It's called the "first mover disadvantage," and it says that in most turn-based contests, the first person to move has the worst chance of success because he or she is going in completely blind. As a result, the person going second gets the benefits from the information gained by the first mover without any of the costs.
This applies to any real world situation where people are competing to come up with the best answer to the same question. Steve Jobs knew this better than anybody. Despite his reputation as a great modern-day inventor, Jobs never really invented anything. Not the windows-based operating system, not the MP3 player, not the tablet and certainly not the cellphone. Jobs' business strategy was to sit back and wait for other companies to invent new products, then figure out what the coolest version of that product would look like.
Returning to the hypothetical Wheel of Fortune scenario, now that you've "taken advantage" of having the first turn, you have to pick a famous quotation solely by the position of its "E"s. If you guess "X," you pass your first mover disadvantage on to the second contestant and wait for the board to come back to you.
"I'm sorry, there is no pi."