HP,

Probably agree that Modern Portfolio Theory (MPT) has flaws and probably overrated. (that could be a long debate etc. and not related to racing and wagering)

And you are correct in that MPT is what is taught in Biz schools etc.
It is also what is referenced in most Continuing Ed courses and by regulators (FINRA SEC etc.).

Over my 50 years of playing the races, I have learned much from many.

Like most, the biggest struggle I have is betting strategy and ticket construction. (which is really the point of the original post)

One of the things I have learned from TGJB and TGAB comes from what I call The TGRAPH BIBLE for BETTING. Found in the Archives)

Think this may have been posted recently but the 1st Commandment reads:

WHAT DO I LIKE ABOUT THIS RACE?

If one cannot answer this question, then one should Title to Shofner (showing my age :)) and PASS.

As far as concentrated bets go, I try (not very well at times) to grade my degree of Conviction.

Interesting topic.