Is direct mail really the best method of finding deals?

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A lot of people looking for deals that use this site seems to use direct mail.  There are many ways to find deals.  I've always cold called and gone to foreclosure auctions but the overwhelming concensus on this site says direct mail is the best.  Is it true that it works that much better than every other method? 

Cold calling and foreclosure auctions are very low cost methods and direct mail seems to be very expensive.  Everyone says it takes repetition and 5-7 sends to really kick in. It just seems like you have to spend a ton of money to get a deal. Does it really pay off?

Also, it seems if everyone is doing direct mail it would make it less effective because it becomes deluded.  Does that seem to be true?