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2010 A TIME TO BUY

4 January 2010 - Timing is everything.

This week the Magic Millions Premier Yearling Sale will take place against a backdrop of falling yearling prices and a strengthening economy. It is an equation worth paying attention to.

In the last month Commsec’s chief economist, Craig James, has predicted the Australian economy will rise by as much as 19 percent in 2010, a considerable leap forward on the back of 30 percent economic growth in 2009.

And with Australia’s bloodstock industry traditionally following the lead of our stock market, the interlinking of falling yearling prices and the rising line of economic growth and confidence suggest that 2010 may prove to be a bargain year for buying before prices rise again in 2011.

Above: Magic Millions Yearling Sale averages

4 January 2010 - Indeed value seems to be the message ringing through when looking closely at the statistics Magic Millions provides.

In the last two years the Magic Millions Yearling Sale average has plummeted almost 40 percent with the 2009 sale average dropping to $131,632 from a 2007 high of $182,191. And yet this dramatic reduction in price has not limited the impact those sold horses have had on the racetrack.

In season 2008/09 no less than 18 Magic Millions sales graduates saluted at group one level and a further five have already surfaced in the new season.

Couple this consistency with the extravagance of the Magic Millions experience and it is easy to see why owners enjoy the thrill of buying and racing here. We’re excited that our clients have a runner in the $2 million Magic Millions 2YO Classic for the second successive season.

Impressive Randwick winner Triple Crown ($60,000) earned her berth when downing reigning race favourite Ambers Waltz at her last start. Like Koblenz ($62,500) 12 months earlier, Triple Crown will head to the Gold Coast having already repaid her purchase price. 

The duo join multiple stakes placegetter, Vecchia Roma, and Wyong Magic Millions 3YO Stakes winner, Belle Soleil, as great advertisements for the thrill of racing. 

We have completed our first and second inspections of all of the yearlings to be offered in the Main sessions at the Magic Millions Yearling Sale 6th- 9th January. If you enjoy the rush racing provides and would like the chance to compete in the $2 million Magic Millions 2YO Classic in 2011 then please contact Vin Cox at vin@vincoxbloodstock.com.

 

VCB – Keeneland November 2009

As reported elsewhere the 2009 Keeneland November Breeding Stock sale was a revelation from an Australian perspective. There were in excess of 40 mares sold to Australian interests for over US$7,500,000, an all time record. Admittedly the stars did align, the Aussie dollar was sensationally strong, the North American market was in a state of readjustment and our Melbourne Cup carnival didn’t clash with the sale. Never ones to “let a chance go by” the Aussies stepped up to the mark across all levels of the market. The notable exception in the market was the complete lack of participation from our neighbours across the ditch, clearly they are happy with mediocrity.

We had a terrific sale. Vin Cox Bloodstock purchased nine mares for nine individual clients for a total spend of US$2,355,000 ranging in price from $30,000 to $875,000. In Hip number order the mares were;

Hip 101; Tears I Cry A stakes winning Chester House mare, that is a daughter of a half-sister to the best sire in the world, Street Cry; and also a half-sister to the dam of Shamardal. This mare is in foal to Horse of The Year Curlin. Purchase price $735,000.

Hip 229; Jazzy A sensational race mare being a Grade 2 winner in the USA and Group 1 placed in South Africa. When you put her race record in a pedigree locally she will have 10 individual stakes performances. Her pedigree is completely free of Northern Dancer. Purchase price $120,000.

Hip 388; Candlelight A stunning looking mare by Kingmambo and a half-sister to seriously good stallion Grand Slam. She is in foal to one of the most commercial sires in North America, Giant’s Causeway. Purchase price $875,000.

Hip 830; Goodbye Norma Jean A stakes winner of in excess of $330k, by Tale Of The Cat and family of Super Sheila et al. Purchase price $200,000.

Hip 1009; Sherine A Grade 2 winner in USA with great outcross blood, including some of the great broodmare influences, Red Ransom and Nijinsky. Purchase price $245,000.

Hip 1640; Hadavision A winner of 3 individual stakes races and $250k. A good outcross pedigree. Purchase price $30,000.

Hip 1882; Well Hidden A stakes winning More Than Ready mare for $60,000. Not a lot more needs to be said.

Hip 1909; Adonia Queen A Cherokee Run daughter of a dual Grade 1 winner, fantastic residual pedigree. Purchase price $40,000.

