My 10 observations after 3 days at The National... The hobby is growing fast. It’s literally bursting at the seams. Yes, the growth is pushing some people out—but for every person leaving, it feels like two more are ready to jump in. There is a LOT of new money entering the space. I heard countless elementary questions from people who simply want to participate. That can create risk, but it’s also a strong sign of continued interest. There is still real interest in GOATs—but momentum may be slowing. I had several conversations with collectors looking to liquidate their GOAT cards and move the money elsewhere. Is the top in for a while? Basketball was the talk of the show. Did Topps breathe new life into basketball cards? If so, I’m insanely bullish on football over the next 6–12 months. Baseball felt like a close second. Collectors are building card “portfolios.” The hobby feels more investment-driven than ever. Better marketplaces, democratized data and larger amounts of capital entering the space are accelerating that shift. There are still plenty of deals available. I’d argue there may be more opportunities than ever—you just have to lift a few more rocks. Who isn’t being discussed? Which inserts or SSPs are being overlooked? Which team is about to capture attention? There was plenty of MLB lockout talk, but very little concern about its effect on the hobby. Personally, I’m a little more worried than most. eBay Live is pushing hard. I spent time with their team, and they are clearly going all-in on live commerce. Is this their moment? I saw far fewer smaller content creators filming at The National—and at my last two local shows. Has the rise of the small hobby creator started to slow down? The grading slowdown is pushing 9s and 10s higher. Countless people told me they aren’t even considering grading again until next year. That should keep a lot of clean raw cards in the ecosystem—and create some strong opportunities over the next six months. Those were my biggest takeaways. What did I miss?