As with EVERYTHING in racing (and life) there is no simple answer. Neither is "Right" and the other "Wrong" as a tool of analysis.

For example, if a horse runs 2nd beaten 8 lengths, is his run the same as a horse beaten 8 lengths into 13th place, with the same weight in the same class? Clearly, the 2nd place is superior.

If a horse runs 12th beaten 2.5 lengths, is that run the same as a horse beaten 25 lengths into 12th place? Clearly not.

There's no right, no wrong. There's both.