Not many do, hence the price. As for my reasoning, he faces dirt horses which I don't rate highly at all. Main rival is an horse who won 3 races in less than 2 months against his 3yo's peers and by completing that treble he was considered unbeatable until he got beat by the same 3yo who in the meantime improved but he's(Keen Ice) now overlooked because he beat the treble winner in a race dubbed 'graveyard of champions' as if it was a fluke.
It wasn't a fluke and his price offers value but it doesn't match the incredible value of Gleneagles odds who hadn't had the chance of showing his true colours with AOB shipping him from race to race without competing in them until he was forced to give him a prep run on soft ground in the QE2 where the slow pace early on produced a result which won't be taken on face value by any form reader but the bookies were quick to drop him to 16/1 in the AP market for the BCC, amazing value which deserved a large bet(of the year for me) on.