Hip 2239; Street Match A good winning daughter of Street Cry, who is the half-sister to the dam of the now Group 3 winner Lovemelikearock. One of the great American pedigrees in foal to Stormello. Purchase price $50,000.

The mares that have been purchased in foal will foal down in Kentucky. We will then look to import the mares to Australia. The resultant foals will largely be sold as either weanlings or carry them through to the yearling sales.

A Diverse Week

23 November 2009 - The week beginning November 15th was an interesting and certainly a diverse week for VCB yearling purchases. Beginning at Churchill Downs, where the Patinack Farm owned and VCB purchased, Queen Of The Creek sailed in at her second start. Queen Of The Creek was a US$140,000 purchase at the Keeneland 2008 September Yearling Sale, she is a Theatrical half-sister to the dam of Big Brown. “The Queen” is trained by Tom Proctor, a trainer we have had success in the past with Moonee Ponds. Proctor is confident she will have a bright future, and will be taking aim at the better 3YO races next year.

At Warwick Farm on Tuesday November 17, Dictatorial won in good style. Dictatorial has always shown promise, it is only now that he is starting to mature mentally and into his big frame. While a certain faction of the syndicate would like to see him in the Mudgee Cup December 4th, seemingly it will be Rosehill on December 5th. The next day at Doomben, it was Stallone’s turn. After beginning his career at John O’Shea it was decided to drop in grade and move to Queensland with Bryan Guy. Stallone won in good fashion at his third start, and he too will have his next start on December 5th in a 3YO at Doomben.

The week was closed out by the 2YO filly Misshiraz, in the first at Rosehill. Trained by Garry Frazer it was a good result for a new owner of Garry’s. Misshiraz will have a short let up before being aimed at some of the better 2YO races over the Autumn.

ACTING on the strength of the Australian dollar against the US greenback

16 November 2009 - Australian bloodstock investors have collectively made their biggest mark ever on foreign grounds with their input into the marathon Keeneland November Breeding Stock sale in Kentucky, USA. Keeneland's sale grounds in Lexington have not seen a bigger roll-up of Australian buyers that were present from last Tuesday's opening session of the 13 day sale of broodmares and weanlings.

And they were not reduced this time to the customary role of mere onlookers. They bought regularly and strongly.

The Kentucky invasion was led by Vin Cox, a Sydney based agent and a regular at Keeneland's sales as the company's Australian representative.

Cox has usually been good for half a dozen buys in the past but with the second and third-level priced lots. This time, he made the top-10 on the list of buyers for the sale's principal sessions of the first three days.

Cox had the final say on three lots, costing $US1,730,000 ($1,868,830), the package including Tears I Cry, at $US735,000 the third-highest price for the opening day and Candelight, for $US895,000 on day two.

Tears I Cry was a topical buy: she is by Chester House from the Danzig mare Mount Helena, whose mother Helen Street is a sister to boom sire Street Cry, sire of recent Group I winners Shocking (Melbourne Cup) and Zenyatta (Breeders' Cup Classic). Tears I Cry is in foal to former US Horse of the Year, Curlin.

Tuesday in Kentucky was an unusual one for the breeding industry with America's two major auction houses in action; Keeneland with its first session of the annual marathon and rival company Fasig-Tipton staging its one-session November annual 15km away.

And the impact by Australian buyers was made at Fasig-Tipton too, with the notable buy the Group I winning New Zealand bred mare Black Mamba fetching third top price of $US1.5 million to Tony Bott, of Evergreen Farm.

Black Mamba, a near $US1m stakeswinner by Black Minnaloushe, was bought for Bott's Hong Kong client P. K. Sui, who also bought top NZ race mare Princess Coup for $2.8m at the Magic Millions National Broodmare sale in June.

Black Mamba is an entry to the Group I Hong Kong Vase at Sha Tin in December, with Bott indicating she would stay in training for the Dubai World Cup meeting in March then go to stud next spring.

Bott was joined by two Australian agents, James Bester and Steve Brem who invested almost $US2m between them on four lots.

Bester, who was active at Keeneland earlier, rushed to the Fasig-Tipton sale to secure Group I Spinaway Stakes winner Mani Bhavan for $US650,000. From the family of crack sprinter Speightstown (10 wins in 15 starts, including the Breeders' Cup Sprint), Mani Bhavan has not been to stud.

