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He gives this a mnenomic (sp?), LASST. If we look at what the letters stand for, LAyoff, Surface, Structure, Trouble. Structure I believe is sprint to route, route to sprint etc. Trouble is major trouble but not 3 wide, boxed in or comments that may or may not have hindered the progress of the horse in the race.
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I would suggest adding one more S to this - slow paced race. You will not get a true picture of a horse's ability if he was the benefit of a slow pace, or if he was compromised by one. I always use slow pace as a valid excuse to go past that line. Same for a fast pace meltdown. That situation, even more so, can give you a good price next time out with an alleged bad paceline on top of the charts.
They alluded to this in PMTR hard cover in the article about using the fulcrum to make an excuse.
Good thread!