Why Pokémon cards are growing faster than your retirement account

Summary

Podcast Summary

Podcast: The Indicator from Planet Money
Episode: Why Pokémon cards are growing faster than your retirement account
Date: April 1, 2026
Hosts: Darian Woods, Ricky Mulvey

---

Overview

In this episode, Darian Woods and Ricky Mulvey dive into the surging speculative market for Pokémon cards, which has seen astronomical returns—outpacing traditional investments like stocks and gold. They examine why Pokémon cards are booming, what drives value in the market, the risks involved, and what this collectible craze says about broader generational attitudes towards money and investing.

---

Key Discussion Points & Insights

1. Pokémon Cards as a New Asset Class

• Speculative Boom: Pokémon cards are no longer just nostalgic collectibles—they're being treated as investments, similar to stocks or precious metals.
  • “Pokemon cards have become sort of an asset class. In other words, something you can invest in like a stock or a precious metal.” — Darian Woods [00:31]
• Recent Market Surge: An index of rare Pokémon cards is up ~170% over the last year.
  • “Card Ladder tracks the sales data of cards and it says that an index of thousands of rare Pokemon cards is, is up about 170%. That's over the last year alone.” — Ricky Mulvey [00:16]

2. Condition and Grading—Value Hinges on Perfection

• Grading System: Cards are graded 1–10 by professional sports authenticators (PSA), with even slight imperfections resulting in big value gaps.
  • “Perfection is worth significantly more than almost perfect. Quality matters.” — Darian Woods [02:21]
  • “The quality difference between a 9 and a 10 can be minuscule.” — Darian Woods [02:40]
• Premiums for ‘10s’: Example given of a Pikachu Van Gogh card (~$800 for a PSA 9, $2,500 for a PSA 10).
  • “A perfect 10 of this grey felt hat Pikachu will cost you close to $2,500.” — Darian Woods [03:13]

3. Media Hype Fuels the Frenzy

• High-profile personalities like Logan Paul selling rare cards for millions stoke further speculation.
  • “Chris is referencing Logan Paul, the WWE superstar and YouTuber who recently sold a rare Pikachu card for $16 million. This is the media hype.” — Darian Woods [04:03]

4. Little to Do with Card Game Play

• Most buyers aren’t playing the Pokémon trading card game; they’re speculating or collecting.
  • “It's probably like 5% of the people that buy the boxes is for the purpose of, you know, building the set and playing the game.” — Joshua Johnson, Card Ladder [04:59]

5. Vintage vs Modern Cards—Scarcity and Supply

• Early (vintage) cards are few in high grades due to being played and handled, increasing their value.
  • “So now these vintage cards have a more limited supply, especially at the higher grades.” — Ricky Mulvey [05:31]
• Modern cards are graded and preserved immediately, leading to concerns of oversupply and a possible bubble.
  • “Joshua worries a mix of increased supply and rising prices could mean that some modern cards are in a bubble.” — Ricky Mulvey [06:00]
  • “If there's any sort of loss of confidence, like it's going to just come crashing down because there's just so much supply.” — Joshua Johnson [06:17]

6. The Greater Fool Theory and Bubble Risks

• Speculators are banking on selling to someone else at a higher price, a risky game if demand slows.
  • “Some speculators may be buying Pokemon cards … because they think a greater fool will come along and spend more than them. When that buyer doesn't come along, though, the price crashes.” — Darian Woods [06:29]

7. Accessibility and Social Impacts

• Rising prices make it harder for everyday collectors, especially kids and enthusiasts on a budget.
  • “I usually just bring 20 bucks with me and I try to trade cards. Or once I'm out of that $20, I'm usually just walking around kind of looking.” — Peyton Daigle [07:23]
  • “I would say especially making cards that I want go much higher than I can afford.” — Peyton Daigle [07:37]

