This is an entirely different environment than most people are used to or even understand. It's extremely difficult to put yourself in the sellers shoes. The "price" has to be at a level where these people, who normally aren't sellers, actually become sellers. Even though professionally I am in the financial services and wealth management industry, you have to not just count other people's money, but more so be able to put yourself in others' shoes and "honor" their money. That's a discussion for an entirely different time and place, LOL.
Anyway, you can look at a situation, for example, like Earle Mack and Electrocutionist. There are others as well. Eventually you get to a price point where regardless of how much money you have, you almost "have to sell" -- as hard as that may be to believe. The economics almost demand it. A Henny Huges at $4mm plus, an Electrocutionist at say $5m, a Discreet Cat at X millions, etc. There are certain economics that play out -- the opportunity cost, the cost of not selling, the risk management aspect, etc. These things also drive the marketplace out of "normalcy" and some feel into "lunacy". However, it's the people who are on the seller's side of the transaction that don't see it as "lunacy" -- I wonder why, LOL.
We see glimpses of this in the yearling sales and the two year old sales and it causes tremendous inefficiencies in the marketplace. Then comes a "correction", LOL.
Eric
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