I wrote this piece on
Mitt Romney and the chances of a comeback. The key fact is that in the primary and caucus era, no candidate has actually won the nomination, lost and then comeback to win the nomination a second time. This was fairly common in the past, but I believe the new system has made this much less likely to occur.
BTW,
the Bloomberg article that mentions also-rans leaves out LBJ (1956, 1960), Calvin Coolidge and Herbert Hoover (1920). You can also argue that Adams is a little questionable to include, as the electoral was so much different in those first two elections.
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