NYTimes article on Nobiz
 

Really entertaining article- wow- Nobiz's owner turned down $17 million for him... much as I love to grouse about people selling to the sheiks, I would have had a hard time saying no to that.

http://www.nytimes.com/2007/04/29/sp...ts&oref=slogin

I have a tough time believing that. But I guess it is true.

i'd have sold 95% of him. sure nuff.

I didn't believe it when I heard it before the Wood and I still don't believe it.

Regardless, she absolutely doesn't need the money so it was a no-brainer.

Some people dont get it. Money cant buy the experience. Good for her. Not a spring chicken. This is the best indicator of the real horse people. Good to hear Funny Cide is still enjoying his training.

I am extremely dubious of the Sheiks offering that kind of money. Doesn't ring true.

Couple of things -- $17m after his first lifetime start? I am hearing that for the first time, and I don't believe it. I am not sure if that's melodrama, embellished or what, but $17m after his first start? No, don't tell me about $16m for an unraced 2yo -- different story.

Also, interesting that she "refuses" to insure him because she doesn't want to profit from an injury. Self-insuring that kind of figure? To each their own.

Eric

I think they forgot a decimal place.

well if they are establishing his value at $17 mill then it would be a pretty hefty premium bill

Not that this is a simple discussion, but to not insure this horse this year as the colt was on the Derby trail -- not for $17m, because, first, I don't believe the #, and second, I don't think you could justify the sum insured. Maybe through Lloyds of London, and with reinsurance, etc., but it might not be easy. What about his pedigree?

We all know of another big horse owner, who everyone thought was super-wealthy, who publicly said he doesn't insure any of his horses -- anyway, was it because he was super-wealthy? I don't think so.

Can she really self-insure this horse? As an isolated asset, maybe. As an asset class? No.

Eric

Exactly. That's why I couldn't understand the Chapmans selling Smarty Jones. I know it made sense as a business decision. But there was a guy who could barely breathe getting the horse of a lifetime. At some point you ought to let yourself stop making the optimal business decisions and savor what you've put together.

Kudos to the Nobiz owner. The self-insuring part is a little weird, though!

--Dunbar

I concur I thought it sounded high, and I won't be surprised if it turns out to be a lot less, but it's not like the sheiks don't have the money.

I personally thought Smarty's owners sold because the insurance on him was becoming too much.

FC is running today in the King's Point.

i think they sold because junior wanted the money wrapped up nice and neat, with a shiny bow on top.

Hee hee. Ah, kids...

I disagree. The people that make the busness are the ones like Helen Pitts and her owners that develope the relativly obscure colts and sell them for a huge proffit and then start over again. They treat horses right and try to make it proffitable. These proplr with huge bankrolls are omly concerned with there ego. Yes they do some great things for horse racing but it is achieved with the stroking of there personal ego with no concept of how to make ends meet and the dollar is of no value to them.

I'm confused- you're saying Nobiz's owner should have sold him? Sell her homebred, rather than race him herself? What are you saying, exactly?

The video "Education of a Racehorse" was pretty good too.

Im saying thay she fits right in thereand the offoer was of no value as compared to her ego. She basicly thinks she can win the derby for the 16+M. What could she have or acomplish with16M that she dosent already have?

Jpops. If owners get into racing to make money they have already made an incredibly stupid business decision. This has got to be one of the toughest ways to make money.

The two entities that ultimatley supply cash for racing, the betting public, and the owners, must do it for entertainment because its pure folly to try and make money this way for the vast majority.

If you listen to the stories of both owners and people who wager, its very clear the value is in the moment. The big hit, and standing in the circle with the flowers. Those are the memories, and the entertainment.

If one has money to spare to make money, get in the stock market or something else much easier. Racing... is entertainment. I personally would get a whole lot more out of the game by breeding, training, and racing my own horses if I had the money and knowlege. So I see what you are saying about Pitts. It seems cheap to just waltz in and buy a horse that is going to get you to the circle by offering a boatload of cash. That would be a dissatisfying way to get some sense of achievement imo.