What reasonable person builds something, and then tears it down? Answer &ndash; a discerning horseplayer.Harsh, and true. But if the first step in handicapping is to identify contenders, the next step is to recognize their vulnerabilities. We should spend more time on that.&ldquo;Who do you like?&rdquo; is a common racetrack question.Less frequent &ndash; &ldquo;Who do you not like?&rdquo;As handicappers, our aim is to find potential winners by applying the basics &ndash; current form, class, speed figures, and pace. Most of the time, the resulting list is a manageable roster of contenders. It&rsquo;s a start.But a handicapper must also be skeptical. Yes, it can be frustrating to fashion an opinion that later is rebuked. Build it, tear it down. But the frustration is less exasperating than betting people or horses that do not live up to expectations.This mostly applies to low&#45;odds contenders, and is one reason trainer statistics in the Daily Racing Form Formulator program are essential. A personal favorite is the &ldquo;Closing Odds &ndash; Favorites&rdquo; filter, particularly helpful when handicapping an unfamiliar circuit.An example is the fifth race Sunday at Gulfstream Park, a low&#45;level maiden&#45;claiming sprint in which Here Comes Bullet is the likely favorite. The in&#45;form gelding recently finished third at the same level, earned a 56 Beyer Speed Figure that is close to par (58), and his up&#45;front style suits the likely pace scenario. All the boxes are checked.Here Comes Bullet looks like a standout. However, this California handicapper is not familiar with Florida trainer Anthony Pecoraro. How reliable are Pecoraro favorites, anyway? Formulator answers the question with a resounding thumbs up.Pecoraro&rsquo;s five&#45;year win rate with all favorites is 47 percent (88 for 188), just a few pennies short of break&#45;even ($1.97 return on Investment per $2 wager). Add an additional filter &ndash; maiden&#45;claiming sprinters &ndash; and Pecoraro&rsquo;s stats are more impressive.The past five years, he is 26 for 52 with maiden&#45;claiming sprint favorites. His 50 percent win rate produced a flat&#45;bet profit ($2.28 ROI).Here Comes Bullet is the likely favorite and merely an example. He is reliable chalk with a trainer whose low&#45;odds starters typically deliver.A contrast is the first race Sunday at Santa Anita, a turf sprint for California&#45;bred maidens. Queen&rsquo;s Code&rsquo;s form is sharp, and he is proven at the level. His career&#45;high 71 Beyer is close to par (74), and he has speed in a race light on speed. Finally, his last&#45;out fourth looked better on Formulator video (Santa Anita, Feb. 19, race 3) than on paper. This bettor expects Queen&rsquo;s Code to start favored. How reliable are Carla Gaines&#45;trained favorites? Gaines&rsquo;s five&#45;year all&#45;favorites win rate is 26 percent (20 for 77) with a flat&#45;bet loss ($1.34 ROI). With all maiden favorites the past five years, Gaines&rsquo;s rate is 24 percent (11 for 45) with a low return ($1.08 ROI). Eleven favorites in maiden turf sprints produced two wins.This is no reflection on Gaines, who operates one of the top stables in California. It merely suggests Gaines favorites tend to be underlays. That may or may not be the case with Queen&rsquo;s Code.This handicapper tabbed Queen&rsquo;s Code as &ldquo;best bet&rdquo; Sunday at Santa Anita, but the &ldquo;Closing Odds &ndash; Favorites&rdquo; filter will give other bettors reason for pause.Santa Anita race 3Remember when Richard Baltas&#45;trained first&#45;time starters were an automatic toss? Not anymore. Baltas&rsquo;s five&#45;year rate with all firsters hovers at just 7 percent, but the third at Santa Anita is a maiden turf sprint, the type of race in which Baltas is surprisingly effective.The past 15 months, according to Formulator, Baltas is 5 for 21 with debut runners in turf sprints. Baltas&#45;trained Uncle Mo firster Brooklyn&rsquo;s Best has her hands full against sharp stablemate Irish Aura and this handicapper&rsquo;s &ldquo;Horse to Watch&rdquo; selection Honey Jar.However, Baltas&rsquo;s recent stats with turf&#45;sprint firsters are one reason to give Brooklyn&rsquo;s Best a long look under John Velazquez. Debut runner&#45;up Honey Jar is the selection.Red&#45;board reviewLast week&rsquo;s &ldquo;action wagers&rdquo; went 1 for 2. My Boy Tate paid $6.10 upsetting odds&#45;on Bankit in the Haynesfield Stakes at Aqueduct. Mastering finished fourth in the Santana Mile at Santa Anita, a race that was won by front&#45;running stablemate Ax Man.At Tampa Bay Downs, Crown and Sugar ran ninth at 9&#45;1 in the Pleasant Acres Stallions Distaff Turf. She has lost a step at age 6. The winner was comebacker Summering, whose $10.40 payoff was high considering she was one of two logical favorites on class. Betting favorite Beautiful Lover finished fifth.