








but there are nothing wrong with reverses or losing on an event. The main thing is that they were the right bets at the time. I think it would be much worse to have lumped on Denmark just to get out of a hole, not because it was thought to be a near certainty and still value. Sometimes I suspect we get used to the 'right' bet also winning. The last few years we've has something trading very short very early on, so if you missed most of the early value on Denmark, it's a tricky place. Then we may be looking for reasons to oppose it. Think of all the profits made opposing France that year. The market is much more efficient than it used to be I guess, being very much a part-timer these days I'm only picking up the scraps

kind of year for ESC really.
