That is the trouble with trimming in graded cards. Until actual measurements are put on cards and regraded, it is darn near impossible to decipher how much is trimmed. Or when the trimmers go ahead and admit/turn over their PSA submissions. I agree 5% seems way to high. I am sure 312 is suffering from some selection bias when figuring that.
What I mean is that is constantly looking at cards in card segments that are more likely to be trimmed. In that context, 5% seems much more likely. Say, focusing in on popular vintage stars and old sets. I highly doubt the thousands and thousands of ultra modern cards are trimmed. Does that 26 million include pokemon/magic? What is the trimming rate on those?
All that being said, 5% on selected market segments is enough to taint the waters for all of it.
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