Here is a punting lesson I refuse to learn - and after seeing this surprising set of data I advise you to do the same

After 17 years of analysing racing for a living, there is still one lesson I refuse to learn. This is that the biggest truths are best left alone. I would not advise that you accept the premise either.

This column is wont to draw parallels between the philosophies of punting and trading stocks. Here is another. The market adage of 'don't fight the tape' – basically 'don't swim against the tide' in the local dialect – does not mean that all portfolio managers just buy index funds.

One of my white whales when this column started was to look into the seasonality of horses, particularly when it comes to the Flat in the autumn. The theory lay behind me having Venture Capital top of the list in a particularly hot running of Saturday's Portland Handicap.