XPT,
Couldn't agree more with what you say about the use of ratings. Anyone who complains about missing the occasional winner because it wasn't good value just doesn't or won't understand the way ratings work. Your Alighi example was perfect.

I don't believe it's impossible to come out ahead blindly betting on your first rated choice though. Maybe if your ratings are constructed to pick out the horse with the best chance of winning (as most ratings are) - but not if they are designed to pick out the horse with the most chance of returning more money as the top rated choice. That is rating against the assessment style of the majority of punters.

KV