Not at all Joe. Ive gone through my books and ive made a profit at 18 of the last 20 Festivals. The best horses win and the handicaps are workable. What you MUST do is make decision between Irish and British form. For instance , Irelands novice hurdlers and juveniles are miles ahead of the British and Joseph o Brien could fill the first 6 places in the Triumph if he wanted to! Most punters dismiss Irish form and they are plain stupid! eg i think an Irish raider may win the Gold Cup as last years reps are proving disappointing. I think there is a definite lack of a 2 mile British Novice chaser at the moment.
also people go in blind on hcaps like the Pertemps and cry fiddle when a horse with little form wins. What they dont realise is theres about 50 qualifier races throughout the season where youve only got to be in the first 8 to qualify. So why would you want to win one and murder your hcap mark when you can cruise round in 8th and go to Chelt fresh and with a workable mark? Punters too often look at a horse with 12133121 whereas id look at a horse with potential (ie knows how to win) but current form is 75382567....then when you read its ran in 5 pertemps qualifiers throughout the season, you KNOW this has been its target for the last year.
So for me, not only is it the greatest race meeting in world, it is also more profitable! i win at Cheltenham most years by sticking to my guns but doing my homework. It must be the Irish in me! (both parents)!