I've posited elsewhere that I have become something of a “techno curmudgeon” — that is someone who has serious reservations about technology, and therefore has adopted older technology. And yes, that is one possible connection between Fountain Pens and Wristwatches, but there is something else that I feel connects them, and other things that I am interested in.

So, I am not certain if this will be a series of posts or not, but sometimes I think there are things that are connected in non-obvious ways. And, hopefully those connections are worthwhile examining.

Necessities Turned Luxuries

While it is quite a niche item these days, when people think of Fountain Pens, they most likely think of Montblanc. Maybe Pelikan, or possibly Conway Stewart. Wristwatches are a little less niche, but most people are still likely to think of luxury brands: Rolex, Omega, Patek Philippe, possibly Audemars Piguet or Cartier.

But there was a time when these items weren't luxuries, and it wasn't all that long ago. That's what I want to talk about just a bit.

When Fountain Pens Were Essential

Fountain pens were pretty essential items up to around the invention of the ballpoint pen. Brands like Waterman, Parker, and Conklin were some of the most recognized in the world. These weren't the luxury items they would become.

The invention of the ballpoint pen can be traced back to John Loud's 1888 patent. However, the initial design for a ballpoint pen were not commercially successful. The primary idea was that a ball-and-socket would be used to deliver ink to a surface. Loud's primary motivation for this design was to be able to write on rough surfaces that a fountain pen was not capable of handling. However, the design proved too rough to use on paper, and so it wasn't a viable product.

It wouldn't be until Laszlo Biro and his brother Gyrogy were able to perfect the formulation of ink, and make it work with the ball-and-socket mechanism for the modern ballpoint pen to be invented. This was in 1943, which, of course was during World War II. It wasn't until after the war that these pens started to proliferate.

Prior to the invention of the Biro (and later Cristal) pen, fountain pens were the primary writing tool.

When Watches Were Essential

The history of mechanical wristwatches is a little more complicated. It wasn't until the 17th century that the hairspring was invented, which led to the creation of reasonably accurate timekeeping devices in the 18th century. However, aside from some particular uses, the modern wristwatch really didn't become a common item until the 20th century. What about the 19th century? Men mostly carried pocket (or fob) watches, which wristwatches were for women.

However, in the 1970 there was a new type of wristwatch: the quartz wristwatch. First brought to market by Seiko on January 31st, 1969 with the Astron, quartz wristwatches quickly started eroding the mechanical watch market. And about a decade later, quartz digital watches would become a new, futuristic force in wristwatches. This disruption to the market forced many mechanical watchmakers out of business, while those that survived found themselves moving into the luxury category.

Brands like Seiko, Citizen, Casio, Timex and Armitron became some of the biggest names in watches during this period in the United States. And they still are today, although the invention of cellphones and smartwatches has largely supplanted both the mechanical and quartz watch industries.

However, the interesting side to this is quartz and digital watches have not completely moved into the luxury market segment the way mechanical watches have. Many of the brands known for their quartz watches offer a range of items from everyday watches, all the way to luxury watches.

Conclusion

I think it's interesting that the items that were at one time essential, but now are seen as either obsolete or luxury items have been making something of a comeback. Don't get me know, I have no illusion that they will ever return to the prominence they had during the 18th-20th centuries. But, it seems as time and technology marches along in the 21st century there are more people looking back to the past technology, and picking up on the items that were essential and embracing them again.

Categories: #Essays Tags: #watches, #wristwatches, #FountainPens, #technology, #time License: Copyright Unattributed. Licensed under Creative Commons BY-NC-SA 4.0.

The concept of birth year collecting has fascinated me in the last year or two. The idea of seeking out objects that were produced in the year you were born has an appeal. And yet, I cannot, for the life of me quite wrap my head around the concept.

So, think of it this way… You are looking at objects that you very likely had no knowledge or recognition of when (and even if) you were around them. When you were born, your brain didn't have object permanence. In fact, you likely didn't fully develop object permanence until you were 18–24 months old.

So, why are we fascinated with items that we likely didn't have complete recognition of until we were nearly two years old? The only answer that comes to mind (or more of a thought, really) is that we have some fascination of finding objects that are now symbols of the world we were born into. Objects that our parents likely interacted with on a regular basis around that time.

