And you thought the reckless speculation was over? Just as the era of highly leveraged Hedge Funds investing lots of borrowed money to get fractional returns seemed to passing, so I just met someone for lunch, who told me they’d just put a substantial bet on Obama to win the election. Normally, an inside tip is a sign of knowledge, something everyone else doesn’t know. Clearly not so in this case. I was momentarily taken aback. They explained that, given the virtual certainty of victory, 15-1 seemed like fair odds. Indeed, assuming we take an Obama victory as a dead cert, the return on a bet on Obama this afternoon be greater than any high street bank. A glance at Betfair, in the graph above, suggests others have had the same idea, with odds shortening substantially in the last two days. If you have enough money to make it worthwhile, then why not?