There is no point getting older if you don't get wiser. The observation's author may be known to philosophy students even if the Derby is unlikely to have been the source of his inspiration. Nevertheless, it is a sentiment that poignantly underpins Flat racing's most riveting day.

The Derby confuses many by its purpose. An intense media preamble conveys the impression that it is racing's equivalent of the Cup Final, or any other pinnacle of sport. In reality, the opposite is true. The Derby represents not so much the culmination of anything as the sound of the starting gun.

It better resembles the Wimbledon juniors' tournament in that the winner is expected to make an imminent impact on the real thing. Those whose grasp of this critical point is obscured by other facets of the race are failing to wise up with experience.

At this point it must be emphasised that betting is the bedfellow of racing, and Jim Bolger has much to learn about the value of people who enjoy a flutter. In showing that ice-cream wouldn't melt in his mouth, he generated unflattering headlines when there was so much else to savour.

The drama down every avenue in the build-up evolved into a thunderous contest that climaxed with an epic duel between two horses of vastly superior ability. It was a gem. The reason for it was all down to New Approach.

In his absence we would be hailing Tartan Bearer as an outstanding winner. It would have been a travesty had New Approach not been there to dispel the myth. And there, in essence, is the point of the Derby.

It is undesirable - and was in this case avoidable to a degree - that some punters were short-changed. Here speaks one whose each-way support of Doctor Fremantle, who finished fourth, requires the signing of a cheque for the same amount as would have been cashed in New Approach's absence.

Yet this unfortunate predicament is subservient to the demand that every potential winner contests the Derby each year. And those who consider these the words of a sucker are the same whose focus is blurred by elements peripheral to the Derby ethos.

This year's race underlined why the expensive supplementary entry system is vital. It allowed for the participation of Casual Conquest and Doctor Fremantle; consider the implications had they been excluded and New Approach absent. Tartan Bearer would have won by six lengths from Washington Irving, with Alessandro Volta in third. A fine mess that would have been.

Such an outcome, if repeated over the years, would erode the Derby's status. At some point this season New Approach would have beaten Tartan Bearer, in the process illustrating that the best horse had been absent from Epsom.

As it is, we now know that New Approach is the totem three-year-old who leads the charge against a virile collection of older horses. The Derby has fulfilled its promise. It has delivered us the champion of youth. The stage is set for a memorable summer.

Another wisdom to draw from this year's experience is that the Derby is not for pigeon-holing. Perennially we hear that no horse can win without a perfect preparation, yet few, least of all Bolger, could describe New Approach's preparation in those terms. The clear message is that horses will win if they are good enough.

As for Ballydoyle, this was a Derby to forget for an outfit that will return with a vengeance for many years to come. At Ballydoyle's core is recognition from its proprietor, John Magnier, that the Derby is greater than the sum of its participants. Other horsemen who suggested otherwise received their comeuppance.