Andrew Goodwin: Investing, gambling and the importance of the long game

Truly Independent recently celebrated its 15th anniversary. We marked the occasion with a trip to the races, enjoying a grand day out at Haydock Park.  By any standard, horse racing is a big business. It's awash with money and relies on the patronage of punters who reckon they're savvy but in most instances don't really know what they're doing.  I heard one race-goer at Haydock encourage his friend to bet everything on a particular tip. Projecting an air of total authority, he urged: "Empty your bag on it!" Needless to say, it lost.  Does any of this sound depressingly familiar? Ye...