“Because they were basically mining it off the map,” he recalls. “It was made of iron ore. So they had these massive Euclid trucks, wheels high as a building. And all these men on shift work, living in long huts. Not quite a prison environment, but it was all-male, tropical heat, nothing to do but drink beer and play cards. A lot of these guys would have a cooler beside them while driving these huge trucks on night shift. So there were accidents. Some that drove over cliffs. Most of them, if they weren't already, were on the way to becoming alcoholics. Either running away from bad marriages, or from the law. They all had a story.”

This young Englishman was still in the early chapters of his own tale, one that would eventually bring him into our community as one of the most respected horsemen in Ocala. Back then, however, the Australian toughs working Koolan Island (next stop Indonesia) must have found him an object of some curiosity.

How did he get here? Well, horses had already long captured his imagination. Back in England, he'd shown ponies as a boy, moved onto eventing and steeplechasing, worked in racing yards. He'd passed up a university place to read English and Philosophy to make a first trip to Australia, working on a cattle ranch; went home to dabble in journalism; then a stint in agricultural college. At one point he exercised horses over the ancient gallops of Salisbury Plain for one of the great throwbacks of the English Turf. As somewhat of “a rebel and a wanderer,” however, de Meric was soon resuming his travels, returning Down Under to work a couple of years under Tommy Smith.

“A great trainer,” de Meric recalls. “Very much in the Woody Stephens, Jack Van Berg school. He would chew a few of them up, but when he found a good one, nothing was too good for them. And there were some great horses in the stable at the time. So that was a really good education.”

But the routine was numbing: up at 3 a.m., all the usual chores but also hours at the walk, riding and leading, round city blocks, in the mornings and then bareback in the afternoons. Or vanning over to Mascot Bay to swim them–behind a rowing boat.

“So picture this,” de Meric says. “Your legs are over the back of the boat and you've a shank in your hand, and there's a guy behind you rowing. A lot of horses, the first time they swim, they say, 'I'm not going in there. I'm not going there. Okay, I'm going.' And they practically get in the boat with you.

“One time a filly got loose and disappeared into the mangrove swamps. They found her two weeks later, standing there with her head down, covered in crab bites and sores. Dehydrated, but alive. And actually I think she was able to race again.”

Next de Meric bought an old car and drove up the coast with a pal. “We followed this little road through the rainforest, and it opened up onto a massive beach, just miles and miles of sand,” he recalls. “And we were like, 'Yee-hah!' And we're doing 'donuts' over the sand. Well, guess what? The car gets slower and slower, until eventually it sinks up to the hubcaps. And then suddenly that huge beach starts to get smaller and smaller, as the tide came in. I remember standing on the roof of the car, saying, 'We need to get our s*** out of here.' So we threw what we could into a backpack, waded ashore, and hitchhiked the rest of the way to Cairns.”

After staying there for a few months, de Meric traveled down to Perth where he was hired to work on Koolan Island, climbing giddy poles with a line-belt and handing kit to the electricians working on the power cables. But none of these hard-drinking men around him seemed to notice that they were surrounded by a dazzling marine environment. The one exception was a chef from New Zealand.

Courtesy Nick de Meric

“So we found this old catamaran, and spent three months fixing it up,” de Meric explains. “What was cool is that everybody on the island got a bit interested in what we were doing. So on night shift, the welders would make us a little bracket for the motor, the mechanics overhauled the motor, the carpenters helped fabricate new rudders. And then we took off, up the coast. Our grand plan was to cross the Timor Sea and island hop up the Indonesian chain to Thailand.”

At the time, it wasn't even charted: just countless little islands and reefs, with 35-foot tides rushing in between and 20-knot currents. They put in at a tiny settlement on stilts, where Japanese merchants hired Thursday Islanders to dive for pearls. Three days out from this last outpost of civilization, they anchored off one of these tiny islands.

“And in the middle of the night we got hit by what they call a cockeyed bob, like a mini-hurricane,” de Meric says. “We fought this thing for three hours and finally drove the boat onto the reef. And when the tide went out, here we are high and dry. It's the right way up, but it's got holes all through the bottom.”

At least they had plenty to salvage: rice, flour, firearms, fishing tackle, not to mention plenty of wine and whiskey. They dragged it all up the beach, made a tent fly of the sail, and made camp. His buddy, remember, was a chef. So that was something, and they fished every night. When sharks started hauling off fish and fishing tackle combined, they switched to a meat hook and caught shark instead.

De Meric's island 'home' | Courtesy Nick de Meric

“Just barely edible, but Graham was good,” de Meric recalls. “The problem we did have was water. There was no fresh water, and our supply was diminishing. We made a bunch of solar distilleries: you make a little depression in the ground, fill it with leaves and brush, put a garbage bag over the top with a pebble in it and a cup underneath. And you get condensation and it drips. But that was nothing like enough.”

They had a radio, but the distances were hopeless. In certain conditions they could get onto the “Skip” frequency but only managed to raise a taxi driver somewhere in Japan. There was nothing else for it: de Meric would try to row the catamaran's dinghy back through the three days' sail to the pearl-diving hamlet. He'd go from island to island, riding each tide, resting in between. But if he could get there, then he could organize Graham's rescue as well.

The initial leg went to plan: de Meric made it to the first island, rested, then took off with the tide for the next one. But half a mile or so out, the tide turned and started rushing him back the way he came. “A depressing moment,” he says wryly.

So he must have thought he was more or less done for?

“We were kind of thinking that before I left, actually,” de Meric admits. “Leaving Graham behind was a very hard thing to do. But he was a chef and I was the seaman, son of a naval officer. Anyway there I am, scanning the horizon, and suddenly I glimpse this little bow wave just caught by the sunset. We hadn't seen a vessel of any description in 13 days out there. So I'm standing up in the dinghy, waving my arms, yelling, but it just keep going. And then, miraculously, it turns round and this boat is coming towards me.”

It turned out to be Australian coastguards, exceptionally patrolling that remote stretch because “Boat People,” as Vietnamese refugees of the time were known, had been washing up along there. They hadn't seen him, of course, but picked up a ping on the radar–and only because the dinghy was aluminum. Otherwise, well, maybe two piles of bones on two different islets might yet remain undiscovered. And nor would dozens of stakes and graded stakes winners (including a Horse of the Year) have benefited from de Meric's eventual discovery, after all these peregrinations, of a vocation that could keep him settled in one place.

And how did that happen? Usual story: Cherchez la femme! Next time he went traveling, de Meric tried the States, got a job with Lee Eaton. Met a girl on Eaton's fall yearling crew of 1981; independently they both got hired by the same Louisiana farm to prep yearlings for the 2-year-old sales; and wound up in the same staff house. “Rancho Malaria, we called it affectionately,” de Meric says. “It was right by the bayou.”

Here, they yielded to two lasting enchantments: one professional, one personal. The first yearling they pinhooked together, a filly by Nearly on Time, cost $15,000: de Meric himself had scraped together five grand, and his parents and then his uncle put in the same. Nick and Jaqui would come home from their work as freelance gallopers, and tend their filly with manic attention. They cooked bran mash on the kitchen stove and rushed it over to her hot. She made $30,000 at OBS March in 1983, and that summer they married.

“Although that may seem a paltry profit, today, at the time it felt like we'd won the lottery,” de Meric recalls. “If that filly had sold for $3,500, or gone lame, my life could have been very different. But the fact that we were able to show even a modest profit inspired us to keep going, to see whether we could make a career of this.”

So they leased a plot outside Ocala, found a couple of believers to send them a horse or two: Moreton Binn, Gerry Nielsen. Then they bought a first, 40-acre parcel, and expanded in gradual accretions until acquiring the 230 acres in 1997 that became the Eclipse Training Center.

“It had been let go, was a bit run down, but basically a really nice piece of land, with a really good track,” de Meric recalls. “So we spent time fixing it up, built two more barns, leased out some stalls. That allowed us enough cashflow to pay the mortgage, until I got rid of that about eight or nine years later, by selling some adjacent tracts with track rights.”

With Tristan at OBS | Photos By Z

They had started their own program even as the 2-year-old game was itself still in its infancy. In fact, de Meric reckons that Ocala Stud must be the only outfit then selling juveniles that's still doing so today. The changes in this sector, after all, have been wild.

“And I think that's why there's been quite a high attrition rate, among those of us playing that game,” de Meric says. “Because if you don't adapt to the changing mores of buyers, and the changing dynamics of the market, you're left behind. Yes, some aspects of the business have maybe evolved in a slightly unhealthy direction. But you either quit playing, or you play by the new rules in order to survive.

“We used to 'two-minute lick' them in pairs, on the bridle. Bow neck, nice strong gallop down the lane, eyeball-to-eyeball, make them look good. And we'd average somewhere between 30 and 70 percent on our money. Never hit one out of the park, but made a decent living. And then Luke McKathan started breezing his horses singly. He was a pioneer in his own way, and very good at what he did. He had this little quarter horse rider that could make them go fast, would whip them all the way down the lane. And then one could hear Luke in the barn saying, 'Yeah, did it real easy.' That was before videos, electronic timers, any of that!”

Nowadays, of course, time is money with these bullet breezers. But surely the old ways sufficed for the better horsemen, who didn't need the crutch of the stopwatch?

“Well, people were quite good at covering up a mediocre horse!” de Meric cautions with a smile. “But yes, the better horsemen could certainly identify the better horses, and plenty of good ones came out of those sales. But it gradually became apparent that you were putting a cap on your upside, doing it the way we were. So, little by little, I started out breezing in pairs and then singly.”

