,000
Speaker 1: space and one eBay, you will get a thousand listings,

273
00:15:48,040 --> 00:15:50,320
Speaker 1: maybe five thousand listings. But if you go to the

274
00:15:50,360 --> 00:15:51,960
Speaker 1: New York Stock Exchange and you want to buy a

275
00:15:51,960 --> 00:15:55,480
Speaker 1: Sheriff Apple stock, there's one ticker symbol for Apple. And

276
00:15:55,520 --> 00:15:58,040
Speaker 1: in the same way, there's one place there's one ticker

277
00:15:58,080 --> 00:16:00,960
Speaker 1: symbol for Jordan eleven space Jam, one stock X. And

278
00:16:01,000 --> 00:16:04,040
Speaker 1: by bringing every bit and every ass to one place,

279
00:16:04,520 --> 00:16:07,280
Speaker 1: you can now create more transparency of what's going on

280
00:16:07,320 --> 00:16:10,000
Speaker 1: in the market. There's still nineteen other channels, and you

281
00:16:10,040 --> 00:16:13,840
Speaker 1: still lose that transparency if you're within any of those channels.

282
00:16:13,880 --> 00:16:16,440
Speaker 1: But that's the bigger idea around using a stock market

283
00:16:16,520 --> 00:16:20,240
Speaker 1: drive transparency. It's not only historical pricing data, but it's

284
00:16:20,240 --> 00:16:22,720
Speaker 1: also about what is going on right now? What do

285
00:16:22,800 --> 00:16:24,440
Speaker 1: people want to buy it for and when people want

286
00:16:24,480 --> 00:16:28,920
Speaker 1: to sell it for? So I have two questions. One is,

287
00:16:29,640 --> 00:16:32,720
Speaker 1: since you've had this push in sort of multiple endeavors

288
00:16:32,760 --> 00:16:36,920
Speaker 1: to create transparency, a has there been an observed I

289
00:16:36,920 --> 00:16:40,520
Speaker 1: guess I would say narrowing of spreads where even across

290
00:16:40,640 --> 00:16:44,360
Speaker 1: multiple channels, because there is this reference the prices of

291
00:16:44,480 --> 00:16:47,000
Speaker 1: a given sneaker, do they tend to cluster more as

292
00:16:47,080 --> 00:16:50,880
Speaker 1: people start to four months some idea and to um,

293
00:16:51,000 --> 00:16:55,360
Speaker 1: is there any sort of cross sneaker price correlation Gaussian

294
00:16:55,400 --> 00:16:59,600
Speaker 1: copula is so to speak, where one sneaker trade sort

295
00:16:59,640 --> 00:17:02,440
Speaker 1: of sit milar lead to another sneaker. They're not identical,

296
00:17:02,920 --> 00:17:05,000
Speaker 1: but maybe they're of the same year or of the

297
00:17:05,040 --> 00:17:08,199
Speaker 1: same style, and so you start to see relationships in

298
00:17:08,240 --> 00:17:12,760
Speaker 1: the pricing of slightly different sneakers. These are these are

299
00:17:12,920 --> 00:17:15,840
Speaker 1: phenomenal questions, right, This is exactly what we see happening

300
00:17:15,840 --> 00:17:19,919
Speaker 1: and what we UM observe and look for as we

301
00:17:19,960 --> 00:17:22,240
Speaker 1: continue to build the market and make sure that that

302
00:17:22,280 --> 00:17:25,040
Speaker 1: it works the way it should. Um. So the first

303
00:17:25,080 --> 00:17:27,720
Speaker 1: question with regard to to spread, and it's really about

304
00:17:27,720 --> 00:17:31,119
Speaker 1: sort of narrowing of margins. The people that are most

305
00:17:31,880 --> 00:17:35,360
Speaker 1: upset about stock X on today as we as were

306
00:17:35,400 --> 00:17:38,560
Speaker 1: you know, ten months into this. UM are the ones

307
00:17:38,600 --> 00:17:41,520
Speaker 1: who used to be able to UM sell sneakers for

308
00:17:41,600 --> 00:17:44,840
Speaker 1: more money and trade on imperfect information. UM. But as

309
00:17:44,880 --> 00:17:47,320
Speaker 1: you bring more buyers together, and in particularly the shoes

310
00:17:47,359 --> 00:17:49,960
Speaker 1: that have high volume, where there's really a lot of

311
00:17:49,960 --> 00:17:52,480
Speaker 1: bids and a lot of asks happening at the same time,

