Yes Wes I totally understand the point about SR v's dividends and that is exactly why I'm saying your value judgement should relate to ones own SR.

This is simply an extension of the value arguement . If as I'm suggesting your system can support wins at a certain price, then anything over that price will give you a profit; regardless of how poor value a horse might look in any particular race.

This is the hub of long term bank building value, not whether one should bet on a particular neddy in a particular race.

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"Not winning on a horse that came first is one thing.....Losing on a horse that didn't come first is something else entirely!!!"