Josh Stein managed John Edwards’ Senate campaign in 1998. This year Josh is running for State Senate in Wake County, and he learned the most important lesson in politics: the winner in the money race usually wins the vote race.

Stein says he has outraised his opponent, Jack Nichols, $132,850 to $50,256, and has three times the cash on hand – $124,000 vs. $41,000 – and twice the number of contributors.

Stein calculates that his burn rate (expenditures as a percentage of contributions) is only 3 percent compared to Nichols’ 41 percent.

The question is whether Nichols’ early TV buy was a good investment. Especially since he doesn’t seem to be on at a heavy level, if at all.

We’ll have to see how Stein spends his money. And will his ads feature the Edwards connection?