It's disingenuous to say the domains were free. There was no purchase price prior to the mid 90s, but from then on, there were annual fees starting at $50 and later dropping to $35. They didn't drop below that for a while, and bottomed out around $10-15. Sitting on a domain for 25 years cost nearly $1000. That's great if you can sell the domain later for 5-6 figures, but if you have a large squatting portfolio, there are substantial costs. You might not like domain squatting, but there's no denying that it was an investment, and there were risks. This guy just saw the market early and it paid off.