Feb

17

Bacon’s Book, from Jeff Watson

February 17, 2009 |

 I first read Robert Bacon's The Secret of Professional Turf Betting when I was a kid who liked to hit the track at every and any opportunity. Although my success at the track was very uneven, Bacon's book made a positive impression on me and taught me many other life and market lessons. When I first read the Chair's first book, I immediately noticed the references to Bacon. When I found this site, I saw the references to Bacon's book, and other nuggets that made me immediately feel at home. While my dog eared copy of Bacon's has become well worn, I still like to revisit it every so often for inspiration and reinforcement. Long out of print, I've noticed that the book traded in a range of $100-300 used, on Amazon, if available. I've told many people about the excellence of Bacon's book, and they have reported back to me that it's extremely hard to find and usually unavailable, except at extremely high prices. Over the past few months, I've been checking Amazon to see if I could get copies to give good friends for the holidays, with poor results. I've seen very few copies, maybe one or two at a time, at prices that exceeded what I was willing to spend. Since I think Bacon's invaluable information should be in the quiver of every speculator who wants knowledge, I decided to offer a download of the entire book to friends and fellow speculators. The number of people who took up my offer exceed my wildest expectations. In other words, the market was flooded with Bacon in a very short time, and an unintended consequence arose. Where there were very few, if any copies available just a few short weeks ago, the past couple of days has shown a marked increase in the number of copies being offered. Although the prices are still high, the increase of supply(positively influenced by the downloads reducing demand for the physical book) should push the market for Bacon's book to move lower to a point where it will trade. Markets will always find that equilibrium point that will allow for them to trade freely, guided by that invisible hand. The micro example of the Bacon Book market can be expanded to all markets and scaled up, indicating that Smith was on to something. It will be an interesting exercise to see how much supply of Bacon's book ends up on the market, and what price it will trade. I will be watching this market with great interest.


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