In the process Darrin Miller, who now operates a public stable, proved a real asset. “Riding a horse, he was a master at making it look like he had three more gears, when in fact he was all out,” de Meric says. “One isn't completely comfortable with every facet of the way it has evolved, with speed becoming more and more the thing. But my feeling is that there's a lot you can do to make it easier on your horses.”

And apart from anything else, that starts with selecting the right stock. “We're quite conservative, by comparison to some of our peers,” de Meric says. “But our horses usually show up when it's time to push the button. We aren't famous for bullet works. We don't complain if we get one, but we never demand them. We focus on good movers, and if they're a tick slower than some, that hasn't really hurt us that badly. We just shop carefully and, when we get them home, treat them the best we possibly can.”

A cornerstone of which philosophy is a “resistance-free” education. In fact, de Meric dislikes the very word “breaking,” with its connotations of confrontation. The celebrated Idaho horseman Martin Black worked with their program for three seasons, teaching his methods, and Jaqui has become especially adept at tutoring the young horses.

But while they duly prioritize mentality, physique remains central to their shortlisting.

“I think that's what we start with because, to be honest, everything else follows,” de Meric reasons. “We're looking for horses with a little more to come, but also for that element of precocity. And we like to see that in the pedigree also. But, yes: athletic, balanced, good-moving individuals. If they're athletes, first and foremost, then we'll handicap pedigree and value.”

And how hard is it to gauge competence for such a specific role, if you only get a fleeting glimpse of these yearlings glossed for the sale ring?

“Well, there's an element of guesswork, and also an element of judgment based on experience,” de Meric says. “You're watching for little clues. I got past the point where I look for what you might call 'projects,' or 'fixer-uppers.' Some people make a good living doing that. But I'm looking for horses that will appeal to higher-end buyers, if possible.”

Which is another reason why a horse needs to do more than merely flash precocity. It was this program, remember, that honed Knicks Go. In fact, de Meric says that it was at his urging that the KRA, who had five in the sale, changed their minds and retained the future Horse of the Year to race. He wasn't fashionably bred, of course, nor very big–but he had shown de Meric unusual grit.

Knicks Go at Taylor Made | Sarah Andrew

“We're asking them to do a lot,” de Meric remarks. “These days, as we've said, people want to see these horses work fast. But they also want horses that will possibly have Classic potential, train on as 3- and 4-year-olds. So they need to have it all, and to vet well at the end of it. When you actually stop and add it all up, you think, 'What the heck are we doing? This is madness.' Because the odds are stacked against you from the minute you set foot on the sales ground. But it's what we do. It's the bed we've made. And it's been good to us over the years.”

As you can read in tomorrow's TDN, in de Meric's contribution to our “Succession” series, he's as proud of the parallel program developed by his son Tristan (and daughter-in-law Valerie) as he is concerned by the kind of future that may await the next generation. The way things are going for our sport's reputation in Main Street, it must almost feel like watching that bow wave diminishing into the sunset, all those years ago. But maybe this boat can also turn round.

“There's a lot of momentum in the wrong direction right now,” de Meric acknowledges. “We keep running into these unexpected headwinds, into challenge after challenge. As a generation, I don't think we've done a spectacular job as stewards of our sport. At the same time, I feel we have to stay positive.

“There's enough of us, collectively, that are passionate about this game, that would almost die rather than see it go under. People talk about greyhounds, about harness racing. Ours is a different world. When it gets under your skin, there's no fighting it. That's why billionaires become millionaires playing this game. Because there's no feeling like it.

“It's all those lows that make the highs even more exciting. It doesn't matter if you're racing, pinhooking, breeding, selling: those highs, it's a euphoric feeling. I think all of us, by definition, tend not to be the kind who like the middle ground. Because this is not that kind of business. It's a rollercoaster. And it's not for the faint of heart. When it's good, it's great; and when it sucks, it really sucks. But at the end of the day, we're working with the animals we love. And in that we are truly blessed.”

The post De Meric’s Odyssey Brings Him ‘Home’ To Horses appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Getting started is the hardest part for most prospective owners. The world of Thoroughbred racing can seem as inaccessible as the Churchill Down's Turf Club on Derby Day. The good news is joining a partnership makes getting started easier.

In the first part of this series, we provided basic information such as investment levels, tax considerations and the entertainment value partnerships offer.

In Part 2, we will provide insights into the experiential considerations that can make your personal journey into ownership more valuable.

Owning More That 5%

You should always begin by considering what is going to be financially comfortable for you. If your investment level is below $1,000, your focus should be directed toward micro-share opportunities like MyRacehorse, Wasabi Venture Stables, or a racing club at your local racetrack. These vehicles offer participation for as little as a couple hundred dollars and generally offer less than 1% interest in a horse. Micro-share partnerships rarely present any financial windfalls, but do give you the excitement of participation and a friendly conversation starter at your next social event. They also make great gifts for a horse lover in your life.

If you are comfortable in investing $1,000 or more, look for an opportunity where you can buy in for at least 5%. Truth be told, percentages have their privilege in Thoroughbred ownership. We all know that 5% of a $10,000 claimer is quite a bit less than 5% of a $1 million yearling.

What you may not know, there are significant benefits of being at least a 5% partner. Owning 5% means that most racing jurisdictions will require you to become a licensed owner. Once you are licensed, you now have access, and access is where the real fun begins.

Trainer observing morning workouts | Coady Photography

With a state-issued owner's license, you typically will have access to the stable area and your horse. Watching morning workouts, spending time in and around a functioning training operation, and gaining insight into how the stable area operates are a handful of the most fascinating activities an owner can experience. Feeding carrots and treats to your horse can be worth the price of your investment alone.

On race day, you will have access to the paddock area to see your horse prepare to head out to the racetrack. The paddock is where you can interact with your jockey, trainer and other partners. Most racetracks also offer owner privileges like free admission, free programs, reserved seating areas and invitations to special events. These perks are part of your return on investment and an enticing incentive to own at least 5% of a racehorse and becoming a licensed owner.

The Partnership Personality

You are now at the point where you are hungry to get started. Do not make the mistake of buying the proverbial sizzle of a partnership… you want the steak. What a partnership portrays in advertising or by the general partner may not be what is served. You need to learn about the partnership's personality, in other words, where the meat is. How does the partnership communicate with its owners? How often does the partnership send out updates on horses? Do they use social media, e-mail, or other platforms? What level of input will you have?

Some general partners are great at taking input, others prefer to remain focused and rely on their own experience and skills. If you are a person that likes to socialize, do not hesitate to ask what events, or get togethers, are typically planned. Talk to current partners and get their feedback while simultaneously gaining a sense of whom you will be sharing the experience. Part of your return on investment are the relationships you develop. Simply make sure you get the steak and not just a bunch of sizzling mushrooms.*

Geography

Most partnerships run their horses at specific racetracks or on a circuit. You need to determine if you are ok with watching your horse race on the computer or if you want to go to the racetrack and enjoy watching your horse race live. There are racetracks that are great for bringing friends and family with you and others that do not make the greatest first impressions.

California racing | Benoit

Where you live or where you are willing to travel is important in how immersed you can get into ownership. Living in Missouri does not mean you should not own a racehorse, it just means you may have to travel more vs. someone that lives in Southern California. Conversely, if you are solely interested in a financial return on your investment or are allergic to hay and hate the smell of manure, seeing your horse in person may not matter. The bottom line is: know where your horses are most apt to race and determine it if falls in line with what you are seeking.

The Mission

There are partnerships for breeding, buying yearlings, pinhooking, buying two-year-olds, claiming, and everything in-between. What is best for you is a choice. Start by asking yourself if you like action or if you are willing to be patient and potentially end up with a Kentucky Derby horse. Most new owners benefit from getting involved in a claiming partnership first.

With these partnerships, you can make your investment one day and be at the races to watch your horse run within weeks. Typically, new owners start in a claiming partnership, move to buying into unraced younger horses, then yearlings and down the road becoming part of a breeding opportunity. All are available to you with partnerships and you will be learning and becoming more adept along the way.

The Cherry On Top

An area that has become especially important to new owners coming into the sport, and rightfully so, is aftercare. Prospective new partners should ask, “What will happen once our horse is done racing? Can we still follow our horse after it retires?” Do not hesitate to ask these questions about any partnership you are looking to get involved in.

Some partnerships have aftercare programs in place, some have aftercare organizations they work with, and others unfortunately have no answer to this question. When you buy a Thoroughbred racehorse, you will discover an intrinsic connection to the horse, it is inevitable. Making sure you participate in a partnership that cares for their horses after their racing career is over is to be applauded and supported.

Wonder Wheel | Sara Gordon

The path to becoming a Thoroughbred racehorse owner has never been easier. Partnerships have led the way in making ownership more accessible to everyone that loves horse racing or horses.

Finding the right partnership for you is a process, a process that hopefully has been made simpler by knowing what to ask, what to look for, and what really matters to you personally.

Note: a mushroom is a term in racing is often referred to an owner who is kept in the dark and fed manure.

The post Finding The Right Syndicate For You-Part 2, Presented By Taylor Made Partnerships appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Okay, so a trifecta for Eaton Sales graduates in the Saratoga Grade I last year featured only the winner, Forte (Violence), from the 2021 Keeneland September Sale. Runner-up Gulfport (Uncle Mo) and third Blazing Sevens (Good Magic) were respectively sold through the Eaton drafts at Fasig-Tipton's July and Saratoga Sales. Nonetheless it was an achievement all the more remarkable for the fact that champion juvenile Forte and Blazing Sevens, subsequently runner-up in the GI Preakness, were both pinhooked through Reiley McDonald's own farm, Athens Wood LLC.