312
00:17:52,760 --> 00:17:55,159
Speaker 1: and you can literally see business coming off the board,

313
00:17:55,240 --> 00:17:59,320
Speaker 1: you know, real time, you know, as as trades are happening. UM,

314
00:17:59,359 --> 00:18:02,960
Speaker 1: what we see is that there's lower profit within those

315
00:18:02,960 --> 00:18:06,680
Speaker 1: shoes within the market then people used to be able

316
00:18:06,720 --> 00:18:09,000
Speaker 1: to get. And that's natural, right, I mean that that's

317
00:18:09,080 --> 00:18:12,920
Speaker 1: natural to happen. As more buyers then come into the market, right,

318
00:18:13,000 --> 00:18:15,960
Speaker 1: it'll start to to push that price back up. But

319
00:18:16,119 --> 00:18:19,280
Speaker 1: on day one, all the sellers are constantly looking for

320
00:18:19,320 --> 00:18:21,560
Speaker 1: as many places to sell as possible, So they're the

321
00:18:21,560 --> 00:18:24,640
Speaker 1: ones that are more easily UM, were more quickly gonna

322
00:18:24,680 --> 00:18:27,159
Speaker 1: gonna utilize stock X and list there. So as you

323
00:18:27,200 --> 00:18:29,679
Speaker 1: have more sellers, the price will come down. And we

324
00:18:29,800 --> 00:18:33,240
Speaker 1: do see spreads really low on the very populous shoes

325
00:18:33,280 --> 00:18:35,280
Speaker 1: like the Jordan eleven Space Jam. So you may see

326
00:18:35,280 --> 00:18:39,040
Speaker 1: a spread of two five dollars, But on a shoe

327
00:18:39,080 --> 00:18:41,400
Speaker 1: that came out maybe six seven years ago, where there's

328
00:18:41,400 --> 00:18:44,200
Speaker 1: a lot less volume, that spread might be fifty dollars

329
00:18:44,320 --> 00:18:47,120
Speaker 1: or a hundred dollars. And so it's really about liquidity.

330
00:18:47,200 --> 00:18:49,880
Speaker 1: And we don't have perfect liquidity the way a stock

331
00:18:49,920 --> 00:18:52,439
Speaker 1: market does, where every apple stock needs to be traded

332
00:18:52,480 --> 00:18:55,520
Speaker 1: through that ticker symbol, right, But the more liquidity that

333
00:18:55,560 --> 00:18:58,280
Speaker 1: comes there, that the better that that becomes. Sounds like

334
00:18:58,320 --> 00:19:00,080
Speaker 1: on the run and off the run bond price. Know

335
00:19:00,280 --> 00:19:02,959
Speaker 1: this sounds exactly. I'm sorry, but this sounds exactly like

336
00:19:03,080 --> 00:19:07,359
Speaker 1: pitches I've heard from bond trading venues for the past

337
00:19:07,480 --> 00:19:10,440
Speaker 1: five or six years. It's really phenomenal. The overlap here.

338
00:19:10,920 --> 00:19:14,199
Speaker 1: The larger hypothesis is that you should be able to

339
00:19:14,200 --> 00:19:18,280
Speaker 1: buy or sell any consumer good using this process, right,

340
00:19:18,320 --> 00:19:21,440
Speaker 1: as long as it's not a purely commoditized product already,

341
00:19:21,520 --> 00:19:25,400
Speaker 1: like say plastic water bottles or toilet paper, and it's

342
00:19:25,440 --> 00:19:27,679
Speaker 1: not a complete, unique, one of a kind item like

343
00:19:27,680 --> 00:19:30,840
Speaker 1: a work of art orhouse anything that has some finite

344
00:19:30,880 --> 00:19:34,359
Speaker 1: quantity of supply. All we're doing is adding the demand

345
00:19:34,400 --> 00:19:36,720
Speaker 1: side of the equation. And once you do that, you

346
00:19:36,760 --> 00:19:39,000
Speaker 1: can get into a place where you have a more

347
00:19:39,040 --> 00:19:42,080
Speaker 1: efficient market that UM that allows people to to buy

348
00:19:42,080 --> 00:19:44,760
Speaker 1: and sell leveraging you know, the piece that no one

349
00:19:44,800 --> 00:19:47,600
Speaker 1: ever had, which is the demand side. So it really

350
00:19:47,680 --> 00:19:52,520
Speaker 1: is in some cases or in some views almost logical.