8. Generational Cynicism and Financial Nihilism

• Some younger buyers are drawn to collectibles by skepticism about traditional markets and opportunities.
  • “You know, older generations have all the real estate, they have that on lockdown. … The younger person kind of feels like I'm just sort of like, hoping I make enough money to survive in an apartment.” — Joshua Johnson [07:52]
• Less regulation in the trading card market increases susceptibility to manipulation.
  • “A trading card is not a security like a stock, and so there's less protection from manipulation. There's not a Pokemon securities and Exchange Commission.” — Darian Woods [08:06]

9. Collector Community & Nostalgia—It’s Not All About The Money

• Many true fans and collectors still drive the market, motivated by love for Pokémon and the thrill of exchanging cards.
  • “Oh, yeah, I'm very happy. I'm only going to sell one of them. The other one's gonna go to my sister. And the other two ... they're going to a friend of mine that loves collecting Mewtwo.” — Ricardo Morales [08:48]
  • “What I like about vending is it gives me the opportunity to, you know, connect with people. And I also able to buy cards that I want a little cheaper price.” — Ricardo Morales [09:01]
• The sense of community and nostalgia remains a backbone of the hobby.

---

Notable Quotes & Memorable Moments

• "They could have been the alternative future of Ricky Mulvey living large from his Pokemon collection." — Darian Woods [01:30]
• "Don't go broke over it." — Peyton Daigle [04:24]
• "Trading card markets can be manipulated, too. It just takes a few buyers to drive up the price of specific cards." — Darian Woods [08:06]
• "It's the people like Ricardo that are really backing this Pokemon boom with their love for its characters and the nostalgia." — Darian Woods [09:16]

---

Timestamps for Key Segments

• [00:16] Market surge: Pokémon cards up 170%
• [02:21] Why grading and perfection matter
• [03:13] Price gaps between high-grades—Pikachu Van Gogh example
• [04:03] Media hype: Logan Paul’s $16M Pikachu card
• [04:59] Only 5% of buyers play the game (Joshua Johnson)
• [05:31] Vintage versus modern supply dynamics
• [06:29] Explanation of the greater fool theory
• [07:23] Collecting on a budget—Peyton Daigle’s experience
• [07:52] Generational economic skepticism (Joshua Johnson)
• [08:48] The collector’s perspective—Ricardo Morales

---

Conclusion

Pokémon cards have exploded as a speculative asset, rivaling and even outpacing traditional investments, fueled by perfection-chasing, celebrity hype, and a persistent belief in potential gains. Yet, the market is rife with risks—a potential bubble, lack of oversight, and rising barriers for average collectors. Underpinning it all is a sense of nostalgia and community, keeping the original spirit of collecting alive even amid a speculative frenzy.

Transcript

[Peyton Daigle]

Npr.

[Darian Woods]

This is the indicator from Planet Money. I'm Darian woods and Ricky Mulvey.

[Ricky Mulvey]

Yep. I'm here to talk about Pokemon cards. It's one of the hottest speculative booms right now. Card Ladder tracks the sales data of cards and it says that an index of thousands of rare Pokemon cards is, is up about 170%. That's over the last year alone.

[Darian Woods]

Pokemon cards have become sort of an asset class. In other words, something you can invest in like a stock or a precious metal. Fans have always loved the characters and collected the cards, sometimes paying big bucks. But now speculators aren't buying and selling because they love the characters. They're chasing rapid price appreciation and media hype.

[Ricky Mulvey]

And the values of many rare Pokemon cards have held up, at least for now. At the same time, gold and the broader stock market have declined over the past couple months.

[Darian Woods]

Still, parts of this market are walking and cracking like a bubble.

[Ricky Mulvey]

So we went to the Denver Card show to meet the visitors and vendors, those selling into the boom.

[Peyton Daigle]

I'm trying to get around 475 for it right now.

[Darian Woods]

And those buying, I mean, it's going

[Peyton Daigle]

to hold its value later on and

[Ricky Mulvey]

ask why you or your parents throw threw out those old Pokemon cards.

[Darian Woods]

I used to have a bunch. I don't know where they are now.

[Ricky Mulvey]

Neither do I. And you know, Darian, they could have been worth thousands of dollars.

