Early on I think the hoarders caused the shortage and then the flippers realized there was good money to be made. Once the flippers get out of the business the hoarders will take over and keep supplies tight. That is probably already happening to a degree. Once the hoarders have all they can afford then the guys like me that shoot a lot will jump in and lay in enough to make sure they get through the next panic which basically will make me a hoarder. I don't think there is really a definition for an ammo hoarder since it is a disposable item and what may seem like hoarding to some is just a normal supply to me. For most shooters 20k rounds of 22 ammo is hoarding.
This process could take a year on .22LR because, even at $40 a brick it is still cheaper than any other factory ammo. I think the flippers are already losing some interest as Gunbroker prices have fallen like a rock in the past two weeks and are down to around $50 a brick.
My top dollar price on bulk 22 LR is $25. If it gets below that then I will buy 10k-20k rounds and put it in reserve. If it stays above that price for another year then I will either slack off shooting .22 or I will have to pony up and pay the man.