Another complement to his supervision of a flagship sales agency, moreover, is the band of around 20 broodmares resident there. These diverse silos help McDonald to stay tuned into the marketplace from every side, but bring much satisfaction besides. One of those mares has produced Defunded (Dialed In) to win another Grade I this year, in the Hollywood Gold Cup. Only last weekend McDonald had winners in his own silks at Saratoga and in a stakes at Colonial Downs, while last month he co-bred a €1 million Wootton Bassett yearling sold at Arqana.

Such is the constant action resulting from the long experience that has brought us to McDonald's office in downtown Lexington. And while there's an intensity here, for sure, it is accompanied by a breadth of perspective that also permits a fulfilling life away from the business. (McDonald, indeed, typically spends half his year with his partner, Cricket, in Connecticut.)

“That was unbelievable,” he acknowledges, when reminded of his Hopeful achievement. “But really, I've done this so long, I don't get too excited, don't jump up and down, because there are so many that don't work out-you have to take the good and bad just the same.” He pauses and chuckles. “And, of course, we only just about broke even on Forte!”

Every year, with a couple of partners, McDonald pinhooks a dozen or so weanlings. Having found Forte for $80,000 at the preceding November Sale, they had to settle for $110,000 from Repole Stable & St. Elias when bringing him back to the same ring.

“Forte is one of the prettier horses you'll ever see, but at that time nobody wanted a Violence,” McDonald recalls. “And then Jacob West walked up, right as he was going into the ring, and said, 'What's your reserve?' I told him he had to bring more than a hundred. All those brilliant horsemen, and it came down to just one guy, one bid.”

Reiley McDonald (left) with Scott Dilworth | Keeneland

But such are the vagaries of this business-and such, duly, is McDonald's achievement, over the past 28 years, in maintaining both quality and quantity since taking on the game-changing agency founded by Lee Eaton.

He has actually started to scale back somewhat, having concluded that sheer volume is nowadays less sustainable. As he says, it costs as much time, labor and administration to sell a horse for $2,000 as for $2 million. Eaton Sales still has over 100 yearlings catalogued at Keeneland, but there have been times when they might have processed as many as 350 at that sale, following maybe 50 at Saratoga.

“That was a dangerous managerial feat and I don't think anybody can pull it off,” McDonald says. “It's so hard to find the help now. I really do worry about the animals, with the kind of help that's out there. And these days, if you're selling a horse for, call it $50,000 or less, you're losing money. Because some of the consignors have cannibalized themselves, reducing fees to a point where there's very little profit margin at the end of the day.”

By the time Eaton (and partner John Williams) stepped down, quite apart from a formidable address book, McDonald could feel no less grateful for his mentorship.

“Lee was like so many people who are successful in business,” McDonald reflects. “He worked hard, and demanded that the people around him worked hard. And he really was smart, always thinking of how you might do things differently, and better. He made it a much more professional business. The 'good old boy' stuff went out the window. The big parties before the July Sale, I mean, we never really did that. We just stuck to trying to make that horse look as good as it could. That was the whole thing: how do you present the horse?

“It used to be the old 'baggy pants' off the farm. But Lee hired all these guys from Virginia who would come in with their creased pants, and they really knew how to show a horse. And suddenly smart guys like Ed Cox, even Warner Jones as good as he was, started to sell with Lee. When you walked into his courtyard at Saratoga or Keeneland, it was definitely different: very clean, very professional–like they all are now. He really did set the standard.”

No less crucially, there were also corresponding advances in preparation, heeded to this day by McDonald.

“He decided to build huge run-in sheds and turn his horses out,” he says. “He was the first to do that. He didn't bring them up in the winter. And I follow the same program. Now, if it's a horrible, icy wet night, we bring everything in, and he would too. But they were out 99 percent of the time. And he developed his own feed. We've modified it over the years, but I still feed the same cubed feed.

“He was very good about horses' weight, getting the proper conditioning to each yearling-which is something that surprisingly few people do well. Back in the day, people wanted yearlings to be almost obese. Lee started to make them look more like racehorses.”

Before joining Eaton, McDonald had spent 10 years under John Finney at Fasig-Tipton, gaining a comprehensive insight into the market. Under head inspector Bobby Powell he learned the optimal physique of a commercial yearling, and as sales announcer he came to understand the functioning of the marketplace itself. “At the time John Finney was probably the smartest guy in the business,” McDonald says. “That's where I really learned about the business of horses, valuations, matings.”

There were other paths McDonald might have taken, having studied Animal Science at Cornell (where he captained the lacrosse team), but he has basically been working with horses since he was 13. The family had moved to the country, the kids got a pony, there was a horse farm down the road. He went to school five minutes from Pimlico, and would run in “smelling of manure and throwing on a tie to get to assembly.” The teenage McDonald then cut his racetrack teeth under Maryland hardboot B. Frank Christmas.

Tom Van Meter | Keeneland

“He was one of the real old-timers,” he recalls. “Quite a crusty character, always chewing tobacco and spitting, always with the hat and the coat on. He was a trainer, but also had a farm and a stallion. We were breeding mares, we were breaking all our horses, we legged up everything on the farm.”

One way or another, then, the young man who took over the sales agency had plenty of miles on the clock. “Then Tom Van Meter bought a 20 percent interest, and he was my partner for about 20 years,” McDonald says. “Tom was a vet, he was sort of the country boy while I was more the city boy. So we had different sets of clients, and that worked for a long time. But that's when the business was huge. We were doing too many horses.”

In admitting as much, and with Eaton having been such a trailblazer, does McDonald sometimes feel that he has helped to create a monster? This, after all, has become an industry where horses are routinely exploited through several investment cycles before they get anywhere near the gate.

“I feel like I've probably overseen the sale, personally, of more horses than anybody,” he replies. “Which, the last couple of years, doesn't make me the proudest guy in the world. Because I really feel like our business has deteriorated a good bit. And I don't mean just the selling business, but the racing, to a large extent.

“I think often we interfere way too much with these horses. By 'we' I don't mean us, I mean the industry. The more I learn and observe about what's happening on the tracks, the more disappointing I find it. And we're losing fans, and alienating the non-horse public.”

This conversation, it should be noted, took place before the recent traumas at Saratoga. In other words, McDonald was already thinking in terms that have meanwhile come to feel imperative. He feels that the spirit of reform behind HISA is vital, albeit that early mistakes were made: overreaching, not consulting adequately. “I think the trainers got a double whammy,” he says. “They didn't have a lot of say in it, and then a lot of the responsibility was put onto them. But we need HISA and it will get better–as it has to. Like anything worth doing, it needs time and we all need to work on it.”

Nor does he feel that the current use of the crop can last. (“Three strikes and you're out,” he recommends. “One to start, one to steer, one to finish.”) But for all the challenges we face, the magic of the horse itself abides. That's where every fulfilment begins–and many opportunities, too. Standing in the back ring at the 2016 Keeneland November Sale, for instance, McDonald saw a Touch Gold mare led past.

“Oh, she's really pretty,” he murmured to himself. In fact, she reminded him of Scarlet Tango, a mare he had once found in the same ring for $35,000. Five years later, having meanwhile produced GI King's Bishop winner Visionaire (Grand Slam), he sold her on for $850,000 to Stonestreet.

“I can't afford to buy a whole package: race record, pedigree, everything,” McDonald says. “But I can buy looks.” While this mare actually had multiple stakes placings, she cost barely more than Scarlet Tango at $37,000. And Wind Caper is now dam of Defunded, sold for $210,000 at Keeneland September in 2019 and hitherto winner of $1.6 million.

Defunded | Benoit

“I don't breed the fanciest pedigrees,” McDonald says. “But they come up to that little farm and do really well. It was a cattle farm for 300 years, all with the same family. It was about to be developed into 10-acre 'piano-key' lots when four other guys and I bought it. I kept 120 acres, and it's just great land. It's heavy in limestone, it's been fertilized for hundreds of years. And I kind of stick to the old 'leave' formula: leave them out, leave them alone, just keep an eye on any problems creeping up.”

“They're well raised, and the guys have been on the farm for years. Chuchie has been with me 35 years, was on the old Eaton Farm when he was 18. These are the best guys I've ever seen with foals, it's magic to watch their hands.”

But many of the elite performers whose photos are crammed onto the walls have obviously come through the core business of the agency. And here, McDonald says, how you handle people counts for at least as much as how you do horses. Before anything else, he needs to understand his clients' risk tolerance: where they might have slack, when they might race a horse, and so on. Because the market itself is never predictable. Neither Hard Spun nor Omaha Beach made their September reserves, for instance, McDonald eventually persuading the late Rick Porter to take both. (“You're now about $60 million to the good from those two horses,” he told Porter later. “Don't you think I should get a share?” Porter replied: “On the next one!”)

Unique Bella, the daughter of Tapit and Unrivaled Belle (Unbridled's Song), had over 160 shows at the 2015 September Sale and was not vetted once.

“So, you got the best horseman from around the world looking at this filly,” marvels McDonald. “She toed in a little bit, and had a $399,000 reserve. And one person runs up to me, right as she's walking into the ring, and says, 'Can I see the vet report?' And runs back inside. There was one bid at $400,000, and it happened to be Carlos [Heller] at Don Alberto. And look what he got: one of the great mares of that decade. She was gorgeous. So sometimes it just blows your mind.”

Unique Bella and Hard Spun were both bred by Betty Moran, owner of Brushwood Stables, who became another cherished influence.

“An angel was on my shoulder the day I bumped into her, in 1991, and she told me she'd just lost her general manager,” McDonald recalls. He volunteered for the role and they worked together for nearly 30 years, perhaps their most memorable moment actually being with a steeplechaser, Papillon (Ire), in the 2000 Grand National. “Mrs. Moran only wanted to compete at the highest level,” McDonald notes. “And we built and maintained one of the best 20-head broodmare bands in the country. She was a best friend, confidante-and tough boss!”

