Len Green | Horse Racing Free Tips

Proven Strategies: A Disguised Victory for Taxpayers in the Horse Industry

By Len Green & Jack Canaley

Some will label the recent IRS Case Skolnick v. Commissioner as a win for the government since the court disallowed the deductibility of the losses and classified the operation as a hobby. However, we examined the case in great detail and learned some very valuable lessons that will benefit people in the horse business.

The recent ruling, which ultimately was upheld upon appeal by the Third Circuit, provided some clarity and insight into the factors considered in determining the deductibility of losses generated by a horse operation. Given the increased scrutiny by the IRS that appears to be on the horizon for small businesses, it's important to understand the factors the court considered and the ways to best protect yourself and your business from future audit risk. It's clear in not only the case mentioned above, but consistently in cases of this nature, that the first hurdle in the eyes of regulators is whether you are actually operating a “business”.

Over the years there have been many interpretations of that definition.

In the equine industry the most common cited hobby or business rule is to ensure two out of every seven years produce operating income. Anyone familiar with the horse business knows there are almost certainly going to be lean years, often coupled together and, therefore, meeting this two out of seven-year requirement could be a challenge.

Upon more careful review, however, you learn that this profitability test is only one of the nine tests that you will have the opportunity to pass to prove you are operating your horse operation as “a true business”.

Fact Pattern of the Skolnick v Commissioner Case

This brings us back to the decision rendered in the Skolnick v. Commissioner case, in which the court disallowed several years of losses related to the operation of Bluestone Farm, a standardbred (harness racing) horse breeding operation. Let's take a deeper dive into the way that Bluestone Farm operated and, most importantly, some of the business decisions and activities that led to the negative court ruling.

Bluestone Farm was owned and operated by Mitchel Skolnick, along with an associate Eric Freeman, who was a retired insurance and stockbroker who had a love for horses. Skolnick's father operated a standardbred breeding business that he worked for growing up, ultimately managing the farm. It's important to note that Skolnick's career prior to the farm was running a very successful IT consulting firm. After a falling out with his father, Skolnick decided to start his own venture, Bluestone, with the help of Freeman.

In 1998, Skolnick and Freeman set out as equal partners, developed a business plan and purchased a 60-acre farm in New Jersey for roughly $560,000 They hired a full-time manager to run the farm, as both spent significant time out of state during this time. Over the next few years, they made major improvements to the property, including cleareing trees and barn and paddock construction.

By 2002, with the business yet to turn a profit, they decided they needed an influx of cash, and brought in a third equity partner. Skolnick transferred 15 percent of his ownership for $325,000, which included plans to expand the business, which a nearby 30-acre farm purcghased for $850,000. The new location was renovated in similar fashion to their first location.

Late in 2003 Skolnick l left the IT world for a second time to focus on the horse breeding business, coinciding with trust fund distributions he began receiving from his parents for the next several years to the tune of $10 million.

What were the “key points” the court outlined with reaching its decision this was a hobby?

Whether a relevant business plan or business strategy was in effect and did the taxpayer follow it

The manner in which the taxpayer operates an activity, pursuit of profitability
The expertise of the taxpayer or their advisors in the industry
The amount of time and effort spent on the activity
The reasonable expectation of the assets used in the activity appreciating in value
The success of other businesses, both similar and dissimilar, the taxpayer operates
The history of income and losses of the activity, including occasional profits
The financial status of the taxpayer
The elements of personal pleasure or recreation

While there is no mention of the history of income and losses, the court never alludes to the two out of seven-year income rule. In theory you can lose money for the next 20 years, which can be fully deductible if you're genuinely operating a business focused on generating a profit.

So, what should Skolnick and you do differently? And if he had done things differently and you do as well, are your chances of withstanding IRS scrutiny and defeat greatly enhanced?

