You'll probably get better responses than this, but to me, 3rd off the layoff is a valuable angle if the first two have been subpar to what the horse was running previous to the layoff. I don't like betting horses (other than Frankel or Pletcher, for the most part) off of layoffs. They are more likely to be stronger 2nd out, and if not, then 3rd out...
As far as yesterday's Hysterical Lady is concerned, using TG numbers, her most recent start at Baymeadows was more than competitive in that race, and in fact was her career best. She wasn't a single, but was certainly capable of winning (for some foolish reason I played Sweet Fervor).
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