Leading article: At the races

Commiserations to everyone who lost money on Kauto Star. At least you have only your own judgement to blame, not the miscalls of financial advisers or fickle markets. On the day it was Denman who prevailed: bigger, beefier, blessed with more stamina than his rival. His victory is, perhaps, a sign of the times. Smaller, quicker, nimbler, more elegant has gradually been in decline since the mismanaged invasion of Iraq. Not for nothing, it seems, is Denman described as "the tank", compared with the Maserati that is Kauto Star.

In the end, what had been sold as potentially the most exciting Cheltenham Gold Cup for more than 40 years failed to live up to its billing. There was no dead heat, nor the hoped for noseband-to-noseband last furlong. Denman won fair and square, by seven lengths. The other victor was their shared trainer, Paul Nicholls, who was happily qualified to celebrate either way.