Note Vest Collectables

Note Vest CollectablesNote Vest CollectablesNote Vest Collectables

Note Vest Collectables

Note Vest CollectablesNote Vest CollectablesNote Vest Collectables

CAUTIONARY BRIEF...

PIFA Adviser Bulletin Brief – Cautionary Note When “Interesting” Is Not “Investable” 


Purpose This brief documents a real-world screening outcome inside FE operations and explains why attractive-sounding categories are often the most dangerous to capital. 


The Offer

 A dealer referral offered modern PCGS “First Strike” silver and packaged Master Silver Sets. The optics were premium. The language was persuasive. The result: category failure under FMV discipline. 


What Failed FMV 

• Slab and label premiums overwhelmed intrinsic value 

• Exit liquidity was shallow and retail-led 

• Pricing depended on fashion cycles, not clearing markets 

• Catalogue anchoring replaced transaction reality 

• Dealer margin was front-loaded into the buy price 

In plain language: the story was being sold — not value. 


What We Did 

• Applied FMV 

• Stripped the plastic premium 

• Tested exit logic 

• Checked engine fit 

• Ran margin reality


Two items failed in a row. 

The category was closed. 


The Rule That Saved Capital Two strikes = the category is rejected. 


No debate. 

No emotion. 

No “maybe later”. 


Why This Matters to Advisers 

Advisers are exposed daily to well-presented product, emotional language, clever packaging, and selective performance framing. 


Most losses begin with:

 “It looks good.” 


Discipline begins with: 

“Does it clear?” 


What This Protects 

• Client capital 

• Adviser credibility 

• Portfolio velocity

• Exit certainty 

• Risk control 


We are indifferent to presentation, labels, and market theatre. 

We are loyal only to clearing price, liquidity, and discipline. 


Adviser Bottom Line 

Not every premium-looking asset is investable. 

Some are simply expensive stories. 


Adviser Summary Line “When process says no, capital survives.” 


The Sanctuary is based on TRUST — data verified, private, disciplined. 

Fair Market Value isn’t a claim — it’s a discipline. 

What you see is what you get.


The Power of Expectation...

PIFA Adviser Bulletin Brief – The Power of Expectation ...


When advisers look forward to your next brief, you are no longer “sending updates”. 

You are building authority. This is the transition from information to influence. 


Why advisers engage: 

• The language is operational, not promotional

 • The structure is clean and consistent 

• Every brief explains the why, not just the what 

• Performance is framed as process, not outcome 

• There is discipline in tone and disclosure 


What this creates: 

• Trust through repetition 

• Authority through consistency 

• Anticipation through clarity 

• Engagement through control 


Advisers do not return for hype. 

They return for signal. 

Each Bulletin Brief is not a document. 

It is a checkpoint.


 Advisers begin to rely on: 

• Your structure

 • Your discipline 

• Your explanations 

• Your consistency


That is when a briefing becomes a relationship. 


Adviser Summary Line:

 “When your advisers expect your next brief, you’ve become their reference point — not just another sender.” 


The Sanctuary is based on TRUST — data verified, private, disciplined. Fair Market Value isn’t a claim — it’s a discipline. 

What you see is what you get.


Why “Rejects” Are Recorded — But Not Counted in ROI?

PIFA Adviser Bulletin Brief – What Qualifies for ROI (and What Doesn’t) 


Why “Rejects” Are Recorded — But Not Counted in ROI 


In our trading model, every acquisition is logged. 

That includes inventory that does not pass grading or FMV discipline. 

These pieces are called Rejects. 

They exist in records but are excluded from performance calculations. 

Everything is recorded. 

Only what qualifies is reported. 


A Reject is any item failing: 

• Condition or grade 

• Authenticity or origin 

• FMV verification 

• Provenance 


Rejects are excluded from ROI because: 


• They are not placed into circulation 

• They generate no sale proceeds 

• They carry no FMV assignment 

• They are not eligible for supporter reporting 


Rejects are: 

Returned, written down, liquidated off-lane, or archived for comparison. 

No reject enters a supporter batch.

 No reject touches ROI. 


The Sanctuary is based on TRUST — data verified, private, disciplined. 

Fair Market Value isn’t a claim — it’s a discipline. 

What you see is what you get.


Copyright © 2025 Note Vest Collectables - All Rights Reserved.

Powered by

  • PIFA ENTRY PROTOCOL
  • CAUTIONARY BRIEFS
  • BULLETIN BRIEF

This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

Accept