I don’t think Orfevre’s 11th-place finish in the Tenno Sho (Spring) and Lovcen’s defeat in the Kikuka Sho came down to the same thing. But I think the comparison is useful as a reminder that no horse is unbeatable. Some people say, “But there are unbeatable horses.” I think that’s the result of their connections carefully choosing races that wouldn’t expose their weaknesses. There are certainly very versatile horses, but there’s always a trade-off somewhere. The more I watch how horses actually move, the harder I find it to believe that any horse can do it all.