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I don't agree with your Guineas/Derby example.


First of all, we should ask the question: should Derby winners and Guineas winners be, on average, rated the same?


For the sake of this, let's accept they should.


In that case, a correct WFA adjustment should be required in order for the average of the Derby winners to come up to the same average of the Guineas winners.


In other words, you wouldn't rate the average Derby winner higher than the average Guineas winner by using WFA; you would rate the average Derby winner lower than the average Guineas winner by not using WFA.


5 + 3 = ?
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