Action Steps

Set up a horse only LLC entity. All expenses and all income should be filtered through this entity.
No personal expenditures should be paid for by the LLC.
You should become as educated as possible in the horse business, attend sessions, listen to Podcasts, read the Thoroughbred Daily News and join and attend TOBA seminars.
Invest in horse partnerships and attend their sessions.
Ask questions as to how they operate and what goes into their decisions to buy or sell horses.
Ask questions of the managers, trainers and other people in the industry.
Hire a tax and accountant advisor who have knowledge of the economics and tax aspects of the horse buyer.
If you buy a farm, make sure you use it in your operation. The IRS will then take into account any appreciation for the farm value in determining profitability of the horse operation.
Keep a log of the hours you spend in the horse operation. Include hours involving the above activities, going to sales, watching podcasts, reading horse related papers, going to farms and going to the track when your horses are involved.
Set up a separate room in your home with a computer, desk and screen to watch races you are involved with so you can deduct home office expenses.
Take the time to establish and update either a business plan or business strategy with the aim of creating profitability over the short term or long run.
Continually “PIVOT” and go in different directions if your original plan is not working. Think of diversifying by buying colts or fillies, buy yearlings, 2-year-old or claim horses.
Go into breeding.

Bottom Line

By following these recommendations, you accomplish two things: You are running your operation in a business-like manner and you should withstand IRS scrutiny. And you have increased your chances to become profitable.

If you have any questions, do not hesitate to write us at TDN.

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Tapit Filly on Top as Vibrant Trade Continues at Fasig-Tipton October

LEXINGTON, KY – The Fasig-Tipton October Yearlings Sale, which produced a day of brisk trade during Monday's first session, saw activity tick up another notch during a vibrant day of trade Tuesday in Lexington.

“The first horse through the ring this morning brought six figures and the last horse through the ring brought six figures,” said Fasig-Tipton president Boyd Browning. “There was brisk activity and great trade, literally from start to finish today. It was very similar to yesterday.”

Midway through the four-day auction, 524 yearlings have sold for $28,232,900. The average of $53,880 is up 19.5% from the same point a year ago and the median is up 25% to $25,000. The 2021 auction produced records for gross, average and median and, through two days, the 2022 renewal remains well ahead of those marks.

“Quality sells,” Browning said. “There is a great demand for quality and there is great competition for what are perceived to be the quality offerings. But you are also seeing depth of the market. I thought today was a little bit stronger in the middle market than yesterday. It was a very, very vibrant marketplace and great participation, not only from American buyers, but international purchasers as well. It was a very, very healthy marketplace today.”

The day's top 10 yearlings were purchased by 10 different buyers and were sold by 10 different consignors.

The Green family's DJ Stable made the biggest purchase of Tuesday's session, going to $600,000 to acquire a filly by Tapit from the Blake-Albina Thoroughbred Services consignment.

The two-day results continued a season of strong returns at the yearling auctions, according to Hanzly Albina.

“I think all of the yearling sales this year have been super strong,” Albina said. “They have exceeded expectations on all fronts. If you had the right horse in the right sale, you got more money than you would have estimated if you put reasonable estimates on your horses. I think Maryland was terrific, Keeneland was terrific and July was great. The mixed sale they just had up in Saratoga was unbelievable. And then this sale has been great as well.”

The Fasig-Tipton October Yearlings Sale continues through Thursday with sessions beginning daily at 10 a.m.

DJ Stable Strikes Again

The Green family's DJ Stable, which purchased three yearlings during the first session of the Fasig-Tipton October Sale, was back in action again Tuesday in Lexington, going to $600,000 to acquire a filly by Tapit (hip 629) from the Blake-Albina Thoroughbred Services consignment.

“Between Kim Valerio and Mark Casse, we looked at almost every single horse in the sale,” Len Green said. “If you have faith in your trainer, like we do with Mark Casse, and you beat the bushes, then all you have to do is put your money where your mouth is. And that's what this basically is.”

The gray filly is out of multiple graded-stakes winner Carolyn's Cat (Forestry) and is a full-sister to graded winner Mufajaah. She was bred by Newtown Anner Stud, which purchased the mare for $210,000 at the 2018 Keeneland November sale.

The yearling was making her second trip through the sales ring this fall after RNA'ing for $425,000 at last month's Keeneland September sale.

“We couldn't be happier with that result,” said Hanzly Albina. “We really thought a lot of her. That's why we didn't let her go the first time. I think she is a beautiful Tapit filly with pedigree. The mare has been very generous to us. I think she warranted the $600,000 and we are very happy that she is in good hands. Mr. Green has a great racing operation and it's good for us because hopefully our mare will get another stakes winner.”

