“I think it is smart,” said GOP strategist Mike Murphy of Daniels’ waiting game strategy. “Why have the burn rate with no voter attention?”

Under Murphy’s logic, Daniels’ hard-to-get approach to the race not only turns him into a hot commodity for those looking for a fresh face to get behind but also saves him from raising and spending money on a bid before anyone even in early voting states is paying much attention.

While the Daniels’ buzz continues to grow — witness the “Run Mitch Run” signs being waved at last week’s Indiana Republican fundraising dinner — recent electoral history suggests that simply being the last major candidate to enter the race is no guarantee of success in the nomination fight.

Both retired Gen. Wesley Clark (D) and former Tennessee senator Fred Thompson were late entrants into the 2004 and 2008 nomination fights respectively.