Omega to Alpha, A Breeder Who Knows Horses Inside Out

If anything, you would think it the very last thing that might appeal to one who has spent decades acquainting himself, at viscerally close quarters, with all the things that can go wrong with a Thoroughbred. Yet here he is, sharing the same vicissitudes as those clients for whom–weighing the ups and downs of their trade–his veterinary skills so long served as a vital fulcrum.

As one of the original partners of the Rood and Riddle Equine Hospital, Dr. Scott Pierce could scarcely have gone into breeding with fewer illusions. Yet perhaps that is precisely why he has proved so adept; why no more than 100 acres at Omega Farm, straddling the Bourbon and Scott County border, should have launched a couple of alpha males from the same crop towards Grade I prizes at Saratoga. On Saturday, Three Technique (Mr Speaker) lines up for the Allen Jerkens S.; and then, a week later, Country Grammer (Tonalist) is sizing up the Travers S. (Both races, incidentally, under the Runhappy sponsorship umbrella.)

Certainly Pierce meets in similarly wry vein the suggestion that his professional experiences might sooner have put him off.

“Actually it was quite refreshing, not having to call owners and go through all the bad news,” he says. “And it also helped me relate to what my clients were going through, because now it was happening to me too. So no, it wasn’t discouraging at all. In fact, it made you tolerate and accept when things go wrong. That’s just part of the industry, part of a natural process, part of raising a horse. Things go wrong with all living species. And, when things do go well, this industry is a lot of fun. Especially when you have a business plan, and it starts to bear fruit, and you start to watch your horses run on the weekend.”

True, the 20-year transition out of veterinary practice–these days Pierce confines himself to public auction work–into a farm owned with his wife, Debbie Spike-Pierce, was a guarantee that he would never have anything recognizably resembling “retirement”. But there’s no mistaking the accompanying fulfilment.

And that breadth of perspective, critical to both his vocations, prepares Pierce even for the times when the best of fortune is sometimes conflated with regret. When Country Grammer made a splendidly game Travers reconnaissance in the GIII Peter Pan S., he confirmed that Pierce and his team can breed and raise a good horse: perhaps he can even emulate Saoirse Abu (Mr Greeley), a dual Group 1 winner in Europe. On the other hand, there’s no getting away from the fact that Country Grammer’s dam Arabian Song (Forestry) was culled—for just $5,000, apparently to Saudi Arabia—a couple of months after her son had been sold, for $60,000, at the 2018 September Sale.

“Let me just say I have no illusions; I don’t have any problem with that,” Pierce says candidly. “As we all know, the perfect, 20/20 vision is hindsight. If we had that, we’d make a lot less mistakes in this world. That’s just life. But we’re a small farm, and small farms usually purchase lesser-valued mares. I purchased Arabian Song [privately] for very little, as a maiden mare. And I’d been a little disappointed in her first three foals to hit the races. On a small farm, when things don’t happen relatively quickly, then there’s turnover; there’s downsizing.

“If you can buy more expensive mares, they’re longer-term investments; and they require bigger stud fees. I don’t go there. That’s not been our model. It’s extremely expensive to keep mares. So small breeders like me typically tend to have more turnover. I had way too much inventory, and when it came time to be downsizing, she was one that got away. And that’s okay. You know, I’ve had clients tell me that when they look back and ask how many mares they regret selling, they can maybe count one or two out of 100. Now I did break my rule a little bit, because typically I try to let four of them get to racing age, and she’d just had three. But they were claimers.”

All that makes perfect sense. On the face of it, after all, with another $90,000 banked for her Runhappy weanling at that same Keeneland November Sale, you could argue that a nugatory initial investment had produced a perfectly acceptable yield from her stint on the farm. Both Country Grammer and the Runhappy filly, moreover, proved productive pinhooks for their purchasers, much as Pierce had promised would prove the case. Country Grammer, remember, is a May 11 foal.

