The only thing certain in life is death and taxes. That’s one of Ben Franklin’s famous quotes. He had many, but this is one that a lot of people have heard. And it’s still true today, more than 200 years later. Sure, there are many things in life that are likely to happen, and odds are they will happen, but there is nothing certain.
This week, one thing I thought had pretty good odds was that Facebook’s stock was going to be a big winner on Wall Street. Sure there were skeptics, but from what I heard and read, it appeared that everybody wanted in on the IPO. The stock was going to take off and never look back. That’s not what happened. In fact, the underwriters had to do a lot of buying just to keep the price propped up. Who knows what happens next, but it sure was a slow start out of the gate.
Which brings me to the Preakness. Odds placed Bodemeister as the winner. When the race started, it looked like the odds were going to be right this time. I’ll Have Another, started out slower, holding steady in third position, until the backstretch. Then he kicked it into high gear and beat Bodemeister by a nose at the finish. The odds weren’t in I’ll Have Another’s favor but he beat them and won the Preakness, Now he’s heading to the Belmont to go for the Triple Crown, which I’m hoping he wins in spite of the Triple Crown Dow Indicator.
Maybe a slower start out of the gate is good for stocks and horses. As Ben Franklin may have said at times like this, "He that can have patience can have what he will." Odds are, he’s right.
Peace Love Profits,