[Darian Woods]

They could have been the alternative future of Ricky Mulvey living large from his Pokemon collection.

[Ricky Mulvey]

We'll give you three things to know about this market right after the break.

[Capella University Announcer]

This message comes from Capella University. You know that feeling when there's a spark building inside you that you were meant for more? That's your own drive pushing you towards what's next. Capella University gets that with their Flexpath learning format, you can set the pace and earn your degree without putting life on pause. You've built experience and know what you're capable of. Now this is your time to turn that momentum into more. The only real question is what can't you do? Learn [e-mail] the first thing to understand

[Darian Woods]

about the Pokemon card boom is that perfection is worth significantly more than almost perfect. Quality matters.

[Ricky Mulvey]

Collectors will send their cards to professional sports authenticators, or PSA, and have them graded on a scale of 1 to 10, with 10 being a flawless grade.

[Darian Woods]

And the quality difference between a 9 and a 10 can be minuscule.

[Joshua Johnson]

It may just be like a white dot on the corner of the back of the card.

[Ricky Mulvey]

That's Joshua Johnson, the Co founder of Card Ladder. He tracks the prices of collectibles.

[Joshua Johnson]

They just want to, like, buy the tens, you know, like a 9 is obviously has a flaw. I don't want to even have to think about that. I'll just buy the 10.

[Darian Woods]

Let's say you want to buy a Pikachu with a gray felt hat. This is a card that Pokemon made in collaboration with the Van Gogh Museum.

[Ricky Mulvey]

It really looks like Van Gogh painted Pikachu. And Pikachu looks pretty spiffy in his gray felt hat.

[Darian Woods]

Yeah. In a starry night. And you will pay a lot for that Privilege. It's about 800 bucks when it's graded at a 9. But a perfect 10 of this grey felt hat Pikachu will cost you close to $2,500.

[Ricky Mulvey]

We met Chris Gonzalez at the Denver card show. He says he's a collector and he just spent $1,750 cash for a Mega Charizard. It was graded at a flawless PSA 10. Chris said he likes the art.

[Peyton Daigle]

And this being graded card, I mean, it's going to hold its value later on. I mean, I've seen like, you've seen a bunch of YouTubers going viral with selling their million dollar cards. I mean, not trying to get that, but I mean, it's cool. I like it. And I'd rather buy now because some of these cards later on, they're not affordable later.

[Darian Woods]

Chris is referencing Logan Paul, the WWE superstar and YouTuber who recently sold a rare Pikachu card for $16 million. This is the media hype.

[Ricky Mulvey]

Chris says he's holding onto the card for a while and enjoying it. But he recognizes there is a risk in holding onto Pokemon cards. If you think of it as an

[Peyton Daigle]

investment, I enjoy the card. I'm comfortable paying that much. I mean, don't go broke over it.

[Darian Woods]

So far, Chris has been right about his card. We met him a few weeks ago. His Mega Charizard is now selling on eBay for $1,000 more than the price he paid.

[Ricky Mulvey]

Darian. This feels like rapid price appreciation.

[Darian Woods]

It's growing faster than my retirement account, I can tell you that. And the second thing to know about this boom is that it's not tied to a functional purpose. Pokemon cards are used for a trading card game. Joshua with Card Ladder says that's not what's happening now.

[Joshua Johnson]

It's probably like 5% of the people that buy the boxes is for the purpose of, you know, building the set and playing the game. I would guess it's some ridiculously low

[Ricky Mulvey]

number Collectors are excited about the characters, the art, and for some of them, the belief that these cards might grow in value.

[Darian Woods]

The third thing to know about this market is the split between vintage and modern cards. When Pokemon cards first came out three decades ago, most collectors didn't view them as something that could hold value for years to come.

[Ricky Mulvey]

That's why your mom threw them out.

[Darian Woods]

I'm not going to blame her. I don't know if she did. It might have been me.

[Ricky Mulvey]

Maybe not your mom, Darian, but some moms. So now these vintage cards have a more limited supply, especially at the higher grades. Many of the collectors played with Pokemon cards or traded them on playgrounds.