Asked about the difference in sales results, Albina said, “It's hard to say–maybe a month of growth. You can't say the buyers weren't there. The buyers were there. So I don't know why she was overlooked. Maybe she just needed a little more time to grow.”

McCrocklin Swings for Into Mischief Colt

Tom McCrocklin took a big swing to acquire a colt by Into Mischief (hip 752) for $560,000 on behalf of a pinhooking partnership late in Tuesday's second session of the Fasig-Tipton October sale. The bay yearling was bred by John Oxley, who campaigned his dam, Canadian champion Delightful Mary (Limehouse). He was consigned by Gainesway.

“He's a beautiful, beautiful horse,” McCrocklin said. “All the usuals: a beautiful horse, athletic, by Into Mischief, out of a really good female family. He was bought for a partnership and is going to go to a 2-year-old sale. We are going to do the high wire act and we will see how it works out. Check with me in the spring.”

It was the second time of the yearling sales season that McCrocklin stretched to acquire a pinhooking prospect. He went to a sales-topping $700,000 to purchase a colt by Arrogate on behalf of Michael Sucher's Champion Equine at the Fasig-Tipton New York-Bred Yearlings Sale just days after the yearling's 2-year-old full-brother Cave Rock broke his maiden at Del Mar. Since then, Cave Rock solidified his position at the top of his division with wins in the GI Del Mar Futurity and GI American Pharoah S.

McCrocklin confirmed that colt remains on track for the 2-year-old sales.

“Obviously, we are on the Cave Rock bandwagon,” the Ocala horseman said.

Asked the value of purchasing high-priced pinhook prospects, McCrocklin laughed and said, “There is zero value in buying these horses to resell, but there is a continued desire for people to have the best and we are trying to acquire those horses to resell. It's up to me to get the job done for people that are very eager to try to hit the home run.”

McCrocklin added there are options for the partnership if the pinhooking route doesn't prove successful.

“We're not opposed to keeping horses to race,” he said. “It's not like they are on a one-way ticket and we have no other options. We certainly have the option to race. We understand the more a horse costs, the more the market shrinks on the other end. So it's not like we are going into it uninformed, but it's a conscious decision to try and sell some of the very best horses that go to auction. So we will give it a go.”

Through two sessions, McCrocklin has signed for six yearlings. He went to $190,000 to acquire a filly by Good Magic (hip 283) and went to $145,000 to take home a son of Maclean's Music (hip 23).

Of the market in Lexington this week, McCrocklin said, “Selective and strong, as usual. Very little middle and almost no bottom. So it's difficult. These people I am competing with are very smart and they are very experienced and very saavy. It's a lot of fun competing with them.”

He paused and added with a smile, “You just want to beat their ass every chance you get.”

Another Gun Runner for Winchell

Looking to continue the success it is having with offspring of Gun Runner, Winchell Thoroughbreds acquired a son of the operation's champion (hip 685) for $550,000 during Tuesday's second session of the Fasig-Tipton October sale. Out of the stakes-placed Classy Dancer (Speightstown) and from the family of Paynter, the yearling was bred by Andrew Warren and was consigned by Lane's End.

“We have obviously enjoyed the run that Gun Runner has put us on and the only the way to continue that is to get more of them,” trainer Steve Asmussen said after signing the ticket on the yearling. “We felt this one was as similar to [Grade I winner] Gunite as anything that we've seen in a public auction.”

Of the wide variety of successful racehorses by the sire, Asmussen said, “I am extremely pleased with the variety of types that have a good amount of success. We felt [with this yearling] the cross was along the lines and that we could compare this one to Gunite. Obviously, with Wicked Halo and Echo Zulu and several of the others, he has other physical types and crosses that work extremely well as well.”

Winchell Thoroughbred pre-entered four horses in the upcoming Breeders' Cup, led by Epicenter (Not This Time) in the GI Breeders' Cup Classic and including a trio by Gun Runner: Wicked Halo, Echo Zulu and Gunite.

After adding another yearling by the stallion to the roster Tuesday, Winchell manager David Fiske said, “There is nothing like it, but more of it.”

Of the operation's four Breeders' Cup pre-entries, Fiske said, “The two that worked Sunday came out of the works well. And now we just cross our fingers.”

