OFC, we'll all be different on what we think makes a fair price, Dan. For me, it's just an overall picture that's formed in context. Don't think it through as such, it's like driving or riding a bike, init.
If I thought 5-1 was fair, and Hoe really only had 1-3 to beat, I might well be all over it (well, have it for a bit of fun in an interesting race).
But there are plenty of shots every day, every week that go off at wildly bigger prices than their true - or perceived - chances really are...take the Moore handicap hurdler today at 32 or the Pauling bumper winner at 16 as reasonably good examples.
In this race Sat, I could name 7 or 8 that (I think) could win it. Even 'down' to and including GA Law. Put another way, what could you actually hard rule out from winning it (in other words, after the race you're thinking 'well, I couldn't have seen that in a million years).
So, at 5s...even if Dan (S) comes down my chimney tonight singing 'One More Sleep' and chanting '5-1 is my gift to you' as part of the chorus...I will likely tell him 'thx Dan, but you're having a laugh mate, it should be 6 or 7-1 the field minimum'.
Might put it in a placepot, though, or even a combi 1-2-3 if an expert happens to name which three others are likely to challenge Hoe at the last for the first 4 home.
PS Just to be clear in case it comes across the wrong way - I am in no way intending to judge or implying judgment of anyone who does believe 4 or 5-1 is fair in a race of this type. If Hoe pisses it, it will look like one of the easiest 5-1s of the season. And heartfelt congratulations will be due to anyone that availed.