From the Guardian:
1.50pm Master Minded - down 8lb on last year!
On the subject of the need for perspective in assessing a horse, the official handicappers now accept they may have been overenthusiastic in giving Master Minded a rating of 186 last year, after his devastating victory in Cheltenham's Champion Chase. This year, he is down to 178, having won the same race in less impressive style and almost been beaten by Big Zeb at Punchestown.
Phil Smith accepted that his team may have ignored warning signs last year that 186 was too high. As it is, 178 is the third-highest rating for a two-mile chaser in the last decade, behind Master Minded last year and Moscow Flyer in 2004/05.
One arguable anomaly is the fact that Big Zeb is rated 162, more than a stone behind Master Minded, who held him off by only a head when they met in Ireland. The handicappers seem satisfied that Master Minded ran a long way below his best that day and Noel O'Brien pointed out that this is the second time in a row that he has been disappointing on his final run of the season.
Meanwhile, Smith noted the lack of strength among two-mile chasers just now, with no sign of a credible challenger to the champion. Well Chief, returning from injury, was given a rating of 163 for his second place in the Champion Chase, whereas he had run to 178 when second to Moscow Flyer in the same race four years ago.