The Business Lessons of the Belmont Stakes
Harvard Business Review
JUNE 8, 2012
Well, we can quantify that with something called a Beyer Speed Figure , a measure of a horse's performance adjusted for track conditions. Here are the speed figures for the Kentucky Derby and Preakness combined for the last seven Triple Crown aspirants, all of which failed, along with I'll Have Another: Beyer Speed Figures for Triple Crown Contenders. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse.