Morgan Stanley and JPMorgan just validated your card collection. I don't say that to be cute. I mean it literally. ↓ Here's what they found (and why it matters) —— In 2024 and 2025, some of the most rigorous financial analysts in the world — hired to assess Kayou's multi-billion dollar Hong Kong IPO — built a formal investment thesis around why trading cards command the loyalty, time, and money of hundreds of millions of people. As a licensed attorney and MBA, I read research like this for fun. When I found this buried in Chinese financial media, I couldn't stop. Because what the analysts concluded — in the dry language of securities filings — is exactly what every card collector already knows in their bones. They identified four reasons this hobby doesn't plateau: → Something to collect → Something to do → Somewhere to belong → Something worth holding onto financially No other hobby delivers all four simultaneously. That's not opinion. That's a thesis backed by Morgan Stanley, JPMorgan, and CICC. —— The numbers hit different too. China had the world's largest card market in 2024 — $3.7 billion — while the average Chinese consumer spent just $2.63 per year on cards. The average active collector? $409. That gap between $2.63 and $409 is the entire growth story of this hobby. —— The MBA in me sees a structurally sound market in early adoption with enormous per-capita upside. The attorney in me sees a company — Kayou — that built 70 licensed IP relationships and a distribution network a competitor would need a decade to replicate. The collector in me just pulled a card last week and immediately turned to show the person next to me. All three of those things live comfortably in the same person. —— Full breakdown on tier4.club — link in the comments. If this resonates, repost it to someone who's never understood why you collect. 👇