calculus

I agree, the whole thing is subjective and like I said there are no end of intangibles to deal with. What I really meant is that there seems to be a mindset, largely perpetuated by the likes of Tom Segal and his ilk, where the term "value" implies a large price - e.g. backing a 20/1 shot is "backing value", this is obviously not necessarily true. Value can be had at the shortest of prices and the biggest of prices can be terrible value. The real subjective part is defining the true probability of a horse winning.

8:20 Windsor - Senrima (33/1 Betfred) 0.5pt E/W Top two in the betting take a huge chunk out of the market but neither has overly compelling claims so there has to be some mileage in opposing them. Taking a bit of a flier on the Meehan runner first time out, the yard have been going along very nicely this season and have had lots of horses run with credit on debut. Think this one represents some EW value at a massive price in a relatively weak maiden.