In any discussion about the impact late money has on handicapping a race there should be a disclaimer.

While some people focus on the shifts in win odds during the final minutes of wagering, there’s also a collection of handicappers who believe early money — or the odds during the initial minutes of wagering — are more telling factors.

Rather than engage in that decades-old debate, for the purposes of today’s lesson we’ll focus on late money and some important points to keep in mind while watching the toteboard as post-time approaches.

Welcome to Los Ponies Longshots! Each week, America’s Best Racing’s Southern California correspondent Jose Contreras – Los Ponies to those who follow him on Twitter – will provide two or three longshots at 8-to-1 odds or better on the morning line that he identifies as strong value bets. Contreras also will map out a betting strategy for how to play his selections and keep track of his return on investment (ROI).

Stop back each week if you love a longshot!