In this extended double edition of Gold Nuggets, I cover two topics that I feel are super important for sharpening our understanding of value:
1. Result REviews: this is about looking back at the bigger priced winners on the day and trying to find snippets of form/data that gave the winner a chance. The objective is to a) better understand that every horse has some sort of chance, and b) start thinking more about that chance in terms of the odds available.
2. Creating a 'Tissue': That follows neatly into PREviewing a race and using the available information to rank horses in approximately order of their chance, and then to try to create a 'tissue' or odds line from the information you've aggregated. It's a great way of honing your skills and isolating value. Remember, we're comparing the tissue prices we come up with against the Starting Price market, not the early prices!
Don't forget, you can speed me up by clicking the little cog icon bottom right on the video, selecting 'Playback Speed' and then your choice from there - maybe 1.5x
01:40 Reviewing Results scene setter
03:15 Classy Al
11:45 Easy to find 20/1 winner (with Geegeez Gold!)
21:50 Point and shoot pace angle winner
25:15 Setting up your tissue on Geegeez Gold
26:15 Tissue overview: race helicopter view
30:50 Horse note taking
1:03:30 Converting notes into odds/probabilities
1:10:05 Comparing tissue with early prices
1:12:25 Summary: why we should do this from time to time
UPDATE: It's fair to say that I significantly under-estimated the chance of Love Your Work in the market. Incredibly, to my eye at least, he was sent off an odds-on shot. Regardless of the result (he was only fourth), I felt 4/6 was way too short - though I probably should have had him no bigger than 3/1 and just got it wrong, plain and simple.
Bookmark was extremely weak in the betting, presumably looking less than cherry ripe on his seasonal debut, but ran a very good race to be a closing third; he'll be an interesting one going forward. Swinton Noon was never going and ran as though something wonky, while Spantik was tenacious and stayed on well (as expected) in second (not expected) but just didn't have the pace to match Carrigillihy. Whatwouldyouknow and Quoteline Direct were fifth and sixth, pretty much in line with how I had them priced up.
The winner returned 5/1 and was 7/2 joint favourite on my tissue; second was 11/1 (7/1 on my tissue); and the third was 12/1 (7/2jf on my tissue). So a good race for me on this occasion but, it bears repeating, when the price disparity is as big as it was with Love Your Work (and Bookmark), it is more often than not the tissue compiler who has it wrong!