MUllins didn’t run Lossiemouth in the Champion Hurdle, one could argue that was a loss of nerve disguised as aiming her at the race they thought they could win.
I don’t think Hendo has lost his nerve although he doesn’t like to deviate from set routines for most of his top horses regarding race selection (I grow weary of him saying there are no other options to run when there clearly are, they are just not options he likes) but outside of a few horses he (like most every other trainer not named Willie Mullins) doesn’t have the top class firepower in depth to be running horses in all the big Cheltenham races or Saturday races.
Getting Sir Geno back to win the Christmas Hurdle (and Sprinter Sacre back in the day) clearly shows what he can do as a trainer with the right ammunition but I just wish he would be a litle more adventurous with his horses targets rather than just reacting to incidents that dictate that he change plans.