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Stop Using 'Last Sold' as Your Portfolio Value: A NAV Framework for Pokémon

  • Writer: Kathryn Frese
    Kathryn Frese
  • May 25
  • 2 min read

If you're valuing your collection off a single 'last sold' comp, you're not tracking portfolio value — you're tracking a highlight reel. Operators track NAV because it answers the only question that matters: what is this portfolio worth after friction, and how fast can I turn it into cash?

Track Three Numbers

  • Gross NAV: what it's worth in a perfect world (comp value × quantity)

  • Net NAV: what it's worth after liquidation costs (fees, shipping, returns)

  • Conservative NAV: what it's worth after a liquidity haircut — the only operator-safe number

Gross NAV is useful. Conservative NAV is actionable. Never confuse the two.

Simple Haircut Rules

  • Tier A (high liquidity, tight comps): 5–10% haircut

  • Tier B (moderate liquidity, wider spreads): 10–20% haircut

  • Tier C (thin market, few comps): 20–35% haircut

You don't need perfect math. You need consistent rules. Tier everything and apply the haircut. The goal is honesty, not precision.

Monthly Close Checklist

  • Update comps — use ranges, not outliers, and validate within the last 7 days

  • Apply fees + shipping + expected return cost to get Net NAV

  • Apply tier-based haircut to get Conservative NAV

  • Review concentration (% of portfolio in top 10 positions)

  • Review liquidity coverage (what can you convert in 7/30/90 days?)

  • Generate action list: what to sell, grade, or hold

The One Number That Changes How You Operate

Conservative NAV vs. cost basis. That's your sleep-at-night number. If Conservative NAV is below your cost basis, you're underwater regardless of what the gross comps show.

If you run this monthly, you'll never be surprised by your own portfolio.

For the full framework — worksheet tables, NAV delta tracking, and a repeatable monthly close process — read the white paper: 'NAV for Pokémon Portfolios: Mark-to-Market Without Lying to Yourself.'

Follow BlueVioletPoke LLC for the data-first approach to Pokémon TCG investing. bluevioletpoke.com

Disclaimer: This content is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Pokémon card values are subject to market fluctuations. BlueVioletPoke LLC makes no guarantees regarding investment outcomes. Always conduct your own research before making purchasing decisions.

 
 
 

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