Equine investor,
Just as others on this forum have said. Value is relative.If a horse is 3s on and its real chance of winning in percentage terms is better than 80%(In other words its real chance expressed in odds is 4s on)then this horse represents value.This is an extreme example but is also valid for a 10/1 chance or any other price for that matter. Unless a punter understands that the ONLY way to win long term is to secure a price longer than a horses real chance he/she has no hope at all. This is why Testas asertion that if you are sure that a horse will win you can back it at any price does not stand up. Every horse has an actual chance and the art is being more accurate than the market at assessing that chance and acting accordingly.