Speedway Makes Some Late Magic

Peter Fluor and K.C. Weiner's Speedway Stables made its lone yearling purchase of the season when bloodstock agent Marette Farrell went to $400,000 to acquire a colt by Good Magic (hip 778) from the Hunter Valley Farm consignment Tuesday in Lexington.

“He was a stunning physical,” Farrell said. “We thought he was the most athletic horse we'd seen in a long time. What struck me the most about him was, the very first time we saw him, he came out and he moved like a cat. And every time I came back to see him, it was like he was bigger and he was more horse. And he was so composed. I love to see a horse that has class like that because the horses you see in stakes races act like that and move like that.”

The chestnut colt is out of Divine Escapade (A.P. Indy) and is a half to stakes winner King of the Court (Speightstown). His second dam is Grade I winner Madcap Escapade (Hennessy).

He was bred by Sun Valley Farm and was acquired by Hunter Valley Farm for $150,000 at last year's Keeneland November sale.

Tuesday's positive return was the result of good timing, according to Hunter Valley's Fergus Galvin.

“He was a really good-looking, good-moving colt,” Galvin said. “We had him in the Keeneleand [September] sale, but we took the view early on that he would mature a lot for this sale. And he has really matured in the last six weeks. We had a lot of faith in the stallion and he's come on a lot in the last month as well. That was a big help.”

This fall, Good Magic has been represented by Blazing Sevens, winner of the Oct. 1 GI Champagne S., as well as Curly Jack, winner of the Sept. 17 GIII Iroquois S. His daughter Vegas Magic won the GII Sorrento S. in August.

Uncle Mo Joins BSW/Crow Colts Group

The BSW/Crow Colts Group and partners Spendthrift Farm and Gandharvi continued to add to its 2022 roster with the purchase of an Uncle Mo colt (hip 425) for $350,000 Tuesday in Lexington.

“Obviously, the sire power is there,” Jake Memolo said after signing the ticket on the yearling. “Uncle Mo is as good a sire as you could ask for. And this yearling is a strong, fast-looking horse. We were happy to get him at that price.”

Out of stakes-placed Adore You (Tactical Cat), the yearling is a half-brother to multiple stakes winner and multiple Grade I-placed Piedi Bianchi (Overanalzye). The gray colt, who RNA'd for $320,000 as a weanling at last year's Keeneland November sale, was bred by Deann and Greg Baer and was consigned by Wynnstay Sales.

During Monday's first session of the sale, the group purchased a colt by City of Light (hip 249) for $260,000.

“We maybe will add a couple more throughout the week,” Memolo said. “We are at 15 now, so we will be hoping to add maybe two or three more and see where we go.”

The BSW/Crow Colts Group purchased 11 yearlings for $4,840,000 at the Keeneland September sale.

Liz Crow's long history of success buying out of the Fasig-Tipton October sale has continued this year with Grade I winners Goodnight Olive (Ghostzapper) and Jack Christopher (Munnings) and the plan was always to shop for colts for the group at the last yearling auction of the year, according to Memolo.

“Liz has done so well at this sale and it's a sale she likes to target,” Memolo said. “This sale presents a lot of quality, so it's always nice to come here with a little bit of money to spend.”

Main Line Finds Some Fillies

Trainer John Servis and his partners in Main Line Racing worked the barns at Newtown Paddocks en masse over the weekend and enjoyed the fruits of their labors when securing three fillies during the first two sessions of the Fasig-Tipton October Sale. The group made its biggest purchase Tuesday when going to $300,000 to acquire a filly by City of Light (hip 578) out of Boodles (Mr. Greeley) from the Eaton Sales consignment.

“I just thought she looked awesome,” Servis said of the filly. “We chased a couple of other fillies that we didn't get, but we were really saving for this filly.”

The Main Line team got off to a quick start Monday morning when going to $220,000 for a daughter of first-crop sire Audible (hip 6). Consigned by Eaton Sales, the dark bay filly is out of Safwah (Medaglia d'Oro), a half-sister to GI Kentucky Derby winner Always Dreaming (Bodemeister) and to Grade I winner Hot Dixie Chick (Dixie Union).