But even that as an answer isn't completely satisfactory. Why? Simply because we will likely search out objects that simply weren't all that common in the year of our birth.

Take fountain pens as an example. I was born in the mid-1960s. Around the year of my birth the world had largely moved away from fountain pens. Ballpoint pens had become the new norm. So, if I were specifically looking for a writing instrument my parents were using around this time it would have been a ballpoint pen, and not a fountain pen. (Indeed, neither of my parents ever suggested anything about having a preference for fountain pens over ballpoint pens.)

Yet part of my interest has been in Parker fountain pens (as indicated by my interest in Parker 51 Vacumatic clones). Yet, if I were to be honest with myself, my parents would have been likelier to use a Parker Jotter ballpoint pen. And, indeed, there were quite a few Parker Jotter style pens in my house growing up. (Although, there was also another very specific / special ballpoint pen that was extremely common in my house.)

Now, if I were to look at stereo components from this time period... Well, honestly, component stereo systems weren't super common around this time period. (Yes, they were gaining in popularity, and thus weren't uncommon, but hear me out here.) The thing was, the average, non-audiophile would have been more likely to have a Hi-Fi or Stereo console during this time. And, in the case of my family, I know it would be more appropriate to find a console from this time – because they had one.

I don't recall the exact model, or even the brand. However, I know that around the time I was born it broke, and ended up in storage in our attic. And there it sat until I was 6–7 years old and pestered my parents into getting it fixed so I could use it (yes, I was really into music at an early age). That is a story worth telling on it's own at some point.

Another thing that I've looked into birth year collecting is watches. Or, at least, getting a single watch from my birth year. But, while I know my father had a wristwatch, I don't recall what it looked like (and I can't find any good pictures of him wearing it). And, while I've looked at watches from that time period, I am extremely leery of getting one. Why? During that time period manual-wind watches were the most common, followed by self-winding models. And the fact is, many watch manufacturers were making their own movements. Movements that aren't produced today, and don't have parts available to repair them. The fact is, you can buy a watch from this time period for a few hundred dollars, but end up spending thousands to get reproduction parts made to get it working. Not something that I want into invest in.

So, of all the things birth-year related, the one that I am likely to get is: a typewriter. A typewriter? Yes, I've been looking at getting into typewriters for a while now. I don't want to build some big collection of them. But one two, a manual and an electric, would be kind of cool to have in a nerdy historic way, in my opinion. And, in fact, I know that we had a couple of typewriters in the house when I was growing up. There is even one in my attic now I think: an old Underwood inherited from my grandparents that I used to write my first story ever (as bad as it was – lol).

So, I just don't know why people get into birth year collecting. Knowing what I know from doing a bit of research on all these items, it just seems like more of a nuisance than it rewards. The biggest problem is actually identifying objects that were specifically produced in the year that you want. And, even if you can find something, it might not be in good shape and need to be restored. Restoration can be extremely expensive if you pay an expert to do it. Or, it can be a real time-sink if you decide to undertake it yourself.

Maybe it's just better to get a modern reproduction instead.

Categories: #Collecting Tags: #fountainpens, #wristwatches, #watches, #stereo, #hifi, #typewriters License: Copyright Unattributed. Licensed under Creative Commons BY-NC-SA 4.0.

In Rejecting the Luxury of Hobbies I talked about the “investor” types of people. The people that seem to feel that participating in a hobby based around collecting should not affect their bottom line. Well, here we are, just a couple of days later, and one of these “collectors” just showed up in my YouTube with his latest video: Affordable Watches Lose You Money. Here's Why.

It didn't take long for me to understand the premise he was going with. He starts off talking about a Citizen Tsuyosa, a Seiko 5 SRPD55, and a Hamilton Khaki Field Mechanical he purchased secondhand for approximately half of the price the original owners paid for them. He goes on to claim that losing money on resale of a watch is the “cost of ownership”. (Not really, it's something different, as I'll talk about in a minute.) And he states that it happens to all classes of watches, but it “hurts more” for “affordable” watches.

Why does this happen? He claims that it's because of branding. Most brands like Seiko, Citizen and Hamilton haven't built up the “awareness” of Rolex and Omega. Add to that the challenge to Seiko, Citizen, Hamilton, etc. from micro brands that offer better products at the same price points. But the micro brands have the same issue: brand recognition.

