WEST PALM BEACH — The big question, the one people all around the sailing world are asking, went unanswered.

Is Bill Koch, who defied the experts to win sailing’s biggest prize and has savored every minute of his triumph, going to defend the America’s Cup in 1995?

“Logic tells me a prudent man would stay out of it,” said Koch, who has a lot to lose if he fails to defend the Cup and little to gain if he succeeds. “I haven’t decided, but that’s what I’m thinking.”

Koch, who spoke at the Palm Beach Round Table at the Kravis Center for the Performing Arts Thursday, also said the cost and the time involved in mounting an America’s Cup campaign will be a factor in his decision. He spent $68.5 million to win the Cup aboard America3 last spring in San Diego. No way will he spend that much again.

“People ask, ‘Was it all worthwhile?’ I think a lot about it,” Koch said. “It was not a good business decision. I didn’t make a dime off it. I’ve recommended to the San Diego Yacht Club (which will conduct the next America’s Cup) to lower the cost.”

On the other hand, it was worth showing that “ordinary Americans” could work together to beat the best in the world.

Raised in Kansas and educated at the Massachusetts Institute of Technology, Koch said people still wonder, “How can a hick from Kansas and a nerd from MIT win the America’s Cup?”

Aided by video and slide presentations, Koch provided that answer.

Koch, who lives part-time in Palm Beach, had to beat reigning America’s Cup champion Dennis Conner for the right to defend the Cup. Then he had to beat the Italian Il Moro di Venezia, headed by American skipper Paul Cayard.

The keys in both cases: the technology that enabled him to build the fastest boat, teamwork and attitude.

“I, Bill Koch, didn’t win the America’s Cup. The entire America3 team won the America’s Cup, from the janitor to (helmsman) Buddy Melges,” Koch said. “We always believed we could win. I never doubted it from the beginning.”

Many did doubt Koch, who had only eight years of racing experience. When he wasn’t poking fun at himself Thursday, he took delight in taking jabs at the media, Conner and Cayard.

For example, Koch said Las Vegas oddsmakers put his chances of winning the Cup at 100-1. Before the finals, he said “22 of 27 sportswriting pundits predicted Italy would win 4-2.”

“One of the reasons I got bad odds is I insisted on sailing on the boat,” said Koch, adding that America3 was the first syndicate to win the America’s Cup in its first attempt. He also noted that Cayard, “one of the best sailors around,” was paid $1.7 million to skipper Il Moro.

Aside from primary helmsman Melges, an Olympic gold medalist with some 40 world championships to his credit, America3 did not have any stars.

“Our strategy was simple,” Koch said. “If you have the fastest boat, you can win. The boat was the star. All the other teams had stars. We didn’t need to rely on stars, we just needed to rely on each other.”