“I always try to look at the younger stallions because we are breeding some now, so I pay attention to who the up-and-coming stallions might be and try to get lucky and get to them before they get too popular. I've seen quite a few Audibles that I really liked,” Servis said of the young WinStar stallion who has been popular in the sales ring all fall. “He seems to put a really good hip on all of them. But they all look athletic. I don't know that I've seen one that hasn't looked athletic.”

Rounding out the Main Line trio of October purchases was a filly by Not This Time (hip 203) purchased for $125,000 from the Taylor Made Sales Agency consignment.

The group intentionally focuses on purchasing fillies.

“It's just for residual value,” Servis explained. “Hopefully, if they do some good, we have a shot to get our money back.”

Of the partnership, Servis said, “We have been together since, I'm going to say, 2005. It's Dr. Louis Bucky out of Philadelphia, William Schwartz, who owned a construction company that he sold a few years ago, and his son Drew, who lives in D.C. and does commercial real estate and myself. It's the four of us.”

The Main Line team won the 2019 GIII Dr. James Penny Memorial S. with Notapradaprice (Paddy o'Prado) and has been represented this year by stakes winner Love in the Air (Constitution).

Servis agreed competition at the October sale remained strong.

“I think we got lucky with the Audible filly on the first day because she was so early in the sale,” he said. “I knew it was going to be a strong sale because the pinhookers didn't get a lot accomplished at the September sale, so I knew a lot of those guys would be there, which they were. And I think we got really lucky. I think we did really well.”

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Spirited Bidding As Fasig October Sale Opens with Into Mischief Yearlings on Top

LEXINGTON, KY – The Fasig-Tipton Kentucky October Yearlings Sale, looking to build on a record-setting 2021 renewal, opened with a day of competitive bidding Monday. A pair of yearlings by Into Mischief topped the day's activity, with a filly going the way of Ben McElroy for $425,000 and a colt selling to the Green family's DJ Stable for $400,000.

“It was a very good opening session to the 2022 Fasig-Tipton October Yearling Sale,” said Fasig-Tipton president Boyd Browning. “There was very good trade. The parking lot was jammed pack, we saw lots of faces on the sales grounds, lots of trainers, pinhookers and end-users and lot of representatives from overseas.”

During Monday's session, 253 yearlings sold for $12,342,100. The average of $48,783 was up 21.3% from the same session a year ago and the median of $27,000 was up 58%.

The 2021 auction set records for both average and median–of $45,627 and $22,000, respectively–and the opening session of the 2022 sale was ahead of both marks.

“The 2021 sale was a quantum leap from previous year levels, so to be able to sustain that and potentially improve on that–I hate to get too far out because it's hard to judge the composition of which days are the best when there are 1600 horses on the grounds. But it was a very solid session with lots of activity.”

With 96 yearlings reported not sold, the buy-back rate was 27.5%. It was 19.6% during last year's first session.

The Fasig-Tipton October sale continues through Thursday with sessions beginning daily at 10 a.m.

McElroy, Ward Strike for Into Mischief Filly

Bloodstock agent Ben McElroy, sitting alongside trainer Wesley Ward, made a session-topping final bid of $425,000 to acquire a filly by Into Mischief (hip 336) at Monday's first session of the Fasig-Tipton October sale. The yearling is out of stakes winner Velvet Mood (Lonhro {Aus}) and was bred by Alpha Delta Stables, which purchased the mare with the filly in utero for $1 million at the 2020 Fasig-Tipton November sale. She was consigned by Mill Ridge Sales.

“She's by a great sire, whether it's colts or fillies, and she's out of a precocious mare who was a stakes-winning 2-year-old,” McElroy said of the filly's appeal. “She just fit our model for getting them out early with Wesley and she looks like she could be turf or dirt, or even synthetic. She is a very nice filly. For me, she was the pick of the fillies today. We were happy to get her at that price and fingers crossed from here on out.”

McElroy said he expects to find partners for the yearling.

“We will put together a partnership on the filly and see how it goes,” he said. “That's good money for a horse, but by that sire, I think we did good.”

McElroy signed for four yearlings Monday and three were acquired with Ward. Keeping busy throughout the yearling sales season across the globe this fall, he also signed for eight yearlings at the Keeneland September sale and three yearlings at the Goffs Orby sale.

