What's More Important: Who You Play or Where You Play Them?

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The benefits of playing at home have been extensively investigated both here on MAFL for Australian Rules football and more generally within the sports prediction community for this and other sports. Put simply, teams that play at home win more often and score more points than you'd otherwise expect them to after adjusting for the quality of the opponents they face.
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Do Bookies Undervalue Team Performance Metrics?

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In 2003 Michael Lewis' Moneyball was published, in which he related the story of Billy Beane, Oakland A's General Manager, and his discovery that the market for baseball players mispriced particular skills. Some skills that could be shown, statistically, as being associated with greater team success weren't recognised as valuable (for example, getting on base, as measured by On-Base Percentage), while other skills were over-valued because of an historical belief that they were related to success (for example, batting in runs, as measured by RBI).
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