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#1
11-12-2006, 10:29 AM
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The insurance premium is one aspect -- the other is capacity. I am not saying that you couldn't get $60m of coverage, but there has been drastic changes in the insurance and more importantly reinsurance marketplace.
I don't count other people's money, literally speaking, and there is an irony there considering I am in the financial business and exclusively work with wealthy people, high-net-worth/income, etc. However, if you have a horse that you would like to insure for $60m and the cost to insure him is $3m -- that might be a true "out of pocket" as the horse may not have earned $3m. I am not defending those who own the horses or critisizing them for that matter. You want to play you have to pay. That's the price of admission. There is an economic side to this. People make financial decisions for two reasons -- economics and emotions. Eric 
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#2
11-12-2006, 11:29 PM
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But really how many gamblers have you seen boycott the races since they announced Bernardinis retirement ? We arent talking about small fries we are talking about big horses , and I was just putting one aspect out there, of course we know the sheiks have plenty of money and the insurance rates are nothing to them. But they are to some people, so owners are supposed to just forego the risk and keep forking out the dough and hope when its all over they have something left.
I would purpose that no good buisnessman would bock at a turn around in their investment, one that could actually provide future money to keep buying breeding and racing horses for a very long time.
__________________
Horses are like strawberries....they can go bad overnight. Charlie Whittingham Last edited by Kasept : 11-13-2006 at 08:41 PM.
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#3
11-13-2006, 03:26 AM
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Guess I should go ahead and retire them now.
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#6
11-13-2006, 08:59 AM
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Got it. Even so, I am not sure what % of high-profile horses are owned by royalty, the super-wealthy, etc. nor in my mind is there a direct correlation. Like I said, I am not counting other people's money, nor am I judging. However, if the next super-horse comes along and is owned by a working class class guy who got lucky, common sense or a knee jerk reaction would be that they take the money and run. Whether it's common sense, diversification, risk, who knows.
However, if that same horse is owned by a sheik, a prince, or a king, or someone of incredible wealth -- wouldn't the same thinking dictate that "they didn't need the money" or something along those lines. Maybe there is a "quit while you are on top" mentality. I don't know. If Empire Maker was sound, would he have raced as a four year old? Who knows. I think many can make a very convincible case either way. Eric Last edited by Kasept : 11-13-2006 at 08:42 PM.
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#7
11-13-2006, 09:20 AM
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Thank you Andy.
Personally, I think there is a much bigger issue going on here. This is not an accusation or stereotype so just bear with me here. Often, the bettors feel that their dollars "drive the boat" so to speak. The owners feel they are responsible for making the game happen and putting on the show. I've heard trainers say that the jocks shouldn't get the same % as the trainer as the trainer is the one who does the real day to day with the horse. The jockeys want health insurance and rightfully so. The big owner wants higher purses for the big stakes, bonus money, syndications with real cash, and so on. The small owner wants to be able to pay the jock fee when his horse finishes up the track and wants higher purses for $5k claimers (by the way, I have one of these racing today so don't think I am preaching to a choir that I am unfamiliar with, LOL). The tracks want more simulcasting revenue, VLT's, better tax deals and legislation, and more of the ever shrinking pie. Anyway, do all of us see a theme here? Does everyone see what's going on in the background. Think about it. Everybody wants something, most often for themselves. It's the "what's in it for me" mentality. I've seen it go on for many years. Now I am not critisizing any one of these factions -- but they are factionalized. I have said it before -- there needs to be a massive paradigm shift in the mindset of all of these parties. They need to be brought together, to work together on the sport and on the business. Anyway, that's enough transformation talk for now, LOL. Thanks again Andy. Eric Last edited by ELA : 11-13-2006 at 11:08 PM.
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#8
11-13-2006, 09:27 AM
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#9
11-13-2006, 10:11 AM
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#10
11-13-2006, 10:12 AM
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 Last edited by Kasept : 11-13-2006 at 08:45 PM.
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#12
11-13-2006, 10:54 AM
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And on that note, it's time for me to log off.
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Dont retire them
Seek respect, not attention.
Hybrid Mode