That highest level, however, is never always confined only to the top of the market–and that, of course, is what drives the whole business.”

“How about Victory Gallop, who I sold many moons ago for $25,000?” says McDonald. “He had a chip in a stifle, and three ankles. Pug Hart bought him and said, 'I can't keep this horse.' This was before the repository. And I said, 'Well, essentially, he's sold, but let me talk to the owner.' And he agreed to take $10,000 off. So, they got Victory Gallop for $15,000! But I could count so many good horses that [apparently] had big, big problems. I purchased Mitole for very little [$20,000 September yearling] because he had a lot of writing on the vet report, but he was a horse of exquisite conformation.”

Kenny McPeek | Sarah Andrew

Like many experienced consignors, McDonald reckons to know buyers' tastes well enough to pull out a horse they haven't even asked for. “The only guy I still can't figure out is Kenny McPeek!” he admits. “He has bought so many good horses through auction, and I still don't know what he looks for. But that's really what puts it all together for us: knowing both sides, the seller and the buyer. And that takes a long time to do. That's why anybody who wants to get into the consignment business, you have to be willing to get on an airplane, to be everywhere and see everyone.”

While he isn't comfortable with everything about the industry, or the way it has changed over the past 40 years, McDonald emphasizes an undiminished passion for the sport.

“We've got a lot of hard work to do, but there are still great parts to it,” he says. “I do feel blessed to have been able to do what I have. It all comes from being hands on. My favorite thing I ever did in my life, and the thing I was best at, was on top of a horse. You learn so much if your hands have learned to absorb what the animal is telling you. Even today I love showing a horse at the sales.

“I don't know, I just love this animal. It's incredible. I mean, last night I was walking around the foals, just thinking how lucky I am, to be in that moment, with these beautiful little animals coming up to you. I still love it.”

The post Different Hats Keep McDonald Ever Hopeful appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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“We started buying yearlings before the repository,” Ciaran Dunne said. “Back in those days, you had to shorten down your vet list because of the costs involved. There was very little that we couldn't live with because we might vet, at the very most, four horses a day. So if you were very picky, you didn't get anything. Back in those days, sesamoiditis wasn't as big a deal, there was no such thing as ultrasounds and soft tissue scans. So very early on we learned to live with a lot of things. And because of that, we trained horses who had various issues. We saw a lot of what horses can live with and what horses can't live with.”

Dunne said his decisions at the yearling sales are generally based more on the individual in front of him than on the expansive vet reports available today.

“Some years, I will say I'm not going to buy any horse that has any degree of sesamoiditis above mild,” he explained. “But if I find a horse I really, really like and he's got moderate or severe sesamoiditis and I still like him, I'll probably still buy him. I think if we allow the veterinary findings to dictate what we buy, then a lot of times you end up buying horses you are just OK on physically and you walk away from the ones you love because they have some little issue that might never have been a problem. I take the tact that I would much rather buy one that I love that has a little this or a little that than buy one that I'm just so-so on because he has a clean set of X-rays.”

The Wavertree team doesn't adjust its process just because they are predominately shopping for pinhooking prospects, rather than racehorse prospects.

“I have people tell me, 'He'll be OK to race, but not to pinhook,'” Dunne said. “Ultimately, they are all going to have to be racehorses. And I can't be a future purchaser's veterinarian. I can't say what they will like and what they won't like. There are plenty of horses that come with veterinary findings that are of no consequence to me, but the buyers run away from and hide. And then there are horses that, when we get the X-ray report back after the breeze show, I think we are in trouble here and nobody else seems to have a problem with it.”

Buyers relying solely on a vet report while neglecting to consider the individual may be missing the bigger picture, according to Dunne.

“I'm not going to say that everything with bad X-rays or a bad ultrasound will go on and run,” he said. “I think everything is relative. Some horses who have issues, if they have a lighter frame they can maybe live with them, whereas with a heavier-bodied type, you'd be less inclined to give them a chance. I think people use the vet reports to weed horses out, but I don't think you can look at a vet report and say this horse is no good.”

He continued, “In the same way, when people read X-rays or  read soft-tissue findings and aren't physically there to look at the horse, I don't think they can give a fair judgement on whether this is representative of what the horse actually is. Trying to evaluate a horse off a piece of paper in terms of radiographic findings or trying to evaluate a horse digitally from 500 miles away, I don't think that works. I think there has to be a little common sense. Context matters.”

When Dunne switches from buying yearlings to selling juveniles, he sees a difference in how potential buyers utilize vet reports.

“I think they are harder on the 2-year-olds than they are on the yearlings with the vetting,” Dunne said. “We've seen a lot of yearlings sell for a lot of money with radiographic findings that really raised our eyebrows. Whereas the slightest thing in the 2-year-olds chases them away. Which seems to me to be backwards. Maybe it's that people [buying yearlings] think they have enough time to fix anything. I think they are looking for ghosts.”

Watching horses perform on the racetrack at a 2-year-old sale should provide buyers with more confidence than it generally seems to, according to Dunne.

“It amuses me when a horse goes up and works well enough and gallops out well enough to make them come down to see him and he comes out and he shows himself well and then they are going to come up with this huge problem that he might have,” Dunne said. “I don't know what they think we are that we would be able to mask something like that. At the end of the day, if you look at the scratch rate at 2-year-old sales, the ones that have problems are eliminated before they get to see them. And usually the ones that work good are the ones that end up being good horses. Again, you have to put the whole thing into context. How considerable can it be if they just performed at that level?”

Dunne stressed what he sees as the importance of potential buyers making decisions based on the findings of–and consultations with–their own veterinarians.

“I hate the vet reports,” Dunne said. “I hate showing the vet report because I feel like people, when they ask to see the vet report, are just looking for a reason not to go vet them. Whereas if they just go vet them, their veterinarian may not have an issue with the ink that's on the page. When we buy yearlings, I don't look at vet reports. If I like the horse well enough, I look at my vet's interpretation and I live or die by his opinion. I think everybody should do their own homework.”

Click to read previous The X-Ray Files: with Tom McCrocklin and David Ingordo.

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At the close of business Tuesday, 192 juveniles had sold for a gross of $7,110,400. The average of $37,033 was up from the 2022 session's final average of $34,431–which included post-sale transactions–but was down from the end-of-session figure of $38,628. The median of $20,000 dipped from the final figure of $22,000, as well as from the end-of-session figure of $25,500. With 74 horses reported not sold, the session's buy-back rate was 27.8%.

Before the inclusion of post-sale transactions, last year's opening session of the June sale saw 184 head sell for a gross of $7,107,500. The average was $38,628 and the median was $25,500. With 90 horses reported not sold at the fall of the day's last hammer, the 2022 opening-session buy-back rate was 33.1%. That figure improved to 20.7% as a further 33 horses sold post-sale, bringing the final gross to $7,756,400.

Midway through Tuesday's session, Frank Fletcher, bidding alongside agent Donato Lanni, went to $450,000 to acquire a son of Hard Spun from the de Meric Sales consignment. Late in the day, Fletcher returned to acquire the day's second-highest priced offering, going to $230,000 to acquire a colt by Malibu Moon from Gene Recio's consignment.

The session-topper led a day of mixed-bag results for de Meric Sales, which sold all 10 of its horses through the ring for $988,700 and was the session's leading consignor. The consignment had results everywhere from the session-topping $450,000 price tag down to $3,700.

“We saw a little bit of everything today,” admitted Tristan de Meric. “It's definitely a little spotty at best, but there is still some demand for the more quality horses. There is a bit of action in the lower-middle, but not as much as we'd all like to see for the number of horses here. I think it's basically typical of the June sale, but maybe a little more magnified this year.”

The Hard Spun colt was making his first sales appearance of the year, an angle which has worked well for the consignment in the past, according to de Meric.

“He was sent down to Florida and started in January and we always thought of him as a horse for this sale,” de Meric said. “We've found that a fresh horse in this sale can stand out. People always like to see one for the first time. And that horse stepped up and did everything right. We have done well with horses like him at this sale and, even this year in a spottier market, we are happy with this result and best of luck to Frank Fletcher and Donato.”

The OBS June sale continues through Thursday with sessions beginning daily at 10 a.m.

Fletcher Gets His Hard Spun Colt

Frank Fletcher flew down to Ocala Tuesday morning with the specific intention of purchasing a colt by Hard Spun and the Arkansas native did not go home disappointed, securing hip 130 for $450,000 from the de Meric Sales consignment midway through the first session of the June sale.

“I just flew down this morning and Donato Lanni showed him to me,” Fletcher said. “He liked his work, he likes the way he's built and he likes his speed.”

Bred by Reiley McDonald's Athens Woods, the chestnut colt is out of stakes-placed Mine All Mine (Belong to Me) and is a half-brother to stakes-winner Athens Queen (Majestic Warrior). The juvenile worked a furlong last week in a co-bullet :9 4/5.

SESSION TOPPER @OBSSales!

Hip 130, a #HardSpun colt that worked in a blistering :9 4/5ths, sells to Frank Fletcher Racing Operations for $450,000!

Consigned by de Meric Sales, Agent, the juvenile is out of a Stakes-placed mare who is also the dam of Astoria Stakes winner… pic.twitter.com/L8ujAtTTQX

— Darley in America (@DarleyAmerica) June 13, 2023

“We are always looking for 2-year-old colts,” Fletcher said. “And it's exciting to get him. I always like coming down here. I love this city and I love this sale. I've been coming here for 25 years.”

Fletcher famously names all his horses with some form of Rocket or Rockette in their names. Does he have a name already picked out for this colt?

“He will be something rocket,” Fletcher said with a laugh. “I had a horse down here earlier this year in the sale and she worked so well, I withdrew her from the sale and I named her Almost Gone Rocket.”