“It was really tough to buy what I wanted at Keeneland,” McElroy said. “In Europe, I think we got some really nice horses. We got four today and we are really happy with what we got. This sale always gets better day by day, so hopefully by Thursday these will look like good value.”

Greens Continue to Pick Their Spots

The Green family's DJ Stable, which purchased the co-toppers at the OBS October sale earlier this month, continued its yearling buying spree at Fasig-Tipton Monday, acquiring a colt by Into Mischief (hip 80) for $400,000 just minutes are purchasing a son of Gun Runner (hip 74) for $200,000.

“We are just trying to find a competitive advantage,” Len Green explained. “There are people with more money, so the idea is to try to find the spot and then buy them correctly. Because someone told me a long time ago, you run out of money before they run out of horses.”

Green admitted the team was searching for horses who might not be attracting the attention of heavy-hitting buyers.

“For example, there was an Uncle Mo (hip 197) that came in the ring later on and every big guy was on the horse,” he explained. “I looked at the list of who had visited him and they must have had 14 or so. So I said there is no sense to bid against those guys. Whereas on ours, we looked at the list and we said we have a chance to get this horse at the price we want this horse for.”

Of DJ Stable's buying process, Green said, “We have [trainer] Mark Casse, who certainly knows physical horses, and Jon Green knows what the value of horses is, he follows them all the time.”

Hip 80, bred by Emily and Oliver Bushnell and consigned by Lane's End, is out of Shysheisnot (Tribal Rule).

“This one looks like a runner,” Green said of the yearling.

DJ Stable is currently represented by a daughter of Into Mischief, Wonder Wheel, who is expected to go postward in next week's GI Breeders' Cup Juvenile Fillies.

“It wouldn't make any difference,” Green said of the sire. “We don't look at the pedigree page. We look at the physical first. And then we look at the pedigree page to figure out a valuation for the horse.”

Hip 74, bred by Three Chimneys Farm and consigned by Taylor Made Sales Agency, is out of Shocking Fast (Distorted Humor), a half-sister to this year's GI Preakness S. winner Early Voting (Gun Runner).

“These are the kind of runners that, if they make it, they are worth a heck of a lot of money,” Green said. “You can say to me, 'Well, there are horses with no pedigree who win Grade I races,' but more likely the ones that win Grade I races are the ones that have the pedigree and the physical. So that's what we are looking for.”

DJ Stable purchased six yearlings at the OBS October sale, including a colt by Mitole and a filly by The Factor for matching $210,000 sale-topping figures. The operation also purchased the $600,000 sale-topping son of Curlin at the Fasig-Tipton July sale this year.

“We are also selling a lot right now,” Green said. “We were very heavy in fillies because we have a breeding program now. So we have the ability to do foal sharing. We never had that before. If you get a good filly, physically and with a pedigree and she does well on the track, then you have the opportunity to breed it and get into Book 1.

“We found that you can sell certain horses and then we have the advantage that, if we don't get the number we want, we can actually race them. So the number [of horses in the stable], believe it or not, is the same as it was last year.”

DJ Stable struck again late in the session to acquire a colt by Vino Rosso (hip 387) for $60,000.

Arrogate Filly Helps Kick Off October Sale

A filly by Arrogate (hip 7) will be heading west to the barn of that late sire's trainer Bob Baffert after bloodstock agent Donato Lanni made a final bid of $350,000 on behalf of John Rogitz to acquire the yearling early in Monday's first session of the Fasig-Tipton October sale.

The yearling was bred by Paul Tackett and his late son Phil and was consigned by Tackett. She is out of Saharan (Desert Party), a half-sister to Grade I winner My Conquestadory (Artie Schiller).

“She looks like a good Arrogate,” said Lanni. “She looks fast and she was light on her feet. She was a cool filly who did everything right.”

Lanni said of Rogitz, “He's a new guy for us and we thought this filly would suit him very well.”

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Mark Casse Displays Perfect Record With Juveniles So Far in 2022

That Mark Casse won a pair of 2-year-old maiden races Sunday at Woodbine should not have come as a surprise. The trainer hasn't just been hot when it comes to his juvenile runners, he's been perfect. Casse has sent out eight 2-year-olds so far this year and all eight have won.

