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Given what he (and anyone) knew at the time, I don't think so. Given the way the caucus system works, it seemed as though organization would be crucial, and moreover that it would be possible to do quite well in terms of overall popular preferences but not have that fact register in the outcome, since in a 9 person field it's hard to get 15% in each caucus.
Given what we know now, it was a real mistake. First, if people were looking for an electable veteran (Kerry) and a nice guy who ran a positive campaign (Edwards), Clark could have given them both in one package. Second, it seems to me clear in retrospect that the Clark people were positioning themselves to run in NH against Dean, which was an eminently reasonable thing to do, but now not to the point. Third, I sometimes think that what's really going on in this race generally, and in NH in particular, is that people are so motivated to win that they are voting primarily on the basis of electability, which is to say: not on the basis of their own preferences but on the basis of what they imagine other people's preferences to be. If that's so, then the effects of any previous win are self-reinforcing, and skipping the chance to gain the first win (which was the only chance, on this picture, to have the voters decide for or against you on the basis of their own preferences plus their own take on your electability, and not on the basis of your previously demonstrated ability to win somewhere) was a big mistake.
But I don't think that most of these last points could have been foreseen. Even the last one was something that the Clark campaign was prepared to counter if the victor in Iowa was Dean. (And note: when I say that the Clark campaign was prepared to run against Dean, I am not talking things like dirty tricks, for which there has been no evidence; I mean things like putting out a tax policy that is both good on the merits and a striking contrast to Dean's, putting essentially every record related to his entire life on his website, which is, again, both good in itself and an implicit contrast to Dean, and so forth.)
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