Legion,
I agree with your thoughts on value etc but odds-on horses are very costly commodities.

You are saying that based on PAST results and PAST form Lonhro had a 80% chance in the race for example. Well I can give thousands of examples of good horses which failed in their careers after being good horses early.

Lonhro would probably win 8 out of ten races but to keep taking those odds will result in a loss when he gets beaten a few times.(not if but when).