“I asked quite a few 2-year-old pinhookers to go see him,” Pierce recalls. “They loved his big walk, but said he was too immature, too small, to make a 2-year-old sale. Then somebody bought him out of California, I believe–and, lo and behold, he ended up going to a 2-year-old sale. Ciaran Dunne had him and when they got $450,000 I was over the moon. That’s awesome. Those people will come back and want to buy another one from you.

“He was always a bit of a diamond in the rough, quite frankly: always a very nice individual, just not the super-obvious yearling that everyone just had to have. The mare was always bred late, which was a disadvantage because her foals were always a bit small. Always correct, but just a little immature. So he was not a great big bull. But he had that huge walk, and a great mind.”

Three Technique, sold as a weanling at the previous November Sale for $50,000, was found to have suffered a minor ankle injury after flattening into fourth in the GII Rebel S. He now reverts to seven furlongs, over which trip he twice impressed–by an aggregate 10 lengths–at the end of his juvenile campaign.

His dam has already produced Stan the Man (Broken Vow), runner-up in the GII True North S. on his latest start, and Three Technique will be going out to bat for a full brother entered in the September Sale.

“Three Technique was getting a lot of press early on so we’ll see, maybe he’ll be as good as some of the early reports,” Pierce says. “The yearling is very nice and correct, real similar to Three Technique. That mare Nite in Rome (Harlan’s Holiday), she just has lovely foals.”

Another smart sophomore from the same little Omega crop is Bank On Shea (Central Banker), winner of a $500,000 stakes in the New York Stallion Series last winter. He was bred from a $5,000 mare, another that was flipped: brought into the program for 18 months, to do a job. Bank On Shea made six figures at auction, and his dam had no pedigree that warranted longer investment. (“Thank goodness for the breeders’ fund!” exclaims Pierce.)

Even Saoirse Abu, who made $260,000 as a yearling, was bred from an unraced Florida-bred, picked up cheaply as a maiden mare. One way or another, then, it would certainly seem that Pierce has developed a shrewd eye for a horse during a career that had no roots in the Thoroughbred world.

Yes, his father was also a veterinarian, but in rural Missouri. “I knew I didn’t want to do small animals and I didn’t want to do food animals,” Pierce recalls. “So I went to Oaklawn Park as a vet student back in the early ’80s and worked for a track vet there. And I recall standing by the first turn and hearing the sound of the horses galloping by during the race. And that was my epiphany, the ‘ah-ha’ moment that said: this is for me.”

For the education of his eye, in the years since, he gives much credit to a long professional association with Mike Ryan.

“If you hang out for 30 years with probably the best agent in the world, you hope some of that rubs off,” he says. “Just in my visualizing the type of horse people want, the type to breed for. I don’t get down in the weeds with him: I’m his veterinarian, and I value our friendship. But vetting horses for him, I do see the type that he picks. That athletic horse, typically very correct. And obviously some that others tend to not choose. Mentally and physically, they have certain characteristics. A big stride. No question, he’s the best; and it’s been a privilege to work for him for so long.”

Pierce was one of a handful of partners when Rood and Riddle launched in 1985. “I was fortunate to meet Bill Rood early in my career,” he says. “And this has been a really fun endeavor: to start off with four or five of us and end up, I’ve lost count, with over 70 vets now. So it’s been fulfilling. I always say how sorry I feel for people that get up in the morning and don’t want to go to work, because I was never that person. I got tired, obviously, and wore out, but I always loved doing what I was doing.”

His veterinary career spanned a period of unprecedented advances. When Rood and Riddle opened for business, the first ultrasound pregnancy tests had been conducted only three years previously. But the restless quest of science goes on, each new answer raising new questions. The rest of us can only envy people like Pierce, viewing each breakthrough not as a conclusion but as a platform for fresh discovery.

“It’s been phenomenal, all the advancements that have occurred,” Pierce enthuses. “I started off in mare work for years, loved it, but then became interested in upper airways: there was really nothing published, we had nothing to go on. So I started to do a lot of research, and actually I’m working on another paper now.

