If I had the raw data, I could probably do some real magic with it, but by hand it\'s a lot of work to look at every horse\'s races and variants, and adjust it perfectly. Focusing on the extreme pace situations is really the key. Last race is always the most important one to look at though, and with a race like the Kentucky Derby, there\'s so many horses you really get a good sample to determine whether that early pace was hot or not.
You can just look at a chart like this:
https://www.equibase.com/yearbook/Chart.cfm?tk=CD&rd=2013-05-04&rn=11&de=D&cy=USA and see the pace was absolutely brutal and anyone near the top half deserves bonus points.
The adjustments are all pretty subjective. Did sub-optimal energy usage cost Oxbow and Palace Malice 3 or 4 points? I don\'t know. Here\'s a couple points to take from it:
1. Oxbow finished 6th and was 1 3/4 lengths back at 2f when the horses that finished 1st-5th were an average of 9 3/4 lengths back at 2f.
2. The effects of him gassing out had little effect on him two weeks later.
I don\'t want to step on anybody\'s toes here, but with hindsight of what they ran in their next race, it\'s perfectly reasonable to believe Oxbow ran 4 pts better in the Derby than the figure he got (pairing up his top), and Palace Malice ran 3 pts better in the Derby (moving forward 1 point). This is just my own theories. Like one said, 6 different, very successful sheet players can look at the same sheets and come up with different horses.
Back to pace, It\'s why the h_pace is on the graph. If you see the h_pace or sl_pace, it\'s time to get to work to figure out whether an adjustment is in order.