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Originally Posted by bobphilo
The stupid money I was referring to in big races like the Derby is that bet by people who know nothing about racing so they bet the horse with a pretty name or their daughters age.
The other kind of foolish money is that bet those that don't know how to use stats and believe in "race specific" handicapping. This creates betting opportunities for those who know what they're doing.
Yes BC races are very contentious with a lot of unknowns, but avoiding invalid theories makes them more predictable.
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There's stupid money in the stock market too. Doesn't negate the efficient markets hypothesis.
