In the last few weeks of capping, I have performed some post mortems (too many, frankly) to see what I missed, why I lost. On several occasions, a lightly raced horse jumped up and beat me or broke up my vertical bets. When I looked closer, I discovered it was the most expensive horse in the race.
Rule: never completely toss the most expensive horse in the race if it\'s lightly raced. Guess who was the most expensive horse in the Preakness? The reason I accept the rule is somewhat based on science: the market recognizes potential in constitution and breeding, etc., so as with the efficient market theory in finance, the money or price is one early assessment.
Leamas
