I prefer this sort of distant, reductionist, structural approach to analysing the race because there's little reason to believe in the validity of the implicit theories or "models" lurking behind pundits' gut judgments. When I heard Mr Romney's 47% comments, I thought "Oooh, he's toast!" and then I stopped myself and acknowledged that I actually have no rational basis for believing that his remarks would in the final analysis hurt Mr Romney at all. What percentage of undecided or weakly-decided swing-state voters ever caught wind of Mr Romney's embarrassing chat? I didn't know! Of those who became aware of it, how many cared? I didn't know! So why did I think "Oooh, he's toast!" Because I am human, and I make most judgments and decisions on the basis of crackpot hunches, the underlying logic of which is almost completely inscrutable to me.
That comment did move Intrade shares by around 10 percentage points, I think, though I'm only going on personal before-and-after comparisons. The good Will may have picked the wrong time to criticize his instincts.
Here's the new thread for posting quotes, with the usual rules: