Jake:
I understand why you like to travel to far off places to compete. I would to if it were feasible for me to do so economically. I can learn something from local races around here in the same way you can from travelling. Granted the "level of instruction" might not be the best, but I'm not spending $150 in gas to get there. (my recent trip to Tybee I spent well over $200 in fuel, partly because I had to come through columbia/charlotte on the way back)

Mary:
Sam Evans lives nearby. John Sherm lives in Wilmington. Both are competitive sailors. I can't speak for Sam, but I know for a fact that Mr. Sherm does not race around here. He only has time for the national, continenals and so forth. What I race against are the Isotope sailors around Durham, who aren't a shabby bunch in and amongst themselves.

As for your analogy, I'd rather compare it to this:
I don't want to spend the money going to Harvard when I know I'll flunk out. I realize it would be a futile endeavor and while I may learn a great deal, I'll still walk away technically with nothing... whereas if I go to a local public university, I'll have a much greater chance of succeeding, wont spend nearly as much money, and it will prepare me better for further education.

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Finish position is irrelevant.

I have to disagree with you there. Thats not the way I was brought up. Its all well and good if you aren't taking it seriously, or you're simply racing to be around similar boats. But if I've committed myself to win, then I'm going to go balls out to do it. Competition is a guage of how well you've learned the ropes, and if I'm pulling DFL's one after another, then I need to find another sport / recreational activity.