It is indeed subjective but it's an opinion borne of years of experience of crunching numbers. The numbers tell me last year's Gold Cup ended up not being that great a race. Indeed it was very ordinary. SDR wasn't given a hard time in the race and wasn't beaten far despite giving up the outside to no-one. I don't claim to be good at - or even able to - reading Nicholls but having backed SDR ew for the race I was a tad disappointed more wasn't asked of him at the time. Trying to weigh everything up I concluded that the horse was being campaigned in the light of previous fragility and with his having a good handicap mark the value of the National was maybe the horse's big chance of a last hurrah and if he came out of Aintree well then they cold think about the following season's Gold Cup.
When I re-viewed last year's Gold Cup the other week I'd forgotten how fluently SDR jumped all through the race. I didn't notice a single mistake, which was unlike the horse that should have won the Hennessy. Yesterday I think he maybe fiddled one fence on the way round before tiring from two out and apart from that he again jumped fluently. At least he didn't have a hard race.
As for unsustainable form lines, I'd argue last year's Gold Cup run is strong evidence but it is of course subjective.
However, as a hurdler his OR was 165 and he was favourite for the Stayers' Hurdle. At the time Nicholls, with Denman and Kauto Star fresh in the mind, said he regarded SDR as a potential "superstar" over fences. I admit that isn't a form line but if Stoute said he reckoned a 2yo was going to be a "superstar" as a 3yo or 4yo who wouldn't want to take notice of a remark like that? From the man who trained Kauto Star, Denman, Master Minded, etc, etc?
He won the Mildmay Novice Chase easing down by 15 lengths. Two runs later he was 9/2f for the Hennessy off 163. He blundered his chance away that day but was trying to give 8lbs to Smad Place who went up to 168 for winning it, 24lbs to Theatre Guide (139) who went up to 150 for winning the RP Trophy by ten lengths off the same mark, 16lbs to First Lieutenant (147) who went up to 160 for finishing a half-length second to Don Poli in the Lexus next time out.
Yet SDR was 9/2f to beat them? I'm not saying he would have beaten them without that blunder but it cost him plenty as it was seven out just as the race was hotting up. But even if he'd only managed to dead-heat for third with First Lieutenant he could be rated 176.
SDR was beaten fair-and-square in the Gold Cup. The reason he was kept to the outside throughout, is because he has always been an iffy jumper. The chosen route kept him out of trouble, and far from being a negative, I'd say it was the only way to ride him, to ensure he didn't throw his chance away through making errors. It is a fact of his race-record, that he has never won a chase of any description, with double-digit runners in the race.
As far as last year's Gold Cup is concerned, he never threatened at any stage, and whilst only beaten 6.5L, that's as close as he was ever going to come. The only way you could have him any nearer, is if you think he was under-trained for the race, and that's the wholly-subjective bit.
I place no stock in Nicholls description of him as a potential "superstar", because I recall him saying the same thing about Aux Ptit Soins after he won the Coral Cup, before he went onto achieve very little thereafter. It's quite common for horses to be bought out of France, and pleasantly-surprise their UK/Irish connections in their first race 'over here'. They are only getting to know the horse at that stage, and it's just not that unusual for them to use the old canard "Could be anything", at that stage of their careers.
Clearly, SDR has achieved a deal more than APS ever managed, but Nicholls was self-evidently wrong in his assessment. The horse has won 4 chases in 15 starts - which places him firmly outside the "superstar" bracket, on any reasonably measure.
You cannot use a series of tenuous 'What ifs?" to prop-up a bold-statement like "Would have won the Gold Cup". It's a straw-man argument, and in my view, and you're kidding yourself on a bit, if you genuinely think it's the case.