One can draw almost exact analogies between (successful) betting on horses and investing. Predicting the winner of a horse race is similar to predicting an industry leader.
In both cases, the analyst studies form and local conditions. In racing, that means horses' track records, the record and reputation of trainers and jockeys, handicaps, the course etc. An investor studies turnover, profit margins, growth rates, management records, government policy etc.
The next stage
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