To run these syndicates takes great skill at handling and recruiting rich people and marginally rich people.
I remember the sales topper of a Saratoga yearling sale about six years back was a $2.2 million yearling sired by Mr. Greeley out out a terrible race mare named Win My Heart.
Team Valor won the bid for $2.2 million while West Point was the underbidder.
Horse ran five times and made 65K before it broke down. Pletcher trained it.
On the surface it might not appear such a questionable buy... but when you fork out that kind of money for a yearling you're typically getting a pedigree that will be attractive as a stallion prospect if the horse has a successful career on the track. Or you're getting an extremely well bred and correct filly who will have a lot of residual value as a broodmare no matter how her racing career goes.
West Point is MUCH more active in 2yo sales than Team Valor. They have some extremely expensive newly turned 3yo's who are still unraced. Team Valor likes to buy a lot of foreign horses...and horses off of nice maiden wins.