Boy, it’s a good thing horses can’t read. Because if they could, they might be really depressed.

Take Nyquist, the 3-1 favorite for the Kentucky Derby later today. He’s undefeated coming into the Derby and has bested many of the challengers. But you’d never know that from the coverage. “Despite His Credentials, Nyquist Has His Doubters” The New York Times headline blared.

There are many reasons for this. There’s nothing in betting on the favorite. The more you win, the closer you are to losing. And people enjoy tearing down a winner perhaps even more than they enjoy getting on a winner’s bandwagon. ...