Fletcher had to see off a determined internet bidder to secure the colt, but said he never had a doubt that he was going to come out on top.

“We were going to get him one way or another,” he said. “I flew down for him. So I'd be very sad if I was going home without him.”

Fletcher said no trainer had been picked out for the youngster.

Goodman Has High Hopes for First Pinhook

Billy Goodman, whose involvement in racing started almost by accident and evolved into a full-on passion, is hopeful his first foray into the juvenile pinhooking market proves just as successful when he and partner Caio Caramori send a colt by American Pharoah (hip 1030) through the OBS sales ring with the SBM Training and Sales consignment Thursday.

Goodman purchased the colt for $100,000 at last year's Keeneland September sale. He is out of Jeweliana (Smart Strike), a daughter of multiple graded winner Roshani (Fantastic Light) and the dam of $775,000 juvenile Nile River (American Pharoah).

“He just had all the right parts,” Goodman said of the colt's appeal last fall. “He was a May 5 foal and a little immature, but I kind of looked at him like, if he just expands exactly as he is right now, he's going to be an absolute beast of a horse. He had an incredible walk and an incredible mind on him. And all of those things came to fruition with him. He blossomed into this incredible specimen and he's got a mind on him like a 4-year-old stakes horse.”

Goodman had never even touched a horse when he decided to make a major pivot in his life some 12 years ago.

“Back in 2011, I was managing an Irish pub in Miami for a childhood friend,” he explained. “Things just weren't going well and I didn't enjoy it, so I decided to stop. I got a license at Gulfstream and went on the backside and asked for a job. I got a job walking hots.”

Goodman, who began working for trainer Peter Gulyas in Florida, eventually made his way to Kentucky and the barn of trainer Todd Pletcher.

“I worked for Todd for six years as a groom,” Goodman said. “I was a hotwalker and then a groom and within two months we had two horses in the Derby and My Miss Sophia was second in the Oaks.”

Of his experience with horses before that, Goodman admitted, “None. Zero. Never touched a horse. I always knew that I would at some point. Horses were in my system. I was 45 and I said, 'All right, it's time to do this.'”

Goodman purchased his first horse, Eternal Heart, for $50,000 at the 2018 Fasig-Tipton Midlantic October Sale. Now six, the West Virginia-bred mare is still in his care.

“I was just bathing her when you called,” Goodman said of Eternal Heart. “This is going to be her last year racing. I bought this filly and gave her to my friend Caio Caramori, who is a trainer. I went to the barn to help out and I wound up working for him. And I'm still working for him and still buying horses.”

Goodman purchased a few weanling-to-yearling pinhooks and enjoyed success on a small scale before deciding to put together a partnership to make his six-figure investment in an American Pharoah colt last year.

“This is the first decent horse that we put a little money together and bid $100,000 on him,” Goodman said.

The colt was originally targeted at the Fasig-Tipton Midlantic May sale, where he was to sell under the Goodman Caramori banner, but the partners decided to call an audible earlier this year.

“We broke him and trained him at the Classic Mile right there in Ocala,” Goodman said. “We spend the winters down there. We were going to consign himself ourselves at Timonium, but he just got shins. I was battling shins because we got a late start on him. I could have brought him there, but I didn't think it was right for the horse. So we backed off on him a little bit and sent him to Susan Montanye. She's got him now because I had to go back to Lexington. We have 45 horses here.”

The colt proved the extra time was worthwhile with a :10 flat work at last week's under-tack show.

“Susan took care of his shins and didn't do too much with him and he went over there and went :10 flat, :20 3/5 and :33 2/5,” Goodman said. “He's just a beast of a horse. He really didn't train all that much and did that. It was kind of freakish what he did.”

Goodman expects to be back in action at the upcoming yearling sales.

“I am going to be buying in July, hopefully, and go to New York and September,” he said. “We will probably have 40 horses down there in Ocala, total, but we will probably put together four or five [to pinhook] with this group, if this horse sells the way we think he will. And I'll try to build a little business from there, buy our own and do it like that.”

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Trickledown consigned over 300 horses annually in its pomp but, after reducing the broodmare band to just four ahead of the breeding season, Paul explained how he and his wife Sara will bid to enjoy life a bit more whilst running a more streamlined version of the outfit. 

On the decision to scale back the broodmare band, he said, “We're only covering four mares this year. If you are paying 20 or 30 quid a day to keep them, that concentrates the mind.”

He added, “It all came down to whether I could breed each mare I had for profit and, most of the mares I had, they were there to keep stallion numbers up when I was involved with the stallions. 

“I'm no longer involved with any stallions so those mares became obsolete. It's all about making economic sense of it-you're better off with four or five good mares rather than 15 ordinary ones.”

Trickledown consigned over 100 horses last year at various sales, many of which were on behalf of or in partnership with long-standing clients and, while the aim is to maintain those relationships, Thorman expects that numbers to fall over the course of time. 

He said, “We thought we were cutting back last year but we've been terrifically well-supported by a number of people over the years and two or three of them have asked us to keep selling for them. 

“We sold well over 100 horses last year and, at our height, we would see about three times that number. Yes, we'll keep consigning but, by natural progression, in terms of younger people tending to go to younger consignors, I'd expect that number to keep declining.”

Thorman added, “But in deciding to scale back a little, it came down to a few things; we have always pinhooked but we didn't have our own farm and, when the farm that we were operating from got sold for building purposes, we decided we wanted to spend our time doing other things. 

“We have grandchildren we'd like to spend more time with. Without the farm, we spend a lot more time in the car going around and seeing horses but, seeing them every couple of months isn't the same as seeing them every day. We will still be consigning for people and look forward to doing that for as long as we can but there is a change of emphasis to the whole thing.”

That change of emphasis has been largely funneled into the pinhooking of foals to yearlings, of which, Thorman points to it being a more practical facet of the business to concentrate on compared to breeding a large number of mares. 

He explained, “We bought quite a lot of foals last year. You know that when you buy a foal, it will cost you somewhere between 10 and 15 grand to get them to a sale the following year. Win or lose, you can see how much you are in for and how long you are in for. If you do your dough, you've got a choice of either letting them go at a loss or racing them. It's finite. Whereas with mares, it's an open-ended book.”

Thorman added, “If you look at some of the sales results lately, with mares being led out without a bid, it shows that we all need to up our game. My way of trying to do that is by going from 20 mares to four mares and investing a bit more on the ones I'm paying daily keep on rather than having a farm full of soldiers and not generals.”

He may carry a reputation for being a man who knows what he is doing when it comes to purchasing young stock with a view to reoffering them at public auction in a bid to turn a profit but Thorman does not underplay the role luck plays in the transaction.

“Because the budget won't stretch to those expensive foals, we bought several foals between 10 and 30 grand knowing full well that, even at that level, something would have to happen with the individual or the pedigree for us to make it work. 

“We've been lucky over the years and were buying Royal Applauses and Acclamations before they were popular. I like to do a lot of research, not so much into the families, but more so into where the half-brother has gone into training and that sort of thing. If there's a foal who is a half to a yearling that we saw and liked and say it had gone into training with an Archie Watson or some trainer who does well with 2-year-olds, those are the types of horse we tend to like. 

“We bought a Mohaather (GB) filly at the Tattersalls February Sale because we knew there were two siblings to run for her. Now, we had outrageous luck because her half-sister won that night at 25-1 by about half an inch. There's a 90 grand colt to run for Richard Hannon in the pedigree so I feel we have a chance.”

He added, “One year, I decided that I was so crap at picking foals that would turn out to be improvers, that I just decided to buy brothers and sisters to yearlings who'd gone into training with Richard Hannon Snr. I bought five foals and four of the siblings won for the Hannons. Three of them made profit at the sales and I thought, why bother going around looking at foals and knocking this for turning out half an inch or that for being too big? Fresh news may not be everything but it's a big part of it, isn't it? Why not work with the most recent information you've got to work with? It's not a bad template.”

Thorman is backing Solder's Call (GB) to be the next Royal Applause (GB) or Acclamation (GB) but admitted that nobody would have tipped Havana Grey (GB) to scoop the champion first-season sire title this time 12 months ago. Therein lies the beauty of this game.

“You need luck. We picked a Ulysses (Ire) a couple of years ago, bought him out of our own draft for small money, but he turned into the most beautiful yearling and we got 140,000gns for him. We didn't get that because we were geniuses, but because the dice rolled our way and the horse came up, as did the stallion, who was hot at the time. When you do this for long enough, you realise the importance of luck. 

“Who would have picked Havana Grey this time last year? Tell me who this year's Havana Grey is going to be because that's the one we all hope we've bought one by. I'm a big fan of Soldier's Call and, while I only managed to buy one by him last year, I think he has a lot going for him. “The Clipper Logistics outfit have 24 to go into training by him and they've gone to Archie Watson and Karl Burke. I think he'd have to be a pretty moderate stallion not to make a big impact this year as he's been given a great chance. I'd be big on him. 

“But this is an extraordinary industry. I had clients who had breeding rights to Time Test (GB) and, when they were making 90,000 to 100,000, I told them to sell. Now the market has reacted too much the other way and I think he's a bit of value. We're great for putting horses up on pedestals and then throwing stones at them. I think we react too negatively or positively to fashion and it tends to even out to a level over time. But isn't this the best part of the season, those first-crop two-year-olds?”

Trickledown Stud has been a constant on the sales scene down through the years and, while Thorman is at pains to point out that he is not the retiring kind, he does admit to being as excited about spending more time with his grandkids as he is about seeing how Soldier's Call performs with his first runners this spring. 