“Technology is advancing to the point where we know now that you can miss a lot of things in the resting endoscopic exam. That’s why your ‘over-grounds’, your dynamics, are becoming so popular. We know a lot more; we know that certain airways aren’t good, and that you don’t want to buy those grade threes. But I think there’s still too much subjectivity. You can have 10 vets look at the same video, and half of them call it one thing and half call it something else.”

He rejects fears that veterinary checks are becoming too defensive, suggesting that this perception simply reflects better information.

“With the repositories now, everyone is looking at the same exam,” he says. “Obviously if you’re not happy with that, you can have your own exam performed by your vet. But I think there’s more transparency on the vetting end now. And the steroid bloods they installed, that’s another positive change. There hasn’t been a single positive reported yet. A lot of good stuff has happened.”

And that is no less true of his personal journey through the profession. Most obviously, he met Debbie at Rood and Riddle, where she took over as President/CEO two years ago. Besides being listed as co-breeders of Country Grammer, they have “bred” daughters Vivian and Audra.

“My partner in business, and partner in life,” Pierce says.

“Debbie’s helped me at sales since the mid-’90s, she’s one of the best at reading radiographs. She still helps me, goes to Tattersalls every year.”

And it was also at the “day job” that Pierce found Emma Quinn, originally his assistant but now–along with husband Dermot–indispensable to the day-to-day operation of Omega Farm.

“We started off small with just five or six mares,” Pierce says.

“And Emma and Dermot have done a great job, making the business as profitable as it could be–both with a few boarders, and in allowing me to do my thing. It’s important for the owner to have his or her boots on the ground, too: to see things, fix things, advise. But they’re the ones who have created the business, not me.

“Emma also has a little sale consignment, Garrencasey, that mostly sells off our farm; and she’s really good at that too. For years everyone has kept trying to hire her away from me, but she stuck it out–so something must be going right!”

Indeed it must. Omega may be a relative minnow: Pierce says that even around 20 mares is still too many. But this is a consignment that deserves attention. Its graduates are given a foundation that allows them to keep thriving. Pinhookers were able to get Country Grammer, Three Technique and Stan the Man for an aggregate $192,000, before selling them on for $780,000.

Pierce and his crew don’t cram these animals with supplements. They just try to raise a healthy, robust animal, physically competent for the next stage of its education. “We try to do things as naturally as possible,” says Pierce. “We try not to have an extended period in the stalls, etc. They’re not raised rough, they’re well cared for, but they’re raised naturally.”

So nobody is trying to be reinvent the wheel here. Cloth is cut according to resources, and it’s a case of keep things sufficiently shipshape to ride out the bumps in the tide.

“The way the small guy gets lucky is breeding to a new stallion in his second or third year and hoping he hits before the stud fees go up dramatically,” Pierce says. “But there’s downsides that go with that. A lot of stallions don’t hit, and you’re also buying mares you hope to make from scratch. So I’m pretty satisfied with our little program. We’re just waiting on our next Grade I winner, and I hope Country Grammer could be the one.”

If he is, then Pierce is seasoned enough to shrug off his dam’s exit. No farm, of any size, can afford to keep rolling every single dice; can persevere indefinitely with every mare just in case one of her ugly ducklings turns out a swan. The bigger picture is that the emergence, from so small a farm, of two legitimate Grade I contenders in consecutive weekends must be welcomed as a symbol of hope for anyone operating at the unforgiving margins of the business.

“It’s a win for the small guy,” Pierce says. “Kudos to the people that got lucky and bought Arabian Song. Hopefully we’ll have more in the pipeline. We’ve had a bit of success on this lower end, we’re very happy with how it’s going, and feel pretty good about the future. We’ve some really good 2-year-olds coming out, some nice yearlings. So I’m pretty encouraged. And it’s a lot of fun to watch these horses you’ve raised. There’s camaraderie, and congratulations, and relationships. And that’s what it’s all about. It’s fun when you see that the small guy can occasionally jump up there and be a winner.”