[Darian Woods]

And other vintage collectibles have maintained their value over longer periods of time. The comic book with Spider Man's first appearance has returned about 11% per year since 2009, and that was only graded at a 4, which means the book could have some scratches.

[Ricky Mulvey]

But the modern cards are already viewed as a collectible, so more of these cards are being pampered. Granted, graded than sold on ebay right after they come out of a pack. Joshua worries a mix of increased supply and rising prices could mean that some modern cards are in a bubble.

[Joshua Johnson]

It just requires, like, a lot of the same people continuing to buy the same stuff over and over at these prices. And if there's any sort of loss of confidence, like it's going to just come crashing down because there's just so much supply.

[Darian Woods]

What Joshua is describing is an economic concept called the greater fool theory. Some speculators may be buying Pokemon cards not just because they love, love the art or the character, or even that they think it should be valued at what the price is, but because they think a greater fool will come along and spend more than them. When that buyer doesn't come along, though, the price crashes.

[Ricky Mulvey]

So some collectors are worried about a bubble, but the gamble is still drawing speculators in. Opening packs of Pokemon cards generally has a worse payback than buying scratch off lottery tickets. But sometimes you hit a winner. The chance of hitting it big is why new boxes of Pokemon cards fly off shelves and often sell for more than their retail price on secondary markets. It's contributed to a speculative boom that has made collecting more difficult for Pokemon fans with a smaller budget, like Peyton Daigle. Back at the card show.

[Peyton Daigle]

I usually just bring 20 bucks with me and I try to trade cards. Or once I'm out of that $20, I'm usually just walking around kind of looking.

[Ricky Mulvey]

Peyton says this Pokemon boom has made it more difficult for him to collect Dragonite, his favorite Pokemon.

[Peyton Daigle]

Yeah, I would say especially making cards that I want go much higher than I can afford.

[Ricky Mulvey]

Joshua Johnson believes this booming market reflects how the younger generation doesn't believe the economy is working for them and thinks that maybe this will.

[Joshua Johnson]

You know, older generations have all the real estate, they have that on lockdown. You know, the stock market is kind of. It seems like it's a bit manipulated based on, like, politics. And so the younger person kind of feels like I'm just sort of like, hoping I make enough money to survive in an apartment, you know?

[Darian Woods]

But trading card markets can be manipulated, too. It just takes a few buyers to drive up the price of specific cards. And a trading card is not a security like a stock, and so there's less protection from manipulation. There's not a Pokemon securities and Exchange Commission.

[Joshua Johnson]

Sports cards are manipulated all the time.

[Darian Woods]

Joshua is still bullish on Pokemon as a whole. Even though he sees pockets of bubbles. He believes that people will continue to buy cards tied to a strong franchise and that an amount of financial nihilism amongst the younger generation makes the asset appealing.

[Ricky Mulvey]

Trading Pokemon cards isn't just about the potential gains, though. We caught up with Ricardo Morales after he purchased four cards at his booth.

[Ricardo Morales]

Oh, yeah, I'm very happy. I'm only going to sell one of them. The other one's gonna go to my sister. And the other two that I got, the two Mewtwos, they're going to a friend of mine that loves collecting Mewtwo, so.

[Ricky Mulvey]

Oh, so you're not here just as a vendor, you're here as a collector as well?

[Ricardo Morales]

Yes, exactly. Yeah. I love collecting, bro. I've been collecting for forever. And what I like about vending is it gives me the opportunity to, you know, connect with people. And I also, you know, able to buy cars that I want a little cheaper price.

[Darian Woods]

It's the people like Ricardo that are really backing this Pokemon boom with their love for its characters and the nostalgia for those speculators. Though there's always the chance that the next pack of cards you open could be worth thousands of dollars, minus the tax you owe, of course.

[Ricky Mulvey]

This episode was produced by Corey Bridges with engineering from Sina Lofredo. It was fact checked by Sierra Juarez. Kate Concannon is the editor of the show. The Indicator is a production of npr.