No, I don't. I am simply reimbursed for the actual expenses that I incur on behalf of the stable.

I agree, thats one reason why I left...to try and find one with more horse flesh and less markup! I don't need all the advertising and stuff...give me Holiday Inn Express. A winner on the track is a winner on the track.

See that's what I'm talking about!:D You'd make a killing down here with all the people that have gone the other way and left the business because of excessive markups, training fees, vet fees marked up etc.

C'mon on down!

The mark-ups are really the only problem. Obviously vets, dentists and the cost of boarding a horse are expenses that go along with the game. But marking up an animal, to cover your own costs and then some while not taking a position in the horse is where I have the problem. They are at NO RISK WHATSOEVER once the animal is syndicated, so their actions after their exposure is gone will always be questioned. The only incentive there is after that is either the ability to get these "investors" (I refuse to call them partners because they are not partners with WPT at all) to continue to pay the piper for more overpriced animals and/or they happen to get lucky with an ERINSOUTHERNMAN type, where the braniacs at WinStar give them a small fortune, they get a percentage of that money. Otherwise, they just put Sherm's race call on an ESPN broadcast and hope for more "investors" to call.

I think many people brought up some great points here. What is important to remember is that every partnership, syndicate, whatever you want to call it -- is structured differently, meaning they have a different business model.

West Point doesn't take an interest in any of their horses -- so be it. That may be a good thing to some, and a bad thing to others. What it does mean is that they don't take an interest. You can look at it both ways -- yes, they don't have skin in the game, but there business is selling partnership interests, not owning horses. Just know it and understand it.

On the other hand, I know people who don't have mark-ups, or take management fees, etc. They may run a small partnership and maintain an interest, and their selling point is "we have skin in the game" or "we invested our money right along side you" and so on. However, they might be selling a horse they already owned or one they bred 9who might not have gone through the ring). Therefore the price is what it is -- it's the price that the manager/owner/breeder/principal set the price at. Just know that going in. They might be looking to recoup investment dollars, diversify, spread risk, etc. There is a cost attached to that as well.

All of the partnerships, syndicates, etc. have a business model. Most of them are in the business of selling partnership interests -- regardless of whether or not they maintain/retain an interest in the horse(s). It doesn't matter.

Don't collapse "price" and "cost" -- know the full cost and be very aware of the entire landscape.

Eric