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Mike Cline to Retire as Lane’s End Farm Manager

Mike Cline, “the only farm manager Lane’s End has ever known,” according to a press release from the farm announcing the news, is retiring after a 40-year career at the storied nursery. “It would be hard to overstate Mike’s importance to Lane’s End and everything that has happened here since the farm’s inception,” said Will Farish, “I hired Mike back in 1979 and he has overseen everything from the broodmares, to stallions, to sales, to barn construction, to pasture maintenance.”

Many successful people in the industry came up under Cline’s tutelage, including Callan Strouss, the farm manager at Lane’s End’s Oak Tree division; Chris Baker at Three Chimneys; Eddie Kane at Calumet; Charles Campbell at Indian Creek Farm; Cooper Sawyer at Mt. Brilliant; and Donna Vowles at Kiltinan Castle Stud, among others.

“Will Farish provided me with the opportunity of a lifetime and it has truly been an honor to work for him and with him over these many years,” said Cline. “Will’s vision for Lane’s End was incredible and it has been a privilege to help him implement that vision. I have had the opportunity to meet presidents, the Queen and many fascinating people, not to mention manage some of the greatest Thoroughbreds in history: A.P. Indy, Smart Strike, Kingmambo, Zenyatta, Miesque, All Along, Weekend Surprise and so many others.”

The farm said that a new farm manager will not be hired; rather, Todd Claunch will continue in his role and take on additional responsibilities at the farm, while Cline will continue to consult.

“I plan on continuing to stay involved with the farm and its many clients in more of an advisory role,” said Cline. “Lane’s End’s continued success will always be important to me.”

Chris McGrath profiled Cline for the TDN in 2018, and Cline talked about the many opportunities and experiences his role at Lane’s End had provided him, such as the time he flew on Air Force One to deliver a puppy to President George Bush. “For some bumpkin like me, to do that kind of stuff? Working for the Farish family has been an unbelievable experience,” Cline told McGrath.”I just think how lucky I was to run into this one guy who’s enabled me to do this for all this time. I don’t think either of us had an idea where it was going to go, back then. But I just felt I was around the right sort of person. And he and his family have been basically responsible for everything good that’s ever happened to me.”

Cline and Farish at Keeneland in 2003 | Lee Thomas photo

Cline arrived at Lane’s End in 1979, when it was a 140-acre cattle farm. “There was a beautiful old house, beautiful rolling land,” Cline recalled in 2018. “(Mr. Farish) lived in Houston, he came to Kentucky all the time but never really had a home here. And that was the cool part about it; so many people have farms that aren’t really homes–but this place started out as a home. So we fixed up the house, and immediately started working on plans to build the broodmare barns.” Cline was in his 20s at the time.

Cline attended the University of Kentucky on a football scholarship, and got a job for trainer Mack MIller when he left school. “Mack was a hay, oats and water guy, so the formative years I had in the horse business were with someone who was straight, honest and loved his horses,” Cline told McGrath in 2018. He went on to work on the starting gate at NYRA, and then as assistant to Bob Dunham. It was through a subsequent job managing the old Big Sink Farm when he met Farish.

His gratitude for the opportunity has always been palpable, as McGrath discovered when he sat down with him two years ago.

“There’s lots of ways to get judged and I’m happy with being judged the way I will be,” he said at the time. “I just really am grateful for the opportunity I got. There aren’t many of those kind of jobs any more. For me to stay as long as I have is pretty unheard of, in this day and age. Especially when you’re doing something that’s your passion. I love what I do. Mostly because where I get to do it, and who I get to do it with.”

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Juvenile Market Crash Not the Full Picture

Last year, an ongoing bull run in the North American bloodstock market carried the juvenile sector to a historic breakthrough. For the first time, aggregate turnover broke the $200 million barrier. The momentum felt so giddy that the next milestone, with the mean cost of a 2-year-old standing at $95,807, promised to be a six-figure average.

