A successful arbitrage
Having plunged a massive $25 in the office Calcutta to buy Makybe Diva, I came out well ahead in the Emirates Melbourne Cup this year. By my calculation, I’m now $20 ahead on a lifetime basis. A nice bottle of red should bring me back to par.
fn1. The pool was over $150, and the mare started about 5/1 so I could have made a neat $25 in arbitrage profits if I’d had time to run to the TAB. Since I didn’t, I stuck with my position and pocketed a neat $100.
fn2. I really can’t take this. The Fosters Melbourne Cup was a bit strange, but at least Fosters Lager is a quintessentially Melbourne product. What’s next? The McDonalds Anzac Day march?