Josh Luber

Like I just, it was clear that that industry was going to be something more. Pandemic happens. Everything, you know, obviously, you know, changes. And during that time, I just started having conversations with everyone else in the trading card industry. And I left, partnered not with Michael Rubin, but with another organization who were going to fund me to go after the licenses for trading cards.

Like I just, it was clear that that industry was going to be something more. Pandemic happens. Everything, you know, obviously, you know, changes. And during that time, I just started having conversations with everyone else in the trading card industry. And I left, partnered not with Michael Rubin, but with another organization who were going to fund me to go after the licenses for trading cards.

I just thought that was where the opportunity was. We spent about, I left in September of 2020. We spent two months together. And this group said, you know what? Michael Rubin's probably a better partner than we are. He's been asking about trading cards. Maybe you should meet with him. And we met right before Thanksgiving of 20. And I sat down. I told him what I thought this thing could be.

I just thought that was where the opportunity was. We spent about, I left in September of 2020. We spent two months together. And this group said, you know what? Michael Rubin's probably a better partner than we are. He's been asking about trading cards. Maybe you should meet with him. And we met right before Thanksgiving of 20. And I sat down. I told him what I thought this thing could be.

And he's like, I can get the licenses. Let's go. And we spent all 2021 going after licenses. It was extremely organic. There was never any plans to end up on the other side of that. I mean, at the end of 21, after we got our licenses, we did a round that valued the company at $10 billion. And I was the only employee of the company. There was no company. It was me, all the licenses, right?

And he's like, I can get the licenses. Let's go. And we spent all 2021 going after licenses. It was extremely organic. There was never any plans to end up on the other side of that. I mean, at the end of 21, after we got our licenses, we did a round that valued the company at $10 billion. And I was the only employee of the company. There was no company. It was me, all the licenses, right?

And then we had to go and run it. I was like, holy crap.

And then we had to go and run it. I was like, holy crap.

It's so much more fun. The more pain is sitting in like budget meetings and trying to.

It's so much more fun. The more pain is sitting in like budget meetings and trying to.

Yeah. And look, big companies have to be run a certain way. And I get that. But, you know, it doesn't mean that I need to be the ones doing it. What was great, and it's crazy, you look back on the serendipity and the similarities between working with two different billionaire MBA owners, Dan Gilbert and Michael Rubin, and being at the center of these two industries, which is very fortunate for me.

Yeah. And look, big companies have to be run a certain way. And I get that. But, you know, it doesn't mean that I need to be the ones doing it. What was great, and it's crazy, you look back on the serendipity and the similarities between working with two different billionaire MBA owners, Dan Gilbert and Michael Rubin, and being at the center of these two industries, which is very fortunate for me.

But what Rubin understood when we started was that I'm an entrepreneur, and if that business got as big as we thought it might be, then... He didn't need me running it. I didn't want to be running it. And so we were we were 100% on the same page. So once we acquired Topps and ingested their 800 people and we hired some other people, including a CEO, he and I were on the same page.

But what Rubin understood when we started was that I'm an entrepreneur, and if that business got as big as we thought it might be, then... He didn't need me running it. I didn't want to be running it. And so we were we were 100% on the same page. So once we acquired Topps and ingested their 800 people and we hired some other people, including a CEO, he and I were on the same page.

He's like, Yeah, if you want to leave, great. And and so I, I planned the whole time. And so like October of 2022, I left specifically to make Ghost Right because it was the same idea. At StockX, at Fanatics Collectibles, the through line of all this is what we call market-based pricing.

He's like, Yeah, if you want to leave, great. And and so I, I planned the whole time. And so like October of 2022, I left specifically to make Ghost Right because it was the same idea. At StockX, at Fanatics Collectibles, the through line of all this is what we call market-based pricing.

The idea that these are all products that aren't arbitrary retail price, but they're products that are driven by supply and demand, by the community, by resellers, by collectors, right? The market sets the price for these products. They're products that are equal parts consumer good and financial asset. But all the sort of big, crazy ideas that you might be able to do with that concept

The idea that these are all products that aren't arbitrary retail price, but they're products that are driven by supply and demand, by the community, by resellers, by collectors, right? The market sets the price for these products. They're products that are equal parts consumer good and financial asset. But all the sort of big, crazy ideas that you might be able to do with that concept

Sort of gets stymied when you have to deal with the biggest companies in the world. Sneakers, you have Nike and Adidas and Foot Locker. Trading cards, you have the NBA and NFL and Fanatics. So trading cards, excuse me, collectible toys were this like Goldilocks industry where it was big enough to matter. It was big enough to work with all the most important brands and artists and companies, right?

Sort of gets stymied when you have to deal with the biggest companies in the world. Sneakers, you have Nike and Adidas and Foot Locker. Trading cards, you have the NBA and NFL and Fanatics. So trading cards, excuse me, collectible toys were this like Goldilocks industry where it was big enough to matter. It was big enough to work with all the most important brands and artists and companies, right?