No market, of course, can sustain perennial growth. Capitalism requires recession to regenerate value. While these cycles will ideally be mild, this particular market is always especially exposed to any incipient weakness. Very often, it trades in animals that have already had to generate a profit for two sets of speculators: a commercial breeder, and a weanling-to-yearling pinhooker. With the raw materials becoming ever more expensive, then, the stakes for this third group had been rising precariously. Their record gross last year had been fed by a yearling market, in 2018, averaging nearly 30% more than had been the case only two years before.

And then, out of nowhere, the whole apparatus of the global economy was broadsided by COVID-19.

If these are indeed unprecedented times, at least in the postwar era, then there’s limited point in historic comparisons. But for what it’s worth, when the hammer came down on Hip 1114 at OBS last week, business for North American juveniles in 2020 was completed at $125,956,800, a drop of $77,374,900 or 38%; with the average down 24% to $72,389.

But never mind “comparing apples and pears.” This is like being trying to make sense of eviction from the most fertile and succulent orchard of Calvados, to harvest a few twisted, diseased stumps in a city backyard instead. The panic infecting vendors in the spring, as the Wall Street elevator went into nauseous reverse, was such that most would probably settle for maintaining three-quarters of the 2019 average as a pretty tolerable outcome.

The pandemic hit just as consignors were bringing their horses to a peak. OBS tottered bravely through its March Sale, but Fasig-Tipton called off its glamorous auction at Gulfstream; and Keeneland followed suit with its April catalog. By the time the sales companies had regrouped–improvising a summer market, deep into a curtailed juvenile program on the racetrack–many pragmatists had already staunched the flow by private deals with trusted clients.

So the most fundamental barrier to any coherent year-on-year comparison is the unknown volume of business conducted away from the sales ring. There was a 6.9% drop in the animals that even made a catalog, from 3,924 to 3,652. But there was also a significant rise among those who were entered for a sale but then scratched.

Even during the runaway bull run, of course, trade was ruthlessly predicated on a) a fast time and b) passing the vet. In the last two years, this endemic risk aversion had maintained catalog withdrawals at almost precisely 30%. This time, scratchings amounted to 37.45%. The net decline in the public market, then, amounted to 16.6%: 2,284 entering the ring, down from 2,740.

Among those that did so, moreover, only limited consolation can be drawn from a clearance rate that superficially held up very well-just a fraction down, at 76.18%, on 77.4% last year. For one thing, stable demand in a reduced pool equates to reduced demand. But the goalposts had also been moved so far that many vendors felt obliged to write off a project altogether; to cut losses by taking whatever was on offer. Their priority will simply have been to ride out this juddering bump in the road, and salvage enough capital to turn the overall slump to their advantage when, lean and mean, they open the next pinhooking cycle at the yearling sales.

Only four stallions made a seven-figure sale, compared with eight last year. Two of these were established heavy hitters, Quality Road and Uncle Mo; whereas the other pair, Not This Time and Speightster, were making headlines with their first crop.

Unmistakably, Not This Time was the market’s breakout achiever. He not only sold the most expensive 2-year-old of the year, a $1.35 million filly at the OBS “Spring” Sale, but maintained a $80,000 median and $175,216 average off a $15,000 opening fee.

As ever, stallions are grossly flattered by the exclusion of RNAs from their averages: rewarded, in effect, for failing to find a home for their weakest offerings. So a couple that deserve a mention for quiet, consistent merit this year are Flatter, who sold all but one of his 10 into the ring, for a $208,333 average and $170,000 median (crop foaled at $35,000); and Tapizar, who moved on six of seven at a $152,916 average and $100,000 median ($15,000 fee). Flatter’s dividends were broadly on a par with those he registered with this crop as yearlings ($198,088 average, $140,000 median); but Tapizar’s yearlings in 2019 traded at an average of $46,979 and a median of just $25,000.

That’s pinhooking gold.

