Like many of us, we notice that aftermarket sales are stubbornly high - very overpriced IMO. With retail prices not gaining on the low and mid range, the margins are getting tight - if you are bidding all the way up. I have a strict buying strategy and do not like to chase names up into the sky. And so, I have not won a domain in many weeks. Like Warren Buffet at the end of the economic cycle, he sits in cash as everything is too expensive. I like to search to see who is buying at high prices. Last two months I saw deep pockets on a couple names, and large Chinese and lndian investors, but mostly small time investors - clearly newbies. In checking the winners' portfolios I see a lot of junk - these are the ones (in my case) who are doing the crazy bidding. Oddly, I saw no hugenames in there. That was a first. Seems their algorithms are not that stupid. I am mostly siting on the sidelines watching the amateurs throw tons of money at expired domains, but smart money wins in the long run. I would imagine the dumb money runs out of steam at some point, and prices get back to wholesale (or retail climbs dramatically to justify the costs of acquisition). Any thoughts on this?