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Originally Posted by parsixfarms
The most telling statement is where he says that "We do not take a position in the horses ourselves if we can help it." So basically, the West Point principals are participating in the horse business entirely with other people's money, with West Point incurring risk only if their rather large mark-ups fail to cover any unsold shares in the horses.
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All the horse partnership companies operate that way. That's their goal as we discussed earlier.
Sell out all partnerships. If you build 10 homes in a development, does the builder only sell 9?