Melbourne Cup may finally be Gai Waterhouse's day

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But the first lady of racing's decision to aggressively chase Cup success in the past few years sees her go into Tuesday's race with her strongest ever winning chance in Fiorente.

Her lack of success in the Cup doesn't mean she can't train – rather that she has channelled her energies elsewhere until recently.

MORE: Melbourne Cup 2013: Horse-by-horse preview | Melbourne Cup myths busted!

The $6 million Cup is an exception rather than the rule for both Australian racing and Sydney-based Waterhouse.

Australian horse racing aims the bulk of its richest prizes at two-year-olds and sprinters, not at stayers.

So that's where Waterhouse has aimed her arrow, and split the apples of fame and fortune.

Like in Australia's stallion-making Golden Slipper for two-year-olds, which Waterhouse has won five times among her 100-plus Group One wins.

The Slipper requires precocious speed, about a year's training end-to-end, and far less patience than needed the stayers required to win the two-mile Melbourne Cup.

All that changed for Waterhouse four years ago, as the Cup was run without her.

Waterhouse had only saddled up two minor placegetters in previous years, but at least usually managed to get a runner in the race.

What followed was a discussion between her and husband Robbie, asking the bookmaker and renowned form student to "go find me some stayers."

They looked to Europe, and among those Robbie Waterhouse found was Fiorente, who finished second in last year's Cup at his first start for the stable.

This year Fiorente has had a far longer preparation under the lady trainer, culminating in a tough third in the Cox Plate in which he had a wide, luckless run.

Waterhouse will also saddle up former French galloper Tres Blue, who like Fiorente last year, comes straight from quarantine to Flemington.

Always boasting a hat, a smile and an upbeat assessment of every runner she saddles up, Waterhouse is part-racing ambassador, part-caricature, with a full-on work ethic.

For Waterhouse – whose family has been no stranger to racing controversy – victory would be a welcome result after a difficult few months as her name was dragged through the mud over an ugly row with big-money owner John Singleton.

It would also end a tumultuous 12 months for Fiorente's jockey Damien Oliver on a high.

Oliver was suspended following last year's Spring Carnival for placing a substantial bet on a rival horse in a race he was riding in. His ban ended in time for him to ride this Spring. If you enjoy a story of redemption to go with your punting dollar, here it might be.

The daughter of legendary horse trainer and two-time cup winner Tommy Smith has succeeded in every endeavour of racing she has taken on.

So her decision to target the Cup looks certain to eventually bring success.

Whether it's this year or not, there is no doubt her hand is stronger in 2013 than ever before.

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