If you are new to the sport, not fully versed in its ways and want to get involved in racing and/or breeding, where should you start? That hasn't always been the easiest question to answer, at least up until now. Author and former racing manager John Perrotta has filled in the gap with his new book, “Thoroughbred Investor's Bible,” which he calls “an essential tool to avoid the pitfalls of this intricate world.”
Perrotta has had many a job in racing, but is best known as the executive director of Robert Brennan's Due Process Stable, which means he was responsible for overseeing the careers of as many as 300 horses and running three farms.
Perrotta uses the first few chapters to introduce the reader to the sport and to explain the ways of a business that can be very difficult.
He recounts the stories of owners, like those who had Seattle Slew, California Chrome or Sunday Silence, who bought the proverbial winning lottery ticket.
But he isn't afraid to tell the other side of the story, of those many eight-figure yearling buys who never amounted to anything. Throughout the book, he is forthright about how tough the sport can be and how difficult it is to make money. It's an honest assessment that every new prospective owner needs to hear.
“In 2000, it was estimated that owners only recouped 42% of the expense of ownership, a harsh reality that does not even include purchase prices,” he writes. “The percentage has not changed significantly over the first decades of the 21st century. Once again, consider that you are going against the odds at the outset…”
By chapter three, he is doling out advice. He uses the examples of Satish Sanan and Jess Jackson, who, Perrotta writes, were compromised by unethical advisors and agents. If that can happen to two very successful and savvy businessmen, then it can happen to anyone. To avoid that, Perrotta writes that the newcomer to the sport must ask an advisor for references and check them carefully and that he or she shouldn't be shy about asking questions.
“If you decide to use any information in this book, the decision to find competent, honest and serious advisors will be the best thing you can do,” he writes.
Next up is “The Buying Game,” a chapter devoted to explaining the ways a new owner can get into the sport, whether that means buying at auctions, claiming horses or making private purchases. While it's not impossible to have success in the claiming game, it's not for Perrotta. “Always buy quality horses, quality pedigrees and sound individuals,” he writes.
The next step is to find the right trainer. When looking for that perfect fit, Perrotta says a new owner should find someone who will communicate, will provide you with regular reports and will be up front about the costs involved.
And have a game plan, complete with goals and one that includes an estimated budget and a timetable to achieve specific parameters of success.
There are chapters about getting involved in partnerships, the ins and outs of tax laws covering racing, how racing has become an international sport and the importance of Thoroughbred aftercare.
Following Perrotta's rules and advice will not guarantee success at the racetrack. The author readily admits that. But the more you study, the more you align yourself with the right people, the more knowledgeable you are, the more effort you put into finding quality, sound horses, the better your chances are. And, who knows, maybe good luck will also factor into the equation.
It's all about, the author writes, “enabling and fueling your newly found passion to become part of the greatest game played outdoors.”
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