Yes Cotto has a chance. I learned this back when Mike Tyson was ko'd by Douglas. In Boxing, there is always a chance.
Yup. Cotto was making Margo look silly in the early rounds, dancing around him and hitting him at will. Once his nose got smashed, he stopped moving and got slowly ground down. He's clearly the more skilled fighter, Margo just got to him over the course of the bout. I didn't see anything in the fight to make me think Margarito's always going to win..