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However, there is really not much point in continuing to beat this dead horse. I'm not likely to convince you of anything, and you certainly are not going to convince me.
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Not you, no. In fact, I don't want to 'convince' anyone as such. Merely offer another perspective. I am getting the feeling that things are slightly different in the States from how they are here. In the UK my impression is that publishers accept the reality that authors will submit to many publishers/agents and play their cards close to their chest. They may not relish it, but they live with it. And no-one with good business sense is going to turn down the next Terry Brooks just because they suspect he's sent it to someone else as well. There will be a limit to such tolerance naturally - if Brooks Mk2 starts to haggle outrageously from one to the other, then show him the door, sure. But competition is a fact of business life, and rival bids (if they happen at all) are just grist to the mill.
Didn't mean to turn this into a big argument. Just trying to point out that most people may wait an awful long time if they choose the submit-wait-submit route. Shalom.