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Originally Posted by Linny
I know many people who have "invested" in various partnerships and I know many people involved in managing/selling shares etc. Attend a seminar or "sales meeting" and the first thing you hear is "Don't bring me the mortgage money. Be prepared to lose it all..." The business model is flawed and must be repared, in NY are elsewhere. Sure you may hit a home run but even if you do you are lucky to break even. I heard an interview years ago with one of the partners in Captain Bodgit. Here's a major G1 horse, second in the KY Derby and the owner "broke even" before proceeds from the sale of the colt for stud. You want to know why stars are retired early? Even wealthy owners cannot afford this game! Why should even men wealthier than most of us here cough up millions a year while losing money racing when the shed is calling? They didn't get rich by making charitable donations to "the sport."
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How many rich people make money when they buy a yacht? How many make money when they pay $100,000 a year to be a member of a country club? Who makes money buying a vacation home (especially in this market)? Who said that you should make any money in the sport? The "business" of owning horses has a flawed model because there is no business of owning horses. Standing stallions or selling yearlings is a business, a very difficult one at that. I dont care if Jess Jackson makes any money at this. The problem is the whole attitude that anyone "should" make money. That is why the terms of many partnerships are very specific upfront. What ever happened to the enjoyment of owning horses for the sport of it?