EXTRA PLACE RACES
Yes, thanks for sharing your journey with us Michael, I've thoroughly enjoyed following it through all the ups and downs. It's been a model lesson in how to hang in there and grind out a profit. Also a lesson in the importance of getting decent prices especially when tied to bookmakers because of the place advantage their each-way formula offers.
I'm looking forward to the next chapter.
Yes, it's certainly been more volatile than I expected. I made a loss of £1,100 in the 1st 2 months, then a profit of £3,400 in the next 4 months, a loss of £3,300 the following month and then it's taken me over a year to make the £2,300 that's finally got me back to my new profit figure.
The casualties have been the bookmakers that I can no longer bet with, Genting being the latest one this week. Still got a few I can deal with but I suspect it will be just a matter of time before I'm limited to the exchanges.
The ROI is 3.9% which I am more than happy with
Just to put some sort of perspective on this exercise, I know you didn't set aside a bank as such Michael but had you set aside £5,000 or even £10,000 the profit of £2,383 would represent a return on capital invested of 47.6% or 23.83% in under 2 years.
If you cost your time and effort at zero, as this is leisure/hobby (so arguably a +ve value itself) then this return knocks all savings, all passive investments and most active investments into a cocked hat.
I posted way back about people having unreasonable expectations when it comes to strike rate, POT making a living from betting, getting rich quick etc. This shows how modest expectations and patience produce a reward. Most of my investments are still struggling to get back to their pre-Covid levels averaging 8% per year over 20 years!
Very true Andrew. I manage 10% on average on my share investments although there are some losing years (including this one I expect).
As you say racing is a hobby rather than a true investment and I probably spend more time on it than I should compared to my share investments, investing in shares is quite dull by comparison. I tend to buy a share and hold it for a year. I make profits on about 60% of my investments, I suppose it's almost like getting 11/10 for an even money chance.
Some of the share chat boards are quite entertaining and it is quite interesting to see how bad some people are at investing.
I suppose the main difference between investing in shares is that random investing in shares will produce a profit whilst random investing on horses will produce a loss.
Sky are no longer offering BOG with extra place races.
5.30 Chelmsford - baba reza
6.30 Chelmsford - highfield princess
7.30 Chelmsford - cashel
Oops wrong thread