Top Punting Lessons from the Most Profitable Punter in the World ...

Instead of going for the big win by trying to find undervalued companies that suddenly jump in value, the world?s biggest hedge fund concentrates on achieving small but consistent gains. This strategy makes Bridgewater Associates very different to its competitors. Ray Dalio started the company in 1975 and operated from an extra bedroom in his New York apartment. He turned it into the world?s biggest hedge fund, with $US80 billion currently under management.

The fund has returned an average of about 14% annually over an almost 20 year period and even posted a 14% return in 2008 when 70% of hedge funds lost money. So what does any of this have to do with betting on horse racing? Dalio?s unofficial operations handbook was recently made public and many of the almost 300 principles discuss the ?search for truth?.

Applying some of the principles to punting

FIND THE BEST ANSWER, NOT THE BEST ONE YOU HAVE

Recognize the power of asking:??What do I not know and what should I do about it???Your goal is to find the best answer, not to give the best one you have. Do you know the answers to the most important punting questions, such as the mathematics of punting, winning strike-rates, profit on turnover, money management and whether various racing wives tales have any element of truth?

For example, what kind of losing run can I expect from a 25% winning strike-rate? How much of my bank should I outlay per race? Is there such a thing as 2nd up syndrome? Does dropping back in distance have a negative effect on a horse?s winning chance? How do favourites perform on wet tracks versus dry? Can you make money backing the top trainers or jockeys? Are staying events less predictable than sprints? There is an unlimited list of questions, but?do you have the best answers to the most important ones?

IS YOUR ANALYSIS BETTER THAN THE MARKET?

Bridgewater is known for producing huge amounts of research that help it grind out steady rather than spectacular gains from a very diversified approach. Do you make sufficient research before placing a bet? Are you confident that your analysis is better than the market and gain an edge?

HAVE A GAME PLAN

You need a well thought-out game plan. Take your time in designing this and putting it on paper because?the few hours spent planning will be virtually nothing in relation to the amount of time that you will spend ?doing? and it will make the doing radically more effective. Finding the path to success is at least as dependent on coming up with the right questions as in coming up with answers.

Specifically related to punting,?create a matrix of qualities you are looking for in determining (a) the type of race you want to bet in and (b) the type of horse you want to back. For example, you may avoid all races with less than eight runners, or on heavy tracks, or races where there are more than three genuine winning chances, or avoid any horse that is a backmarker regardless of the likely pace in the race. This matrix of must-haves should be based on you having initially asked the right questions and then researched the best answers.

By deciding on a framework for the type of race you want to get involved in and the type of horse you want to back, you can approach things in a business-like manner and avoid wasting time or even worse, money in unsuitable races. When you have established your strategy, get some expert advice. Get someone whose opinion you respect to play the role of ?devil?s advocate? and pull your plan apart. Successful people ask for the criticism of others and consider its merit.

THE MATHS OF PUNTING

It is wrong to blame losing streaks on anyone or anything other than yourself. It is incorrect because periods of drawdown happen to everyone, and it is your challenge and test to successfully deal with whatever comes at you. Blaming bad outcomes on anyone or anything other than yourself is essentially wishing that reality is different than it is, which is silly. It also diverts your attention away from mustering up the work ethic, mindset and other qualities that are required to produce the best possible outcomes. Remember,?the mathematics of punting will test your psyche and personal resilience. Plan for it, expect it and deal with it in a level-headed manner.

How did these pointers sound? Do you want to know more? Then access a wide range of free horse racing tips and horse ratings at Champion Picks.

Dial 1300 500 057 or visit http://www.championpicks.com.au/

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