SOMETIMES you have to accept that the favourite is the value. Take last Saturday’s Sodexo Gold Cup at Ascot, for example. Vinndication was a 4/1 or a 9/2 shot on Saturday morning, he was backed into 2/1 and he won doing handsprings.

Of course, you can’t retro-fit value. You can’t say that 4/6 about tails coming up in the toss of a coin was value after it has come up. But you can look back and say, well, maybe, given the evidence that we had at the time, last Saturday morning, 4/1 might have been too big.