I would have Cotto fight (mentally) the manner in which Wlad would fight...box the hell out of him until he's ripe for the picking and then go for the kill. The problem with Cotto the last time was that Margarito is SO easy to hit Miguel thought "Well OK, I'll throw the kitchen sink at him and he'll wither like everyone else I've fought"...that's a very easy mistake to make when you fight someone that lacks defense but is durable...look at Morrison-Mercer, Wlad-Brewster I Lee-Vera, and so on.
Miguel was doing just fine vs Margaito to begin with, he won rounds easy, he didn't take much damage, he was really frustrating Toni for the first half of that fight...but he was putting too much on his punches which will tucker you out, he was circling away which was tiring him out, and Cotto's defense isn't made for BLOCKING shots it's made for parrying shots and countering which is hard to do when you're too tired to move and too tired to put anything on your punches.
I think if Cotto BOXED for 12 rounds he'd school Margarito...it's not Miguel's style, but it would be the smart thing to do. IF Cotto can KO Margarito he needs to put his emotions aside and allow the KO to come to him and not chase after it like he did the first time.
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