351
00:19:52,680 --> 00:19:56,160
Speaker 1: The logical step of you know, stock is stock market

352
00:19:56,240 --> 00:19:59,680
Speaker 1: is about the delivery of a digital certificate for ownership

353
00:19:59,760 --> 00:20:03,159
Speaker 1: of UH piece of the company. This is just a

354
00:20:03,200 --> 00:20:06,119
Speaker 1: delivery of a physical good. Everything else should be exactly

355
00:20:06,200 --> 00:20:11,560
Speaker 1: the same. Josh, what is the most valuable sneaker of

356
00:20:11,640 --> 00:20:15,520
Speaker 1: all time? And what would you recommend that Joe and

357
00:20:15,560 --> 00:20:18,800
Speaker 1: I go by now if we were looking for something

358
00:20:18,840 --> 00:20:22,080
Speaker 1: that was maybe undervalued that was going to UM pop

359
00:20:22,280 --> 00:20:26,600
Speaker 1: sometime in the future. The most valuable sneaker, let's say,

360
00:20:26,640 --> 00:20:30,560
Speaker 1: the most expensive sneaker that is sold recently. UM. About

361
00:20:30,760 --> 00:20:35,560
Speaker 1: a month or two ago, Nike released what's called the

362
00:20:35,560 --> 00:20:39,440
Speaker 1: the Nike mag which is the self lacing shoe from

363
00:20:39,480 --> 00:20:44,679
Speaker 1: Back to the Future Too. They made eighty nine pairs, right,

364
00:20:44,760 --> 00:20:48,840
Speaker 1: they made eighty nine pairs. They were sold through raffles

365
00:20:48,960 --> 00:20:52,320
Speaker 1: UM to raise money for Michael J. Fox Parkinson Foundation.

366
00:20:53,600 --> 00:20:56,840
Speaker 1: And once they got into the market, UM with only

367
00:20:56,880 --> 00:20:59,159
Speaker 1: eighty nine pairs and it being. You know, you have

368
00:20:59,280 --> 00:21:01,639
Speaker 1: the nostalgia aspect of back to the future, and you

369
00:21:01,640 --> 00:21:04,800
Speaker 1: have sneaker heads, and you have power lacing. UM. There

370
00:21:04,880 --> 00:21:07,600
Speaker 1: was one pair that reportedly sold for two hundred thousand

371
00:21:07,640 --> 00:21:10,879
Speaker 1: dollars at an auction, and another pair that's sold for

372
00:21:10,960 --> 00:21:14,199
Speaker 1: a hundred thousand dollars at a different auction. UM. We

373
00:21:14,240 --> 00:21:16,320
Speaker 1: had one of those sell on stocks so far and

374
00:21:16,320 --> 00:21:18,639
Speaker 1: it sold for about It sold for twenty five thousand

375
00:21:18,680 --> 00:21:21,280
Speaker 1: dollars UM, and there's others that are listed right now

376
00:21:21,280 --> 00:21:23,480
Speaker 1: on stock x for about fifty or sixty thousand dollars.

377
00:21:24,080 --> 00:21:26,680
Speaker 1: But that shoe is so rare, with only eighty nine

378
00:21:26,720 --> 00:21:30,399
Speaker 1: pairs in the world, it essentially doesn't exist. I mean,

379
00:21:31,200 --> 00:21:32,760
Speaker 1: it might as well be a unique, one of a

380
00:21:32,840 --> 00:21:34,919
Speaker 1: kind item because the odds of finding any one person

381
00:21:35,160 --> 00:21:37,200
Speaker 1: that's going to pay twenty five thousand dollars letter in

382
00:21:37,240 --> 00:21:40,879
Speaker 1: two hundred thousand dollars, it's so you know, it's just

383
00:21:40,960 --> 00:21:43,720
Speaker 1: so rare. But that's the that's what's out there right now.

384
00:21:44,560 --> 00:21:46,960
Speaker 1: It's certainly the thing that UM that all sneaker heads

385
00:21:46,960 --> 00:21:49,320
Speaker 1: are sort of aware of and UM, and it's a

386
00:21:49,320 --> 00:21:51,919
Speaker 1: pretty cool thing because it it literally works like in

387
00:21:51,960 --> 00:21:53,600
Speaker 1: Back to the future too. You put your foot in it,

388
00:21:53,840 --> 00:21:56,280
Speaker 1: and it and it laces automatically right around it and

389
00:21:56,320 --> 00:21:59,720
Speaker 1: for a real quickly before you go, uh for an

390
00:21:59,800 --> 00:22:03,119
Speaker 1: end shrint like me or Tracy who sort of I

391
00:22:03,160 --> 00:22:06,120
Speaker 1: have a few sneakers, but I'm not really a sneaker head. Yeah,

392
00:22:06,160 --> 00:22:09,200
Speaker 1: I clearly have no sneakers and I'm not a sneaker head.