“Mick Channon was interviewed the other day and, to paraphrase him, he said, 'I wish could meet the fella who said life begins at 40 because I'd give him a smack in the mouth.' How right he is. When you get the other side of 60, does it matter if you sell another 100 grand horse or another winner? I'm pleased to wake up every morning and, touch wood, we're both healthy. 

“Grandkids have provided us with that viewpoint. I mean, our own daughter, she spent the majority of her younger days hanging out in the hay net in the tack room whilst we were flat out on the farm. We're not retiring but we're going to try and enjoy life a little bit more.”

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Admitting there was some emotion surrounding the move, McElligott looks back on over 20 years reporting on the sport he loves and looks ahead to the challenges he faces in his new position as the IRTA chief. 

The 41-year-old wears many hats. As well as being a talented journalist, he knows the programme book better than most, a skill that David Wachman and more recently Gordon Elliott have utilised by securing his services in that department. 

McElligott has also been a jockey's agent for his close friend and multiple Group 1 and Classic-winning rider Wayne Lordan for the majority of his career and has enjoyed notable success in the pinhooking department with another good friend in Luke Barry of Manister House Stud. 

All that and more, including his thoughts on the National Hunt and Flat market, are discussed below in this week's Starfield Stud-sponsored Conversations Q&A.

Brian Sheerin: The Goffs November Breeding Stock Sale marked the end of your journalism career as you move on to pastures new. Did you feel any emotion in closing that chapter?

Ryan McElligott: There would have been. Sales have been an integral part of my life for well over 20 years so there was an eerie feeling at Goffs in knowing that it was going to be the last sale I was going to write about. 

BS: How did you get into racing journalism?

RM: I was very interested in racing from an early stage and, in my heart of hearts, knew that I wanted to do something in the sport. When I was in Transition Year in secondary school, I did three weeks work experience with The Irish Field back when it was based in D'Olier Street in Dublin, and I enjoyed that. I actually shared an office with Mark Costello [current deputy editor of the paper] during that time. The following summer, I did more work experience with The Irish Field and at that stage I had my heart set on doing racing journalism. I wasn't really thinking of doing journalism in any other sphere other than racing. Just as I began my journalism degree, I got some freelance work for The Irish Field and did my first ever sales report for the EBN-the Derby Sale at Tattersalls in 2000. When it came to graduation time, The Irish Field's chief racing reporter Cliff Noone retired so it was all a question of good timing and I ended up getting a lot of work very early on in my career. I was unbelievably fortunate that a lot of things happened to fall into place for me.

BS: Any particular highlights?

RM: As I look back on it now, it was a great time to be covering racing because you had so many powerful yards from Ireland competing on the big stage. On the Flat, you had Aidan O'Brien, Dermot Weld, Jim Bolger, Kevin Prendergast and John Oxx. They were all operating at the peak of their powers at that time. It was remarkable when you think back about it now. 

BS: Journalism can be a thankless job at times and invariably you might end up writing something that somebody doesn't agree with but you got through your career without any major bust-ups. How so?

RM: I don't know. There was one thing that I really didn't enjoy writing about and that was the sale period of autumn 2008 through to 2010. It was bad. It wasn't good for anybody. It wasn't good for the sales companies, breeders, pinhookers, nobody. You can't get away from the fact that the figures have gone through the floor but all you can do is try to handle it in a humane manner. I was at one sale in 2009, now it would have been a low-key sale, but after three hours one of the senior guys went into the office to check what the figures were and they were zero. The figures were zero after three hours. I was covering that sale for the Racing Post at the time and I can remember ringing the Bloodstock Editor at the time to tell them that there was nothing happening there. We decided to give it just 150 words. At that stage, an acceptance had formed that the world was in freefall and a bad thoroughbred sale in Ireland was just symptomatic of what was going on.

“That was pretty sobering stuff but, bit by bit, we managed to get ourselves back in the game.”

BS: Were you pinhooking at that time?

RM: We would have been and 2008 would have been pretty grim. By my recollection, we had a Hawk Wing filly who I think cost seven grand as a foal and we sold her for 30 grand as a yearling. Lolly For Dolly (Ire) (Oratorio {Ire}) was the other one to get sold. The rest of them, we either gave them away or put them into training. It wasn't good. As the market is contracting before your very eyes, even the slightest mistake is going to be punished severely. I'll never forget, the night before the Orby, the Minister for Finance Brian Lenihen addressed the nation to basically tell us that we were F****d. That was pretty sobering stuff but, bit by bit, we managed to get ourselves back in the game. We bought very little in 2009 but we gave small money for a Diamond Green (Fr) colt at Goffs who ended up making 60-odd grand at Book 2. We're talking small sums, relatively speaking, but that provided the little bounce that we needed to get back on our feet. Luke [Barry] and I will always recall selling that horse. We knew he was nice. It happens when you have a good one because you're standing there and, all of a sudden, the sales ring fills up around you and you know something is going to happen. Dwayne Woods outbid Sir Mark Prescott for the horse. 

BS: How did you get into pinhooking?

RM: Luke was a year ahead of me in primary and secondary school so we were always very friendly. He spent some time in America and when he came home was trying to get the whole pinhooking thing going. I was working at the time but had zero responsibilities and no family so had some cash to put in and that's how it started. The first horse we bought was a Danetime (Ire) foal who ended up being called Danish Express (Ire). He won a Bath maiden for a man called Peter Winkworth and was a grand little horse. We actually lost money on that horse. He cost €28,000 as a foal in 2003 and was sold for 22,000gns as a yearling. That was the first year of it. I think we'd two the following year and then two becomes three and then three becomes five and so on. I'm involved more on the National Hunt side of things now. That's just the way it has evolved. 

BS: That was a conscious decision of yours, to concentrate more on the National Hunt stock.

RM: The National Hunt horses come here to me for a couple of years and I like having them around the place. You could have questioned what way the market was going to go on the Flat and, as it happened, it way outperformed what I thought it would this year. Circumstances changed as well. I have other concerns now that I wouldn't have had when I was younger in terms of the fact I have a young family and I suppose, with work, I got a bit disconnected with the whole pinhooking thing. For example, going to a sale in Newmarket just didn't suit me. It's a lot easier to keep a handle on the National Hunt sales as it's all happening on your doorstep but the Flat is vast. The pinhooking is very much Luke's thing. 

BS: I know you say it's more Luke's thing than yours but it's something that has gone well for almost two decades now so what has been the approach.

RM: Well, you need to try and buy something that is going to be acceptable to the market. That's the first thing. Okay, proven sires are going to cost a premium but it's always good to have a sibling running for you the next year and a lot of great touches have come from that. It's great when horses we've pinhooked go on to success. We pinhooked Lolly For Dolly. Fozzy Stack bought her off us as a yearling and she won the Windsor Forest S. at Royal Ascot. We went back some years later and bought her Sir Percy (GB) half-sister for 27,000gns as a foal before selling her for €210,000 as a yearling so the family was good to us. In terms of Luke, his family had Starfish (Ire) (Galileo {Ire}) who bred La Collina (Ire) (Strategic Prince {GB}), Astadash (Ire) (Zoffany {Ire}) and many more black-type horses. That was their family. Starfish was really good to them and they bought her as an unraced filly out of Stack's. At that time, Luke and I would have had many conversations about Starfish because Decado (Ire) was in the pedigree. He won a Tetrarch S. and was placed in an Irish Guineas for Kevin Prendergast. Luke's Dad Frank was very close with Kevin so there would have been an affinity with the family given Kevin had Decado. Starfish ended up being an incredible success story for them. That's something that stands out. I like seeing Luke do well. 

Lolly For Dolly winning at Royal Ascot under Wayne Lordan | Racingfotos.com

BS: Have you tried to buy many siblings to some of the younger horses who might be showing up well at home at Gordon Elliott's given you have an insight to the yard?

RM: You try and work every angle you can but it's very rare that it happens. If you know there's a good one, chances are that 10 more people know it as well. I remember a few years ago we tried to buy a half-brother to what Gordon thought was a smart horse in Pencilfulloflead (Ire) (Shantou). Half the sales complex knew about it as well, though. Kevin Ross bought the horse for €36,000. He was by Califet  (Fr) and we thought we'd be very clever buying a half-brother to the then unraced Pencilfulloflead but we didn't get him. You would have had a chance of doing something like that 20 years ago but not any more.

BS: Are there any stallions you've done particularly well with?

RM: Beat Hollow (GB) was very good to us. Choisir (Aus) and Danetime (Ire) on the Flat as well. 

BS: You were a Blue Bresil fan before it was cool to be one. 

RM: We had that Blue Bresil (Fr) horse who ended up making £340,000 after winning his point-to-point, Willmount (GB). He was out in a field with The Four Sixes (Ire) (Westerner {Ire}), who we put into training with Gordon before selling privately to the McNeill family after he placed in a Leopardstown bumper. We sold Willmount at the Land Rover Sale to Rob James for €46,000 and he won his point for Colin Bowe.

BS: And is there anything coming through on the Flat that you like?

RM: I am a big Cotai Glory (GB) fan. I think he's a really nice sire. If you bought a mare it would be a fair start if you sent her to Cotai Glory. I think he's a good idea. He got the Group 1 winner, The Platinum Queen, in his second crop. I only realised the other day that The Platinum Queen (Ire) was the first two-year-old to win the Abbaye in 40-odd years. That's a fair feat. I've never owned a Cotai Glory but he's a stallion I like.

BS: Tell me a bit about your new role as chief executive of the Irish Racehorse Trainers Association.

RM: I had been writing for over 20 years and just began to look at other avenues. This position came up and a number of aspects of the role interested me. You are representing a significant body in Irish racing. You are representing a body where some of its members are global names. It's a body with the capacity to drive change and positive change at that. I thought it was a role with potential. 

