THE NOBLE ART OF BACKING WINNERS 1 75 



scruple to lay it down as a golden maxim 

 that the pleasure of winning is more 

 than counterbalanced by the misery of 

 losing. Yes, backers of horses play a 

 losing game, because the odds are against 

 them, though it may be, and often is, 

 only slightly. They pursue a fascinating 

 and engrossing phantom at the expense 

 of their business, and are mistrusted by 

 the other half of the community in general 

 and their bankers in particular. 



As the moth with blind persistency 

 again and again dips its already scorched 

 wings in the flickering candle-flame, so 

 do we return to the noble pursuit of 

 finding *em. I can hardly call to mind 

 a solitary example of a man who has 

 once developed this taste ever really 

 relinquishing it. You meet a man in 

 the street and say, *' Doing anything to- 

 day, old man ? " *' No, I've chucked it 