393
00:22:09,400 --> 00:22:11,560
Speaker 1: Like if we wanted to sort of dip our dip

394
00:22:11,600 --> 00:22:13,800
Speaker 1: our foot into the water, where might be like a

395
00:22:13,840 --> 00:22:16,359
Speaker 1: fun place, what would be one sneaker that a beginner

396
00:22:16,440 --> 00:22:20,080
Speaker 1: might buy, something cool, but that's available and affordable, right

397
00:22:20,160 --> 00:22:23,160
Speaker 1: and and and that's the key, because you know, buying

398
00:22:23,200 --> 00:22:26,000
Speaker 1: sneakers on the recall market to make money is not

399
00:22:26,680 --> 00:22:29,000
Speaker 1: actually a great idea. The majority of the money is

400
00:22:29,080 --> 00:22:31,159
Speaker 1: made by those who can acquire the sneakers at the

401
00:22:31,240 --> 00:22:33,480
Speaker 1: retail price and then turn around and sell them on

402
00:22:33,520 --> 00:22:36,760
Speaker 1: the resell market. But you know what Adidas has done

403
00:22:36,760 --> 00:22:39,800
Speaker 1: really well in the past year is they've taken a

404
00:22:39,840 --> 00:22:42,920
Speaker 1: lot of shoes that um are very limited and hard

405
00:22:42,960 --> 00:22:44,399
Speaker 1: to get and sell for a lot of money. And

406
00:22:44,440 --> 00:22:47,639
Speaker 1: in particular, there's two models that there's the Adidas n

407
00:22:47,880 --> 00:22:51,240
Speaker 1: M D and there's the Adidas ultra boost, and there's

408
00:22:51,280 --> 00:22:54,000
Speaker 1: been a lot of very rare colors that are self

409
00:22:54,040 --> 00:22:56,640
Speaker 1: for hundreds and thousands of dollars. But they've also put

410
00:22:56,680 --> 00:22:59,480
Speaker 1: out a lot of colors that are not rare that

411
00:22:59,560 --> 00:23:01,719
Speaker 1: you can talk in the store and get and boots

412
00:23:01,720 --> 00:23:04,840
Speaker 1: is very comfortable. And you have this model that you

413
00:23:04,840 --> 00:23:07,040
Speaker 1: know other people wearing literally the exact team shooting a

414
00:23:07,040 --> 00:23:10,199
Speaker 1: different color that might sell for two thousand dollars, and

415
00:23:10,320 --> 00:23:11,720
Speaker 1: you can go in the store and buy it four

416
00:23:11,760 --> 00:23:14,159
Speaker 1: a hundred, forty or a hundred and fifty dollars. So

417
00:23:14,480 --> 00:23:17,160
Speaker 1: I think that would be a sort of really good

418
00:23:17,520 --> 00:23:19,600
Speaker 1: intro shoe for most people, because you're not gonna be

419
00:23:19,600 --> 00:23:21,399
Speaker 1: able to get a pair of Air Jordans. You're not

420
00:23:21,400 --> 00:23:23,680
Speaker 1: gonna be able to get a pair of Yeasys because

421
00:23:23,760 --> 00:23:25,919
Speaker 1: they're just too rare and they sell for for too

422
00:23:26,000 --> 00:23:30,199
Speaker 1: much money. All right, Josh Luber of stock X the

423
00:23:30,520 --> 00:23:36,600
Speaker 1: stock Market for Sneakers. Fascinating conversation. Uh. I will hopefully

424
00:23:36,640 --> 00:23:38,000
Speaker 1: have you back in the year and we can talk

425
00:23:38,040 --> 00:23:41,359
Speaker 1: about how the market has, you know, evolved and gotten

426
00:23:41,400 --> 00:23:43,800
Speaker 1: more liquid if it has. I really appreciate you coming on.

427
00:23:44,600 --> 00:23:46,280
Speaker 1: Thank you very much for having me. The next time

428
00:23:46,320 --> 00:23:48,200
Speaker 1: we can talk. We can also talk about how we've

429
00:23:48,240 --> 00:23:51,359
Speaker 1: added watches and handbags and other verticals because we're moving

430
00:23:51,359 --> 00:24:06,280
Speaker 1: beyond sneakers pretty soon. Fascinating. Thank you, Thank you so Joe.

