Making Markets
Episode 25 The Market for Racehorses
Making Markets

Episode 25: The Market for Racehorses

Making Markets

Episode 25

The Market for Racehorses

Brutus Clay is the Chairman and CEO of Runnymede Farm. We cover the economics for breeding racehorses, how buyers ascribe value and generate ROI, and the state of the horse racing industry.

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(00:00:00) - Introduction to Horse Racing: A Personal Journey

(00:00:33) - First Experiences and Family Legacy in Horse Racing

(00:01:28) - The Intricacies of Breeding a Kentucky Derby Winner

(00:01:52) - Economic Aspects of Horse Breeding and Racing

(00:07:16) - The Art and Science of Selecting Winning Horses

(00:11:05) - Market Dynamics and Investment in Horse Racing

(00:22:14) - The Financials of Horse Racing: From Breeding to Winning

(00:26:09) - The High Stakes of Breeding and Racing Champions

(00:30:06) - Understanding the Derby Dream: Odds and Economics

(00:31:44) - Decoding the Derby: Points, Strategy, and Unforgettable Wins

(00:32:04) - The Evolution of Horse Racing: From Speed to Stamina

(00:34:35) - Dramatic Moments and Personal Bets: The Unpredictability of Racing

(00:35:29) - The Prestige and Challenge of Winning the Kentucky Derby

(00:36:39) - The Business of Horse Racing: Growth, Challenges, and Innovations

(00:38:39) - Global Perspectives: Comparing Horse Racing Across Countries

(00:40:27) - Breeding Strategies and Industry Secrets

(00:43:06) - Embracing Technology: Blockchain and Fractional Ownership in Racing

(00:46:20) - The Majestic Appeal of Horse Racing and Its Future

(00:53:03) - Cody's Wish: A Heartwarming Tale of Hope and Triumph

(00:59:00) - Navigating the Future: Optimism Amidst Challenges in Horse Racing

 

The Market for Racehorses

Introduction:

Eric
My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farm, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We start by going over the process and economics of breeding racehorses. We then talk about the buyers in the market and how they ascribe value and earn return on their investments. We end by talking about the horse racing industry's future and the beautiful story of a horse called Cody's Wish. Please enjoy this unique conversation with Brutus Clay.

Eric
Brutus, thank you for joining me today. I'm excited to talk about the industry of horse racing, breeding, trading, what it means to own a horse. It's a fascinating space. I was introduced by a college roommate, but I thought a great place to start with to ask you, how did you get into horse racing?

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