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Originally Posted by GenuineRisk
It's a valid counterargument, and it also serves to highlight a big issue with horse racing, which is that it's not possible to make a profit racing; money has to be through getting the home run horse who can succeed at stud. Racing wants big horses on the track to attract fans but the owners need big horses they can retire to stud. And most of them will fail at stud, but you won't know that until it's far too late to bring them back to the races.
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It has never been possible to make a profit racing. Most long term owners are looking to lose less, not make more. There are other occasions where you can make a windfall though. Having a live three year old at this time of the year can be sold for big bucks. A graded stakes winning filly still has value. But it is just too volitile of an investment with too much luck needed to be considered a profitable venture. At least doing it without committing crimes.