Investing can often be viewed as being a lot like betting on a horse. You do your research on the horse, its blood lines, its record on the track, etc. You evaluate the jockey, his record of success etc. You look at the rest of the field and the competitive horses in the race. And you place your bet.
The real difference is when the race ends. In a horse race the finish line is obvious and you win or lose based on where your horse is when the finish line is crossed. With investing, you actually pick the finish line. So the question arises - when will you end your race?
As a big fan of Secretariat, I'm in for the final stretch. I've done the research and know the horse and jockey are worth my bet. As the race goes on - positions change back and forth. Sometimes the front of the pack seems so far away. But its in the final stretch that races are won or lost. We are in the second turn. Of course, The horse hasn't come up lame, the jockey may have slowed to get some good advice on how to proceed, and certainly hasn't fallen off.
We are in the Run for the Roses... and I think we have a good shot at winning. If we do, it could actually be the first leg of a Triple Crown victory. If you've ever seen Secretariat run, you'll know what I'm talking about. Placing your bet is easy - knowing when to call the race over is much tougher.