One of the biggest misunderstandigs is to connect the level of Hb and Hct with the level of performances. I have no doubt that, taking EPO, everybody, including athletes training in altitude, can raise their Hct and their Hb to very high values (till the absurdity of 60 and more than 20 found in Abraham Kiptum). However, I don't think this is a very important factor, if considered alone.
Several times I pointed out that Gelindo Bordin won Olympics in Seoul with 39.7 of Hct.
Christopher Koskei, the first Kenyan I coached who won WCh in 1999, one week before the final in Seville and 3 days after the World Military Championships in Zagreb had Hct under 40.
At the same time, Gennaro Di Napoli had natural Hct between 51 and 53, and his Hb was near 19 (when had 17.5 he was in anemia).
The generalization of these values, considered not as EFFECTS of training combined with genetic baggage, is something that never I can accept. This means that creating a "limit" valid for everybody, and deciding that a level of 50, for example, can be dangerous for the health or can give unfair advantage, is a very stupid action, because several athletes in the specialism of endurance (running, biking, skiing) have natural values higher than that, but also some of them has very low natural values. In the last case, if the theory that enhancing Hct can produce effects on the performance, athletes with "natural" 40 could artificially enhance the level till 50, while athletes already with 50 couldn't do anything.
There is not only the ability to transport Oxygen at the base of a performance : everybody, athletes included, have to respect a optimal balance among all the physiological systems, and we try to manipulate one of them, at the same time we go to create problems to the others.
I use to have normal blood tests with the athletes of my group (of course, not testing a lot of parameters as I did in the period between 1992 and 2003, when I worked together with the responsible of hematology of Turin University, because there was, at that time, a good budget for researches, and to test training of Italian runners and Kenyan, from altitude (Sestriere) and sea level, was something interesting for the researchers of the University), for controlling some basic value : Hb, Hct, MCV, RBC, WBC, PLT, Iron, Ferritin, Vitamins, and NEVER found some direct relation between the level of Hb and Hct and performance.
Athletes like Arne Gabius (13'13" and 2:08), who is doctor, had the level of Hct absolutely uniform (always in the range 41-42), when was in top shape, and when was out of shape.
These are real data, not something from lab tests (maybe on treadmill or with amateurs), and are the reason because I built step by step my convinctions about EPO and blood parameters, that are always confuted by people without any real practical experience on the ground.