431
00:24:06,359 --> 00:24:09,480
Speaker 1: I I feel like I still have so many questions

432
00:24:09,520 --> 00:24:13,000
Speaker 1: and so many thoughts on sneakers that I never thought

433
00:24:13,040 --> 00:24:17,000
Speaker 1: I would have. Yeah. Same, But I you know, I

434
00:24:17,040 --> 00:24:19,639
Speaker 1: love all the parallels that you pointed out and that

435
00:24:19,800 --> 00:24:23,240
Speaker 1: we see between how the market has evolved in liquidity

436
00:24:23,280 --> 00:24:27,520
Speaker 1: and pricing between sneakers and bonds. It really is sort

437
00:24:27,520 --> 00:24:30,760
Speaker 1: of feasting that there's some sort of universal truths about

438
00:24:30,800 --> 00:24:33,439
Speaker 1: market structure out there. Yeah. I mean you kind of

439
00:24:33,480 --> 00:24:36,000
Speaker 1: touched on this. You could go either way, right, Like,

440
00:24:36,040 --> 00:24:40,320
Speaker 1: on the one hand, markets tend to beget markets, and

441
00:24:40,359 --> 00:24:44,600
Speaker 1: liquidity begets liquidity, So even if you have an esoteric

442
00:24:44,640 --> 00:24:48,960
Speaker 1: asset like a air Jordan's um, you could eventually have

443
00:24:49,040 --> 00:24:53,040
Speaker 1: transparent pricing for that. But on the other hand, this

444
00:24:53,240 --> 00:24:56,160
Speaker 1: kind of reminds me of the conversation we had way

445
00:24:56,240 --> 00:24:59,400
Speaker 1: back in the day about the beanie Baby bubble, where

446
00:24:59,440 --> 00:25:03,440
Speaker 1: there was that catalog of market participants and they all

447
00:25:03,480 --> 00:25:06,720
Speaker 1: just kind of came up with prices that tended to

448
00:25:07,240 --> 00:25:09,840
Speaker 1: benefit them. And like, I don't mean to imply that

449
00:25:09,840 --> 00:25:13,120
Speaker 1: that's what stock X is doing, but in terms of collectibles,

450
00:25:13,640 --> 00:25:16,880
Speaker 1: you can see a parallel right right. The only differences

451
00:25:16,880 --> 00:25:20,200
Speaker 1: I would say is a sneakers actually have some value

452
00:25:20,640 --> 00:25:23,919
Speaker 1: because you can wear them, unlike a beanie baby. You

453
00:25:23,960 --> 00:25:28,040
Speaker 1: didn't wear your beanie babies. B Sneakers have been cool forever,

454
00:25:28,160 --> 00:25:30,239
Speaker 1: so they're clearly not a fad because people have been

455
00:25:30,240 --> 00:25:33,439
Speaker 1: wearing sneakers forever. And three, it's interesting so much of

456
00:25:33,480 --> 00:25:37,119
Speaker 1: the market dominated by Nike, which doesn't have you know,

457
00:25:37,280 --> 00:25:40,240
Speaker 1: which obviously is not just going to flood the market

458
00:25:40,320 --> 00:25:42,679
Speaker 1: one day and sort of destroy all interest, where so

459
00:25:42,760 --> 00:25:45,320
Speaker 1: you have like this stable brand behind it. But there

460
00:25:45,320 --> 00:25:49,399
Speaker 1: clearly are you know, potentially quite a few similarities between

461
00:25:49,440 --> 00:25:52,320
Speaker 1: sneakers and other collectibles that have gone crazy over time.

462
00:25:53,200 --> 00:25:55,600
Speaker 1: All right, shall we leave it at that for today

463
00:25:55,640 --> 00:25:59,800
Speaker 1: before I embarrass myself yet, kind you didn't embarrass yourself. No,

464
00:25:59,880 --> 00:26:02,399
Speaker 1: I can't believe I messed up that joke. All right,

465
00:26:03,680 --> 00:26:06,840
Speaker 1: let's let's go. I'm Tracy Alloway. You can follow me

466
00:26:07,000 --> 00:26:10,399
Speaker 1: on Twitter at Tracy Alloway, and I'm Joe wi Isn't all.

467
00:26:10,480 --> 00:26:13,080
Speaker 1: You can follow me on Twitter at the stalwart. Thanks

468
00:26:13,119 --> 00:26:13,600
Speaker 1: for listening,