Unfavored Tungsten Strike led most of the race, but faded to last place. Mahler took over at the turn, and seemed strong until Purple Moon motored past to take the lead. Purple Moon looked every bit a winner right up to the post when Efficient, a gorgeous dark grey horse, came from nowhere to nose ahead at the very end and add five million dollars to the already flush coffers of Lloyd Williams.
As a statistical oddity, Efficient became the first horse since the legendary Phar Lap to win the Victoria Derby one year and the Melbourne Cup the next.
Slight favorite Master O'Reilly, the Caulfield Cup champ and idol of the yogurt world, was out of the running most of the way. Still, bacillus fans everywhere can draw inspiration from his tale.