Correct. All handicapping is an approximation. No argument there.

The current problem is that the Portsmouth system is broken. The statistical data to make the approximation which is the foundation of the Portsmouth system does not have enough observations such that the system is no longer valid method for adding and updating boat ratings. Theoretically, I would argue that it is the ideal system but it requires a lot of CURRENT observations between all of the raced boats to be relevant for today's races.

Whereas, Texel & SCHRS are boat measurement based models of handicapping that have been developed and MAINTAINED by an active committee of racers. The mathematical models are TWEEKED as changes in designs, rig, and sails are developed. Again, it is an approximation but at least they attempt to recognize the innovations that have come forward and provide a solid foundation to justify a boat's number.