OK, we'll look at it another way, which bit of chase form makes you believe PP is better than Jury Duty / Shattered Love over fences?
The handicap win? Or the Grade 2 where he finished behind both Jury Duty & Shattered Love?
FWIW, I'm not adament Shattered Love will win the RSA, but I feel she is massively overpriced and overlooked, and that PP is actually massively over hyped, probably because his connection can plot a handicap win, but as Scooby has said, this is a Grade 1 Novice Chase, not a handicap.
Are you asking in any given race at any give distance at any time of the year or specifically asking in the RSA chase, because they are two very different things, in my opinion.
Might Bite was beaten by Binge Drinker early last season, yet Binge Drinker is not favourite for the Gold Cup.
Regarding the race where PP was well beat by JD & SL. I would suggest some of the following arguments, in defence of PP.
JD & SL both were having their 3rd run of the season, this was PP 2nd run of the season. I am suggesting the other 2 were fitter.
JD & SL started their season on the 8th and 7th of October respectively, compared to PP who started on the 30th of October. This race took place on the 19th of November, coming 20 days after a win on heavy ground having had 6 months off.
Willie Mullins is not overly active in October or November and his entries really step up toward the end of November.
Gordon having lost the trainers championship last year at Punchestown despite having a very nice lead at the start of the week was very keen to build up as much of a lead as possible while Willie was getting up and running, this is evidenced by the fact that between Down Royal's Jwine meeting and Fairyhouses Hatton's Grace meeting there was 11 Grade 1 or 2 races in Ireland. Elliott was responsible for 21 of the 65 runners in these races (32.3%) and won 7 of the 11 races (63.6%) with his highest place finishers in races he did not win as follows, A Toi Phil (2nd in Clonmel Oil), Ball D'Arc (3rd in Skymas Chase), Mick Jazz (3rd in WKD Hurdle) & Campeador (Fell in Morgiana).
Taking the above into account, I would imagine Gordon's were very forward in November. Kelly had 5 runners none of which managed even a place. Gordon on the other hand had 141 runners 34 of which won (24.1%) with another 36 placing meaning 49.6% of his runners either won or placed.
Pat Kelly has had winners at Cheltenham the last 2 years, I would not imagine he is overly keen on a race in mid November, Gordon on the other hand very much is, as it is time to make hay while the sun is shinning, the sun being Willie's inactivity.
I'd also suggest that in the horse losing it probably resulted in a decent price on his next start 7/2 and also got some juice in a price for RSA. Which I would imagine interest the training a lot more than a grade 2.