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Misunderstood: 'Hype' overrated are the easiest, but not very frequent. You have to do some digging in the pace figures, and pace projector, and/or watching races in order to form an occasional disagreement with the consensus betting market.
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That's the most interesting category because it's so complex.
Most of these are either horses with very good records but slower speed figures or horses with fast figures that haven't faced a stern test of their quality.
Most people these days allow the figures to dictate their thinking.
I think some of those slower horses with outstanding records are capable of running faster, but some are just not as good as their record indicates.
I think some of the fast horses that faced weak competition will wilt under quality pressure and some will run even faster when pressured.
The skill is in knowing what you are dealing with before they reveal it by being tested.