What are the solutions? Well, the first is to always by second hand and avoid the loss. The other is to only buy what you like, and will not want to sell.

Well no sh*t Sherlock.

But, he has fundamentally misrepresented the underpinnings of how markets actually work in capitalism. In the fair market there is the concept of depreciation (borrowed from Wikipedia):

In accountancy, depreciation is an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears.

For many things we purchase the depreciation occurs the moment the item is taken out of its box and any wrapping removed. Why? Because it is no longer a new item, it is now a used item. And, once an item is deemed as used it cannot be sold as a new item, and therefore must be sold on the secondary market.

This concept of depreciation happens with nearly all the “things” we purchase: cars, computers, cell phones, bicycles, and many other items. They are seen as assets, and assets have a value that decreases over time. (The rare exception to this being realty, in which there are other market forces at play which can affect the value of the asset.)

The secondary market is typically made up of several groups of people:

• The main portion of the market is people who are deal hunters. They are looking to take advantage of the depreciation of the items that are being sold.
• There is a smaller portion of the secondary market that are collectors. These are people that are more interested in the items on offer for their significance. These items hold significant personal, non-monetary value, that is completely separate from the financial operation of the market.
  
• The final people are the investors. They are specifically focused on attaining items that have a perceived value that overrides its depreciation. This is where Rolex, Breguet, F. P. Journe, and other luxury brands fit into the market.

Looking at any item you want to collect as an investment is tremendously stupid. While it may be apparent that you can make money by investing in a Rolex, even that is at the whim of the secondary market. The specific reference you have “invested” in may fall out of favor with the market. There are no guarantees. Looking at any item that is “collectible” as an investment is no better than putting your money in the stock market. And, with the stock market, you have a better chance at getting a return on your investment if you work with an advisor.

So, the video is correct: buy what you like and will keep. Buy on the secondary market to get a deal. Or, buy the items that hold significant, non-monetary, value to you. But most importantly: don't look at purchasing any asset as an investment. And, all collectibles are assets that depreciate over time.

This is why I get annoyed with these “influencers”. Instead of explaining the facts of how markets and depreciation work we get a song and dance about “brand recognition”. That basic marketing junk that really doesn't mean anything to the market. The market is going to do what it does, regardless of the name on the dial. If there is no other lesson to be learned from the Wall Street Bets Subreddit, it is: markets are not rational, and cannot be relied on to act consistently or rationally.

Categories: #Collecting Tags: #watches, #markets, #depreciation, #value, #assets, #new, #used, #secondary, #market, #fair License: Copyright Unattributed. Licensed under Creative Commons BY-NC-SA 4.0.

“What are hobbies about?” is a question I started asking myself when I was watching YouTube videos about watches and fountain pens. The answer to that question showed that I have a fundamentally different view of hobbies than others. Worse, the things that I think of as hobbies aren't hobbies to a lot of people.

There are, at least three kinds of people that are interested in the areas that I consider to be hobbies. At least three kind of people that have a different type of interest than I have in the areas. I've been trying to come up with a way to define these people, and I think I have them down now.

Luxurians

The people I call “Luxurians” aren't interested in these hobbies because of genuine interest in the subject. They might learn about the subject, but that's a side effect of feeling that they need to feign interest to others.

Luxurians are the people that buy into these hobbies not from genuine interest. They buy into them because they have the money to blow. They are more interested in the brand, and the marketing over the quality of the product.

But, the top reason they buy into these hobbies is that they can spend a lot of money. The Luxurians are the “flexers” of the internet. They are buying symbols of their status, and couldn't really care about anything else.

The Investors

This is a peculiar breed of hobbyist, and they are infecting a lot of hobbies, from watches and fountain pens, to LEGO, Pokémon trading cards, and anything Disney.

The Investors are the people that study the resale markets. They are looking for something to “invest” in. Many times it doesn't matter what it is, they will chase the trends of whatever market is the “hottest”. They are collecting items they believe will appreciate in value, and thus bring them a payday when they sell the stuff they've horded.

