Thanks syllabus23, great reply. There is a wisdom in your wider interpretation of the word value. May the Gods smile upon you.

DrRon, I think the method Nick Aubrey method you're referring to relates more to pricing. Using a rating for each of the horses say 10 last starts, he arrives at a probability figure for who would beat who within all of these previous starts. It yields a more useful price compared to the more common approach of adding of all the percentages together and dividing by the individual horse's percentage, because it creates a better picture of each horse's ability relative to the other runners in the field.

You can read about it in the 'Punting Articles' section of the Twonicks site. I've spoken to Nick about this approach and found him very friendly and extremely helpful. (I think Mark Reid either uses or has used this approach in his framing of markets.)