Quote:
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Originally Posted by ELA
If 90% of the people in this business lose money . . . there is a great opportunity for the other 10%. All you have to do is figure out how to be part of the 10%.
Good luck and enjoy!
Eric
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Great post... Eric...IMO out of that 90% I bet half of the people LOSE money because of unscrupulous management people who end up charging more for THEIR expenses than the horses and those 10% who make money are either single owners or are the management people themselves! That's why there are literally HUNDREDS of partnership companies that have popped up since 2000, because these people have learned the way to insulate themselves from losses, get paid up front by investors and what ever happens happens. There is one NY based outfit that charges a premium or additional 10% of the purse each time the horse goes over the 100G total purse winnings level. Another has the gaul to deduct from the a 10% fee of a claim which gets paid to the trainer! If they have a winning horse, they make more money in build in profit clauses of the purse in addition to their management fee. If the horse doesn't hit the board, owners are asked for cash calls! It's NO LOSE for these companies. We should start one up