Six were first-time starters and two others won in their second career starts. He leads all trainers in the category of 2-year-old winners on the year. Steve Asmussen is next with six.

How has Casse done it?

“For one thing, we have a bunch of good 2-year-olds,” he said. “That has not ever been my agenda, to win first time out. All those winners have come off our training center in Ocala and I'm proud of that. That's where I spend a lot of my time. We crank them up at the farm a little more. Those horses have been breezing halves and five-eighths going out of the gate. Our training center is almost like a racetrack, so it doesn't take us long to get them ready.”

Casse added that when it comes to his current crop of 2-year-olds, he was more hands on when they were purchased at sales compared to how he had been in prior years when he relied heavily on agents to send him horses.

“I kind of stepped away for a while and had stopped buying,” he said. “I was going more by the agents. We still train a lot of horses that agents bought. But with this crop, especially, my wife, Tina and I, were pretty involved with it. Nothing was bought without us approving them. Len Green (owner of DJ Stable) said that if you are going to ask a guy to cook it helps if he gets to buy the ingredients.”

It's also notable that Casse didn't exactly break the bank when purchasing the eight. The highest price paid for any among the group was $450,000 and two sold for less than $100,000.

A look at Casse's elite eight:

Adora (Into Mischief): Owned by Tracy Farmer, she broke her maiden on May 14 at Woodbine, winning by 4 3/4 lengths. She cost $450,000 at the Fasig-Tipton Saratoga sale. She is being pointed for the GIII Schuylerville S. on July 14 at Saratoga.

“With Adora, we paid $450,000, more than you'd normally see us pay,” Casse said. “But she has built-in value. A filly like her, if she goes on and is successful she's worth millions of dollars. If you see us paying that kind of money there is usually some residual there.”

Boppy O (Bolt d'Oro): Owned by John C. Oxley and Breeze Easy, LLC, he broke his maiden on May 20 at Gulfstream. He cost $190,000 at Keeneland September and is a half-brother to the Casse-trained Pappacap (Gun Runner), the runner-up in last year's GI Breeders' Cup Juvenile.

Stayhonor Goodside (Honor Code): Named by TDN Writers' Room superfan Skip Anderson, who submitted the winning entry in a TDN name the foal contest. He won a May 21 maiden at Woodbine by 5 1/2 lengths and is being pointed to the July 4 GIII Bashford Manor S. at Churchill Downs. Sold for $85,000 at Keeneland September.

Me and My Shadow (Violence): The filly won a May 28 maiden at Woodbine and is owned by DJ Stable. Cost $185,000 at Keeneland September. Is also being pointed for the GIII Schuylerville.

Ninetyfour Expos (Outwork): After running third in his debut on May 1, won a May 29 maiden at Woodbine by 8 1/4 lengths. Sold for $80,000 at the Fasig-Tipton Kentucky Select Yearling Sale.

Wonder Wheel (Into Mischief): The filly is owned by DJ Stable and cost $275,000 at Keeneland September. She broke her maiden by 2 1/4 lengths when debuting June 3 at Churchill Downs.

“I had been telling the Greens for two, three months that she was something special,” Casse said.

Wonder Wheel is being pointed for the July 4 Debutante S. at Churchill.

Battle Strike (Connect): The Ontario-bred colt won a May 12 maiden at Woodbine by 6 1/4 lengths in his debut. Owned by Tracy Farmer, he cost $130,000 at Keeneland September. He will go next in the July 17 Victoria S. at Woodbine.

Cahira's Blessing (Maclean's Music): Owned by Epona Thoroughbreds, Inc, the filly finished third in her debut and then came back to win a June 12 maiden at Woodbine by 2 1/2 lengths. She will run next in the July 16 My Dear S. at Woodbine.

Casse will have one juvenile starter this weekend in Saturday's first at Gulfstream, and said he expects to unveil a number of other top prospects during the weeks ahead. He said he has about 55 2-year-olds in training.

“We just have a lot of good 2-year-olds this year,” he said. “I think if people took a look at our record with 2-year-olds over the years they'd be surprised by how well we've done. I have a really good crew in Ocala. Mitch Downs has worked for me for 40 years and I have seven or eight people who have worked for me for 30-plus years. I like to think that we are a well-oiled machine.”

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