I certainly can't speak for Andy(don't believe we've ever even discussed anything online), but it was my impression that he sequenced his selections in order to illuminate the race, rather than to perform towards an ROI
eg you may see something like
and '
' is an interesting horse who has run races just about as good as the
and/or
, but the
is 12-1.
(and he 'hates' the
, - where the
could
actually contend but is a terrible value at a likely 5/2).
or maybe I'm dead wrong, and he's shooting for ROI. (can only make observations)
Either way, i'm sure that in addition to illuminate a race, they do fairly well over time, especially vs. whatever a pick-every-race ROI is supposed to look like.
as far as I can tell, he's the best at what he does.