The Chasers

This is an interesting intersection of the Luxurians and The Investors. They are the people that are just interested in whatever is the trendiest at the moment. If they can buy something that will appreciate in value that is the best for them.

Depending on the hobby this might be acquiring the latest and greatest item on the market, the item that the majority of people will not be able to get their hands on. Whether this is due to outrageously inflated prices, or because of genuine scarcity is inconsequential. However, as soon as the novelty of the item wears off, it will quickly be replaced with something else.

Why Do I Bring This Up?

There is, I feel, a massive level of distortion around hobbies in social media. That distortion comes from the types of people I listed above. There are a lot of them making content, and it's important to identify them in order to not kill your joy for your chosen hobbies.

Let me provide an example of how these types of people almost killed my joy for one of my hobbies: wristwatches.

Watching various “influencer” types, you encounter some extreme bias towards certain brands, like Rolex and Audemars Piguet, Tissot and several others. It was effective, I found myself wanting a Royal Oak, a PRX, and other high-end watches. (One I had my eyes on was over $100,000.)

And it was making me miserable. Then I realized some things about these “influencers”. They tended to have more involvement in the secondary market, and sometimes in the primary market for watches than they tended to disclose.

For example, one of them had an online shop for watches, and managed to turn that into their own boutique. Another one was a dealer who only presented watches he carried in his store. Several influencers started their own watch brands. And, even ones that didn't have a direct conflict would occasionally mention they had sold, or had listed watches for sale they had recently done videos on.

And there were two more things I noticed: (1) All of these types of people would dismiss the majority of watches that were quartz, solar, etc. (with the exception being Casio watches—but typically only specific models). (2) they had a focus on Swiss mechanical watches, and frequently dismissed watches from other regions.

Their reasoning? Well, they wanted to present watches that had “real” heritage. Watches that would mean “mean” something in the years to come. Yada-yada-yada.

In other words: they were full of Public Relations and Marketing terminology. That's when it clicked, I wasn't being informed by reputable and knowledgeable people. These were people that were using their knowledge to shape a narrative to promote a product, or influence a market.

So What Do You Do About It?

The answer to this comes in two fairly simple parts:

• Learn to identify people that have some type of self-interest in the hobby. Sometimes this is difficult, but sometimes they are transparent about it. Basically, be skeptical of anyone in a hobby until they prove themselves.
• Always remember the reasons you became interested in a hobby. Stick to your guns, and dismiss influencers that don't share your values or interests.

For example, I tend to stay away from most of the wristwatch “influencers” these days. There is one that I will still watch because his values are pretty transparent:

1. He purchases most of the watches himself.
2. He resells a lot of watches he reviews. (He's very up front about this.)
3. When he receives units for review, he often doesn't just say they provided it, he frequently summarizes the communication he had with the company (a few times he's even shown the email exchanges he had with the company).
4. He doesn't have a bias towards certain brands or regions. He's open to watches at all price brackets, and all regions.
5. He doesn't have a bias towards specific movements.
6. Expensive watches are frequently borrowed from a friend.
7. He independently tests the claims of various companies. (He's acquired his own equipment and shows his tests.)

So, how does he make money doing this? He understands the game. He has multiple income sources: advertising, channel memberships, Patreon, and a community app that offers a subscription level, and occasional “sponsored” reviews (those are typically the watches sent to him for review, which he is allowed to resell).

And the big thing I've learned from him: don't always take his comments as gospel. In one case, he couldn't recommend a watch because it didn't sit well on his wrist, even after resizing the bracelet. But, here's the thing: his wrist is 2.5 inches smaller in diameter than mine. The same watch fits me well with some adjustment. His other issues were minor aesthetic things that he didn't like, I didn't have an issue with those points. So, a watch that he couldn't recommend is one of my most frequently worn watches, and it brings me joy to wear it. (And no, it's not the one in the photo, but I enjoy that one too.)

And that's the bottom line: learn and remember the things that you enjoy. Don't let influencers drive you away from your values. Don't let them steal your joy.

If you enjoyed this article you might want to check out the follow-up: The Luxury Investor.

Categories: #Watches Tags: #collecting, #hobbies, #investors, #luxurians, #chasers License: Copyright Unattributed. Licensed under Creative Commons BY-NC-SA 4.0.