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Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.

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discussed in this podcast. Michael, you wrote about five years ago, which

credit to you, you've been blogging for at least five years. That's pretty impressive.

Thank you. You wrote 10 things investors can learn from the horse track.

And this is based on a SI by Michael Moulbeson. And it's all about setting odds at the

horse track. And one of the things that we always talk about, I think one of the conundrums when

investing is people always say think in terms of probabilities, not in certainties. So it's not

zero percent or 100 percent. It's put some odds on something. The problem is investing in the

markets is not technically like the casino. You don't know the odds when you come to the table.

So actually I didn't correct you. Christ on value is where I got this stuff.

Michael Moulbeson wrote about it. I found it that way. So anyway, it's this guy,

Christ. I guess it's an essay by a sports handicap. And in sports, when you're betting,

you see the odds, whether it's basketball horse betting, fighting whatever. You don't really see

that in the stock market. But in terms of betting, this guy, Christ said even a horse with a very

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