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quantbob my best purchases have always been raw cards...and i think board members have done well also, leon with the n167 ewing and josh with the e95 cobb come to mind. and for those that are afraid of funny business with raw cards, i've bought more altered cards in holders than raw.
one of the great things about buying raw cards is some were passed down from original owners so you get a sense of how these cards were distributed and collected.