Who is an owner? What's your story?

Originally Posted by ELA

I've been in the game my entire adult life. I love the sport as a fan, and as a bettor, and I love the business -- but I treat it like a business; like everything I am involved in (my own business, private equity deals, investments, real estate, etc.).

I consider myself an ambassador of this incredible sport and business. As a result, I've brought countless #'s of people into this business. Whenever I go to the track, I invite friends, associates, etc. The best advice you can get is the best advice I got from successful owners who I became friends with. Get a mentor. Speak with successful owners, get to know them, learn from them. Pick a trainer who has demonstrated -- consistantly -- that he/she can win races. They place their horses in the right spots, they play the game aggressively (meaning they place their horses in winning spots). I have always picked trainers who win races. Aside from the external, extraneous, ancillary, and hyperbole reasoning, justifications and excuses -- high % trainers are high % trainers for a reason. That doesn't mean that I only use leading trainers, but it happens to work out that way rather often. Meet with several trainers. Have successful owners introduce you. Everyone thinks their trainer is the best. Often people make emotional decisions and don't see the forest through the trees. Once you learn, you will know what trainers will "fit" for you. More importantly, you will be able to find some trainers who are the diamonds in the rough and who haven't reached their potential for very valid and understandable reasons.

Don't check your brains at the stable gate. Draw parallels to your own business and make economic, sound, quality decisions. Diversify and manage risk. Your first loss is your best loss. Learn everyday. Go to the barns when you can. Ask questions. Be inquisitive. Look to be on a constant and never ending quest for knowledge.

If 90% of the people in this business lose money . . . there is a great opportunity for the other 10%. All you have to do is figure out how to be part of the 10%.

Good luck and enjoy!

Eric

Eric - this is wonderful, sound advice! I'm going to print out your post and use it as a little guide to help me get started. Brilliant post. Thank you so much.

Kristi