WinStar Gets in the Microshare Business
https://www.bloodhorse.com/horse-rac...oshare-company
This entire article is an embarrassment to journalism as a whole, but what I found most interesting is none of the participants even bother hiding what they are doing. Long story short, WinStar has partnered with a microshare investment group called Commonwealth. Their first offering is in Country Grammar, recent runner up (and big move up first time in Baffert barn) in the Californian. Check out the math here....WinStar bought Country Grammar for $110,000 in January. Commonwealth bought a 30% stake in him and they are selling 2,277 shares (of their 30%) for $50 a share. That’s $113,850. How do these people sleep at night? |
There was an editorial on the Paulick Report defending MyRacehorse maybe a few days before this announcement. It was pretty hard to read. I wonder if the timing isn't a coincidence.
Are those 2,277 shares the full 30% or is that not even the full 30%? |
Didnt the horse run a 100+ BSF? And they are valuing the horse at 500k is that wrong? The question is really what is the horse worth to private buyers?
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This is a money grab. The valuation is okay I guess, but how many of the people that are going to pay their $50 know the horse was just purchased for $110,000 three months ago? |
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