Chrome,

I would have to agree with you about the figures and if you extend them further back you will probably find the same result. However, I think Dr. Pangloss is refereeing to 'exploiting' the inefficiency, not backing every short priced favorite for the place which I think your figures are referring to [?].

I have done it a few times for short periods but it is such a mind numbingly boring exercise, I always quickly dropped it. Being selective is the key to profit in that area of betting and that is where the inefficiency lies, selectively being able to exploit it profitably.