Golan, Galileo and Dilshaan have dominated the pre-race build-up. Raymond believes Golan makes a "worthy favourite" by virtue of winning the 2,000 Guineas, but still feels there is an element of doubt.
"Before the Guineas, Sir Michael Stoute put him in the St James's Palace Stakes (over a mile) so it was not a foregone conclusion at that time that he was a 12-furlong horse. I'm only guessing that Golan will stay the Derby trip," said Raymond.
"I wouldn't take any notice of his gallops as he's extremely lazy, though its probably fair to say he did do one good piece of work before the Guineas that stood out."
Raymond's respect for the Bally-doyle team that sends Galileo on expedition from Tipperary is helped by understanding the pressures of managing an empire of valuable thoroughbreds.
A year ago King's Best was a late absentee through injury, and a year earlier Beat All ran third only after a late hitch in his preparation.
Both were owned by Saeed Suhail, whose horses Raymond speaks for as deputy racing manager to Maktoum Al Maktoum's Gainsborough Stud, encompassing seven owners and 230 horses.
"They always have classy horses," he says, referring back to the Galileo camp, "and he seems to have everything."
Looking at Dilshaan's chances, Raymond said: "Obviously, I'm very much hoping he can win.
"He will definitely stay the trip and seems to have the speed.
"Since the spring, his action has become a lot better as he has worked on faster ground. I'd be surprised if Johnny Murtagh doesn't ride him."
The blue and white colours of Raymond's main employer will be carried into the Derby by Storming Home, already a winner at Epsom but compromised to some by the lack of a key characteristic.
"He's not a handy horse," says Raymond. "Things have to go right for him and in the Derby there are no guarantees. He has a good chance though, and as an outsider I like Mr Combustible, he'll stay."
This day-to-day involvement in the sport is manna from Heaven for Raymond, whose career of more than 1,500 wins was drawing to an end with a neck injury when Joe Mercer, the former champion, asked if he would assist him as Sheikh Maktoum's racing manager. Come Saturday Raymond will again imagine himself in the saddle.
"As Lester always said, be in the first five and one off the fence," said Raymond. "There's also a point, six furlongs from home, coming into Tattenham Corner, when horses in front can start to roll back on you.
"That's the most anxious time, you've got to ride with high confidence and not poke into a position that might close on you. Lester could see these things happening before anyone else."