BS: It's a role that comes with its challenges. 

RM: Absolutely. It's an organisation that has gone through a difficult period. It has endured some very challenging times but a representative body for one of the most significant cohorts of people in Irish racing, that's got to have potential. 

BS: Have you had a chance to pick up the phone to many people who have maybe lost faith in the organisation down through the years or is that something that will happen a bit further down the line?

RM: That's going to be an ongoing thing. I started on Dec. 1 and am trying to feel my way around at the moment but the hope would be to, over the course of time, instill a newfound confidence in the organisation. 

BS: And you continue to do the race planning for Gordon Elliott who you work well with.

RM: He's very easy to work for. There's never been a cross word between us. He's a singular talent. Gordon actually rode a few point-to-pointers for my Dad back in the days when he was riding. I remember doing a pre-Cheltenham feature with him in 2007 when he had Silver Birch (Ire) (Clearly Bust {GB}) running in the cross-country. That was the year Silver Birch won the Grand National. We kept in contact after doing that feature and I would have recommended the odd horse to him here and there. We just became firm friends over the course of time. It was in 2015 that he asked me to do some race planning for him. Before that, I had been doing that role for David Wachman. David actually announced his retirement that season and, as it happened, Gordon had approached me about the role the week before. 

BS: In many ways, Willie Mullins and Gordon Elliott have brought National Hunt racing to a new level. Could you give us an insight into how Gordon operates and how your relationship with him works?

RM: Gordon is always concentrating on getting the next winner or the next good horse. It's never a case of basking in the afterglow for a considerable period of time after any big win. He was at Cheltenham the other day and I think he bought seven horses. He's got serious drive. In terms of race planning, when a meeting is closing, I'd give him a ring and propose a list of entries. He's the one who is looking at the horses every day so he says yes or no. The list is refined and there are plans for different horses at every level. It's fairly collaborative. 

Apple's Jade fights off Vroum Vroum Mag to win the Hatton's Grace Hurdle | Racingfotos,com

BS: Is there any victory that you can look back on and say, 'that really cemented our relationship,' or is it something that has grown organically?

RM: It has grown organically and it's a great help that the yard is just a conveyor belt of winners. I remember we had a lot of discussions about Apple's Jade (Fr) (Saddler Maker {Ire}). Gordon obviously got her off Willie and she had been a brilliant juvenile hurdler the season before. She got beaten by Rashaan (Ire) (Manduro {Ger}) in the WKD Hurdle at Down Royal on debut for Gordon before running in the Fighting Fifth at Newcastle where she was beaten by Irving (GB) (Singspiel {Ire}). So that still wasn't great but it was a step in the right direction at least. The Hatton's Grace Hurdle was just a week after the Fighting Fifth and I can remember we'd a lot of back and forth as to whether she should go to Fairyhouse or not. She was taking on Vroum Vroum Mag (Fr) (Voix Du Nord {Fr}) and, eventually, we came to the conclusion that it was a good idea. It worked out and she won the first of many Grade 1s for Gordon. That was a good day. 

BS: It's fair to say you've been in Gordon's corner for the good days and the bad. You spent a lot of time at Cullentra just before he was suspended in 2021.

RM: I did spend an awful lot of time there. For him, it was obviously a very challenging week, extremely so. I think the phrase he uses at times to describe the whole thing is 'a moment of madness,' and yes it was, but he just found himself at the centre of a storm that I don't think anyone could have foreseen. 

BS: And it was a big season for your jockey Wayne Lordan, who scooped the prize for ride of the year at the HRI Awards last week for his heroics aboard Waterville (Ire) (Camelot {GB}) in the Irish Cesarewitch.

RM: Wayne has been there towards the head of the jockeys' standings for quite some time. He's a very modest and self-effacing character and is quite happy to just go out there and do his thing and let the horses do the talking for him. I was thrilled for him last week because that was a great ride. 

BS: Was there ever a temptation to take on more riders or was it always the intention to have just one top-tier jockey like Wayne on the books?

RM: I never really set out to be a jockey's agent. It was actually David Wachman and Fozzy Stack who were keen for me to take over Wayne back in the day because they felt it would be handier to pick up the phone to me. I ended up doing Wayne by default in a way. I wasn't the one who came up with the idea. That was in 2008 or 2009. I've been doing it since. A long time. 

BS: Sole Power was the first big one.

RM: He was the first Group 1 winner. He won the Nunthorpe at 100-1 and was the longest-priced Group 1 winner in Britain for 30-something years at the time. If you look back, the Nunthorpe took place on the same day of a really low-ley Killarney meeting, so there wasn't anything going on in Ireland that day. Sole Power (GB) (Kyllachy {GB}) was trained by Eddie Lynam, who was a big supporter of Wayne down through the years, and it's actually funny because Wayne was meant to go to York to ride another one of Eddie's, Notalossonya (Ire) (Cadeaux Genereaux {GB}), that day. Notalossonya had won the good 3-year-old handicap at Galway that season and was very much the one that Wayne was going over to ride. Anyway, Notalossonya got balloted so Wayne ended up going to York for this one ride, a 100-1 shot in a Group 1, and it happened. I don't think Wayne won another race on Sole Power after that but he got on Slade Power (Ire) for Eddie as well. Slade Power was a hell of a horse-winner of the Diamond Jubilee S. and the July Cup.

BS: And how did the move to Ballydoyle come about in 2017?

RM: Again, that was all around the same time when David Wachman announced his retirement. Wayne ended up in Ballydoyle and it has worked out well for him. He rode Winter (Ire) (Galileo {Ire}) to win the 1000 Guineas at Newmarket in his first year at Ballydoyle. Winter had won her two-year-old maiden at Dundalk under Wayne when she was based with David. She transferred over to Ballydoyle and Wayne kept the ride for the Guineas. He actually won the Guineas on Winter and then beat her in the Matron S. later that season on Hydrangea (Ire) (Galileo {Ire}).

BS: Iridessa was another important filly for Wayne. 

RM: To win a Breeders' Cup race was big. Iridessa (Ire) (Ruler Of The World) {Ire}) was a great filly for Wayne. He won four Group 1 races on her. She was an unbelievable filly and, when you think about it, Joseph O'Brien did an unbelievable job with her to bring her all the way from winning a median auction maiden at Killarney to landing a Breeders' Cup Filly and Mare Turf. Luckily, Wayne happened to be on her for many of those good days and they built up quite the relationship. I was out for dinner the night she won the Breeders' Cup. I've only watched that race about a thousand times since! But there's Wayne's record, he's won Classics, Breeders' Cup races, big winners in Australia–he's a top jockey. 

BS: Getting back to the market, how do you see the next 12 months playing out? A lot of people have been driving on regardless at the sales but perhaps concentrating more on the high-end bracket. What way have you played it?

RM: You are looking at what is going on around the world and obviously we have this tech thing going on. Maybe that isn't too dissimilar to the horse business. Obviously you have the war in Ukraine and its many destabilising effects. The cost of living crisis has been the main news story in Ireland over the past number of months. People's gas and electricity bills have gone through the roof. We haven't seen that bite in the thoroughbred industry, which is obviously good, but there has to be a point where it manifests itself in some shape or form. I am wondering did we see a little bit of it creep into the National Hunt foal market towards the end of the year. Clearance rates were running at around 60% so you were dealing with sales where a third of the horses were not selling. That market is of course predominantly Irish with a bit of English thrown in there so I am just wondering did we see a little bit of tightening there. Obviously the Flat is much better insulated because it's an international market. Even the most low-key of Flat sales had an international element to it. Take the Open Yearling Sale at Goffs, there was a major international element to that with the Eastern Europeans and so on. 

BS: I know you are only two weeks in your new role but what sort of calls have you fielded from trainers? There must be serious concerns out there. 

RM: I have had a number of calls outlining how tough it is for trainers to make ends meet at the moment. Insurance premiums are a major concern as they have gone up again. Unfortunately, a lot of trainers are finding it very tough but you can't wave a magic wand and make it better. I hope over the course of time that the organisation can make a difference. Maybe we could look at staging races for trainers who do not have more than 40 horses in training or something similar. Would that be a better way to do it rather than races for trainers who have had 10 or less winners the previous season? Maybe races confined to a certain echelon could work well. It's something that could be refined over a period of time but that's certainly something we could look at. It was put to me years ago that we should have a premium 45-65 at something like a Galway festival and make it worth €22,000. I thought it was a great idea. You'd have a hell of a handicap in that you'd have 16 or 18 horses who've either won or come second on their previous start as that's what you'd need to do in order to guarantee a run with the balloting system. It would be a real thing to aim towards Galway with those hoses. It could just work and it would create a tremendous betting race. 

BS: I'd love to see more claimers in the programme.

RM: I don't think that would be a bad thing. There seems to be a good turnover of horses in claimers and the culture to these races has definitely changed. They are reasonably regular on the Flat but they remain somewhat infrequent over jumps. I'm not sure if claimers need to be worth more money but there could be more of them. The system as it is is functioning and growing.

The post ‘Trainers Are Finding It Tough But You Can’t Wave a Magic Wand’ appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Stony Point Bloodstock purchased six colts at last year's breeding stock sales that are now developing at Fitzgerald's Chilly Bleak Farm in Virginia. While this year's group of 20 partners await their yearlings' return to the auction ring, many embraced the fun of their investment by taking a trip to Kentucky to visit the sires of their pinhooks and learn more about the Thoroughbred industry. Their excursion included a day of racing at Keeneland and visits to WinStar Farm and Spendthrift Farm.

“The farms here are incredible,” said Ryan Millsap, an investor from Georgia. “Getting out and being connected to nature in this way with the horses is really refreshing. We had a great day at the track yesterday. Everyone really enjoyed the interactions with the horses, the jockeys and the owners.”