But stallion performance, overall, is another area plainly distorted by all those private sales. Last year, for instance, Into Mischief sent 56 juveniles into the ring; Uncle Mo, 40; and American Pharoah, 37. This time round, these commercial big guns were respectively represented by 35, 14 and 21. On that basis, it seems safe to assume that a lot of the cream was skimmed off the farms around Ocala.

It will, no doubt, be a long way home. As the bull run kept up its breathless tempo, we often cautioned how the therapies employed after the 2008 financial crisis had been greedily maintained beyond the recovery. If nobody could have planned for the form taken by the next shock, then everyone knew that the system was being wilfully exposed. Painkillers were now being prescribed as recreational drugs. Sure enough, governments everywhere now find themselves with no choice but to make huge and perilous surgical interventions.

Another point worth brief reiteration: the wider recovery after 2008 was slow to percolate into the bloodstock market. Having lost 33.8% in 2008, the Dow Jones rebounded 18.8% the following year. It was a similar story with GDP: the entire 2.5% loss of 2009 was restored the following year.

North American bloodstock, in contrast, made consecutive losses between 2008 and 2010 of 21.2, 32.2 and 6.5%; and had to wait until 2013 to get back on an even keel.

And it’s hard to resist the sense that the environment, this time round, is much more hazardous. We’ve spent a decade pumping liquidity steroids into the global economy. The most affluent have had their gains topped up by tax breaks and deregulation. And, all round the world, these divisive economics have been “secured” by electoral populism. Those don’t look terribly solid foundations for the massive reconstruction required ahead.

On the other hand, we have to keep the faith. The best harvests tend to be sown than when a field has been most thoroughly harrowed. Returning to this specific market, you have to feel sorry for anyone who launched a business in the 2019-20 yearling-juvenile cycle. But history tells us that each “bust” invariably contains the seeds of the next “boom.” For anyone with the resources, audacity and skill to play a long game, this is the perfect moment to go into business.

It’s a more obviously propitious moment, of course, for those on the other side of the fence: the buyers. Trainers who have clung to viability will have picked up oven-ready runners at a bargain rate this spring. For bloodstock investors, equally, now is the time to find that stallion’s page; that foundation mare. And not just because prices are down. One of the latent dynamics of recession is that the guys who come out the other side will tend to be those with a worthwhile product. It’s the survival of the fittest. And those who have established their class through thick and thin, by reliably identifying and drawing out potential in a young Thoroughbred, won’t complain if they lose a few competitors who have simply jumped into their slipstream, during the boom years, thinking that the game is easy.

Who knows? Perhaps this crisis can even become a cue for everyone to be a little more grown-up about the stopwatch. Remember that the sector has matured, first and foremost, through the consummate horsemanship of consignors–many of whom feel increasingly uncomfortable about the commercial imperative of the “bullet” breeze. They are under ever more pressure to light a dangerous fuse in an animal that will never run so fast again. So if we lose a few who simply train young horses to sprint for :10 seconds flat, maybe that would be no bad thing.

Presumably the yearling market is about to endure similar travails, if not worse. Whereas the juvenile sector measures the appetite for immediate action, the rest of the sales calendar opens more patient cycles. But “correction,” across the board, is not just about inflated values. Maybe vendors, forced to think about what their brand should represent in the longer term, might actually realize that their own interests–like those of the breed itself–are better served by horses that can run; and not just horses that can sell.

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Letter to the Editor: Ellen Parker

In “Art Collector Puts Sire Back in the Frame” (TDN 7/16/2020) Chris McGrath comments that “Whatever the reason, I am convinced that compounded, proven distaff influences represent a far better foundation for a pedigree than the supposed alchemies flimsily peddled between given sire-lines.”

I couldn’t agree more, which is why I created the Reine de Course (Queens of the Turf) series of influential mares and have been updating it for the past 40 years.

As Bull Hancock famously said, “the family is stronger than the individual.”

At the end of the day a good broodmare sire is, simply, a stallion bred to mares of good family.  Trying to make it more complicated is a waste of time.

Ellen Parker, Paris Kentucky

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