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I remember many years ago there was a lot of controversy about Caerleon ducking the Leger. Tony Morris wrote a piece and argued that you should simply work on the basis that the horse would have been beaten if he’d run. That’s the view to take regarding Holy Roman Emperor and the Guineas. He would have been much more valuable if he’d won that race. This decision tells us he wasn’t going to do so.
It’s interesting that he worked "brilliantly" in a piece of work in early March. Old habits die hard.