“It has been a whirlwind over the last 24 hours of learning so much,” added Nate Heyboer, a fellow investor from Michigan. “I had no idea all the things that the sport had to offer and how much of a community racing really is. It's been a lot of fun. There are so many different terminologies and there is so much education that goes into knowing the sport. It's a lot more than just a horse running around the track.”

During their visit to Spendthrift Farm, the partnership dropped in on an early-morning breeding session, saw the sires of three of their yearlings, inspected a Spendthrift yearling slated for the sales this year and had the privilege of visiting champion Beholder and her newborn Curlin colt.

Their steady stream of questions varied in topic, but all reflected the inner workings of business-oriented minds: How did Into Mischief's stud fee get to be so high? What is the career path of a stallion handler? How do you know this yearling is going to do well at the sale? And jokingly (maybe), how much would it cost for us to buy Beholder's foal?

“It's absolutely enjoyable for me to see people's first reaction to the Bluegrass and the inner workings of the industry,” Baxter said. “I think overall this partnership has been well-received in general, but this weekend has sort of piqued their enthusiasm a bit.”

Stony Point Bloodstock's current roster includes yearlings by Spendthrift first-crop stallions Vino Rosso, Omaha Beach, and Mitole, as well as red hot sires Constitution and Not This Time.

Baxter said that a bi-weekly newsletter is sent to the partners to keep them updated on the sextet.

“Jim will do conformation updates and we have had some exciting updates with some of the sires of our colts,” he said. “There are two Not This Times running in the Kentucky Derby and we have one colt by Not This Time. I think it's fun for the investors to know their sires are hot and it gets them connected to the rest of the industry.”

Fitzgerald explained that one or two of the yearlings may be sent to the Fasig-Tipton Saratoga Selected Yearlings Sale, but most will likely end up at the Keeneland September Sale.

“The plan is to try to grow it from there,” he said. “Obviously we'd like to have a little success first, but these people are very enthusiastic. Hopefully we can grow the whole thing from there and maybe eventually evolve into having a couple racehorses and maybe a couple broodmares.”

The investors all seemed to have joined the partnership for different reasons. For Heyboer, it was an opportunity to try out a unique type of investment.

“People usually say that if you're going to invest in something, you should know everything about it before you invest, but this is the complete opposite,” he noted. “Most people would say that an investment like this is a little crazy. Maybe it is, but this is one of the greatest investments I've ever made not just because of the financial possibilities, but just the sheer coolness of it. It's something different. It's not just a piece of paper that says we own something. We feel like we're a part of what's going on here in Lexington.”

For Millsap, investing offered him a chance to reconnect with nature.

“It's easy for people that live in urban environments to get really disconnected from rural life,” he said. “I think we miss out on a lot when we don't have the connection that we had to horses for thousands of years as humans. I think there's a spiritual element to interacting with horses that people who are around horses all the time know and love and feel invigorated by, but for those of us that don't get to do that all the time, I think this is a great mini-substitute.”

Millsap was confident that the trip to Lexington and the up-close experiences he had on the farms sealed his desire to stay involved in racing.

“I think you have to get the hands-on experience to really find the delight in it,” he said. “Certainly we're investing in order to make money. The returns can be really good if you know what you're doing, and these guys know what they're doing, but when you couple that with the ability to get out here and have interactions in a way that you otherwise wouldn't have had, I think that's what makes it all worth it.”

He continued, “In order to do any of this stuff well with animals, you have to love the process. I love the horses in their natural element in the fields even more than I love the racing, but the racing is the essential piece because at the end of the day, it drives the capital. All these things have to be driven by capital and that doesn't mean there's not enjoyment, love or passion. It means something has to make money in order to be sustainable, and the racing industry is exactly the same way.”

Heyboer also confirmed that after the partnership's pinhooks sell this fall, he will be back for more next year with several new partners behind him who are eager to join in the fun.

“I don't know how I would ever be able to get out now,” he said with a laugh. “This is just so much fun. Even if the first year doesn't turn out great, we're definitely going to be back for year two and three. I've got a lot of people who are watching how this goes and I think we are going to have a lot more people for year two and three.”

The post Stony Point Bloodstock Brings New Investors to Racing appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Growing up in Puerto Rice, Tacher was bit by the racing bug at a young age and made his first investment in the game early in his adult years.

“I got into horse racing early. As a kid, I used to go to the track with my father,” said Tacher, who owns insurance companies around the U.S., but mainly in Miami. “When I was in my twenties I bought a piece of a horse and that is how I got started over 32 years ago.”

Tacher now has 85 horses in training in both Puerto Rico and the United States; operates a breeding program predominantly in his home country; and owns part of his local racetrack, Hipódromo Camarero.

“I kept on buying horses and, through the years, I was pretty successful at that,” said Tacher. “I raced mostly in Puerto Rico. The opportunity came to buy the racetrack in 2004, but it took like three years to get it done.”

Of all the things he does, Tacher enjoys racing the most.

“I have the biggest stable in Puerto Rico,” he said. “I have been leading owner there for the past five years. In the U.S., I am in second-place in victories in the nation and was third last year.”

Tacher continued, “I won the Puerto Rican Triple Crown, which was a nice experience to have. Not many people get to experience that, so that was a good feeling.”

Tacher has also done well with pinhooking. His biggest success in that venture, however, did not come at auction.

“My biggest score didn't go through the ring, but I sold a Distorted Humor colt for $1.5-million that I bought for $60,000,” Tacher said. “I mostly buy to pinhook, but through the months leading up to the juvenile sales, I can change my position or if the horse doesn't bring what I think he is worth, I keep him to race. I don't buy to race, to be honest, I buy to pinhook. Most of what I race are RNAs and I also buy at the 2-year-old sales.”

Three of Tacher's yearling purchases are set to sell Wednesday with de Meric Sales, who he has been using for the past three years. The first to go through the ring will be Hip 81, a filly from the first crop of Practical Joke. The $130,000 KEESEP purchase is out of a half-sister to MGSW Takeover Target (Harlan's Holiday) and SW Ladies' Privilege (Harlan's Holiday).

“She is a nice filly and very forward,” said Tristan de Meric. “These Practical Jokes are really training well and she is one we have liked all year. She is a balanced and good-looking filly.”

Tacher secured Hip 92, a son of last year's leading freshman sire Nyquist, for $155,000 at Keeneland September. The chestnut colt hails from the family of MGISW Diversify (Bellamy Road).

“He is a really nice colt with a lot of leg,” de Meric said. “He has been training very well and is horse we think could do really well at the sale.”

Rounding out the Tacher trio is a colt from the first crop of the late champion Arrogate (Hip 122). The $200,000 FTKOCT acquisition is out of MSW Hero's Amor (Street Hero), who is a full-sister to SW & MGSP Threefiveindia.

“He is a bit immature, but he is very quick and sharp,” Tacher said. “He is not as big as the Nyquist colt, but he is fast and looks like he should do well. He is a very refined colt.”

The Fasig-Tipton Gulfstream Sale will be held Wednesday at Gulfstream Park starting at 2 p.m. and the breeze show is Monday at 9 a.m.

The post Tacher, a True Jack of All Trades appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Each year prior to purchasing, I look at the pinhooking statistics from the previous year to see what the market trends are for the most profitable purchase point – by percentage, as well as dollars of profit.

It's great to double your money, but if you bought a horse for $5,000 and sold it for $10,000, it's unlikely you even covered your carry costs. On the opposite end of the spectrum, you'd love to make $60,000, but if you spent $400,000 and sold for $460,000 most of your “profit” is spent on commissions.

I seek to purchase in the sweet spot that's most likely to maximize actual profit. While a home run is a home run from any price point, it's key to mitigate risk as much as possible. Nobody anticipated the events of 2020, but a pragmatic approach allowed for profitable pinhooking.

To achieve these goals, certain compromises are sometimes required. If I'm looking to acquire a more physically precocious weanling, that likely means compromising on sire power. This formula can be successful, particularly when staying strict within a budget. Likewise, if I'm rounding out the group with a more commercial pedigree, that may mean compromising on something like size or vetting.

When narrowing from over 1,000 weanlings, the veterinarian you work with is key. A clear understanding of what can be helped, and what won't improve, allows for quick decisions and confident purchases.

Beyond the compromises that sometimes must be made, the main thing I look for is what I can improve.

In order to sell profitably, you must have done something to improve the “product” you're presenting. It's always a goal to have a pedigree update that improves the value, but those aspects are outside of your control as soon as the hammer falls and the horse is yours.

The physical improvement of the weanling to its yearling sale is a multifaceted process that can be influenced in many ways. At BTE Stables, we're fortunate to have resources to cater to the individual horse throughout the year it's with us prior to the yearling sale.

From a TheraPlate to a full spectrum of turnout sizes to individually-crafted feed protocols, we're able to craft care to allow for maximum improvement. From the time the weanlings set foot on the farm to the time they head to the sale, they are treated as individuals and assessed continually. The same horse will have a different outcome based on where it was raised and prepped, and that's something crucial to keep in mind during the selection process.

Erin O'Keefe is a partner in BTE Stables, in charge of farm management and bloodstock services. Originally from the suburbs of Detroit, Mich., she moved to Lexington, Ky. to attend the University of Kentucky's Equine Science and Management program. A lifelong fan of Thoroughbred racing, she immersed herself in the industry, working for many prestigious farms in the Bluegrass prior to launching BTE Stables in 2019 with partner Daniel Schmidt. Learn more about BTE Stables here.

The post What To Look For In A Weanling-To-Yearling Pinhook, With BTE Stables’ Erin O’Keefe appeared first on Horse Racing News | Paulick Report.

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