Bester also gave $US460,000 for Dream Play, a half-sister by Grand Armee's sire Hennessy to Group I Hollywood Starlet winner Diplomat Lady. Brem's major buy at $US700,000 was Grace And Power, by More Than Ready from a daughter of Defensive Play, the damsire of Efficient. From the family of the South African-based stallion Al Mamoon, Grace And Power, runner-up in the Group I Hollywood Starlet, was offered in foal to Giant's Causeway.

At Keeneland, Bester's day one purchasers included the Irish bred Callwood Dancer, a Group 2 winner by Danehill Dancer from the family of Group I winner and sire Maroof. The five year old mare, who has not been to stud, cost $US675,000. Other Australian buyers active at Keeneland were NSW agent Jon Freyer, who secured five for $US830,000, breeder Phillip Esplin (two for $US325,000) and Waratah Thoroughbreds (five for $US865,000), but it is understood many more lots were acquired for Australian buyers through local agents.

"This is by far the biggest turnout by Australians at this sale in my experience," said Cox, who spent almost a year with the Keeneland Association in the 1970s while on loan from William Inglis.

He has retained his links with Keeneland and is the go to man in Australia on matters dealing with sales in Kentucky.

"I had firm inquiries from around 30 people wanting to attend the sale, but I would estimate there are over 40 Australians here buying or trying to buy," Cox said.

"And why not? We've never been in such a strong financial position before. Our economy is strong, the American market is weak. Generally, we come here with our dollar worth not much more than half the US dollar."I think we were 63 cents last year, this year we're closer to 93 cents."

Cox said he was trying to fill orders for clients, but would not disclose the individuals for whom he bought his two expensive lots.

Candelight, Cox's dearest buy of five he secured over the first five days, came from the dispersal draft of Overbrook Farm which provided almost all the highlight offerings of the sale. Candlelight is by the elite sire Kingmambo from an El Gran Senor mare and at $US875,000 she was among nine of the top sellers on day two when the prime mares from Overbrook were sold.

The group included the sale-topper, Honest Pursuit, bought for $US3.1m by Alain and Gerard Wertheimer, the French owners who were parting with all of the first prizemoney won by their crack mare Goldikova in the Breeders' Cup Mile win at Santa Anita four days earlier.

Honest Pursuit, by Overbrook's iconic stallion Storm Cat, is from the stakeswinner Seattle Slew mare Honest Lady, herself a daughter of triple Group I producer Toussaud. "Obviously, if you could buy that kind of family every day, you wouldn't have to pay that kind of money," said Alain Wertheimer.

Veteran US owner Betty Moran, of Brushwood Stables, gave second top price of $2.3m for Cotton Blossom, a Group I Acorn Stakes winner who was in foal to Street Cry. The Overbrook Stud draft of 64, which sold over the first three days, brought $US25,591,000, with an average price of $US399,860 achieved.

The sale's average for the first three days checked in at $US180,045 down 18 per cent on the first three days in 2008.

There were 547 lots sold in the first three days for a turnover of $US98,484,500, which was down 14 per cent on last year when 24 fewer lots were sold.

John Ferguson, who spent over $US8m at this sale last year on behalf of Sheikh Mohammed bin Rashid al Maktoum, was a rare no show in Lexington while Irish titan Coolmore Stud was unusually quiet with the stud's principal John Magnier bidding $US400,000 for Group I winner-producer Flanders from the Overbrook draft. Along with the surge of Australian presence was a strong turnout of Japanese visitors, with premier breeder Katsumi Yoshida showing the way as the buyer of three lots for $US3.23m.

Tony Arrold, The Australian, November 16, 2009

NOTHING IS MORE EXPENSIVE THAN A MISSED OPPORTUNITY

The bestselling author H. Jackson Brown Jr. once penned "Nothing is more expensive than a missed opportunity" in the hope of encouraging fulfilment for people through life’s journey.

His prose has applications in the business world as well and should ring loud for breeders looking to upgrade their broodmare band at next month’s Keeneland November Breeding Stock Sale.

Keeneland’s November Breeding Stock Sale has traditionally been the trading venue for the world’s elite broodmares and Australian buyers have shopped well in the past and been rewarded both on the racetrack and in the sales ring.

In 2009, the collapse of thoroughbred values in the United States and the robustness of the Australian dollar have provided the kind of opportunity that is unlikely to be replicated in the next decade.

The clearest picture of the opportunity that stands before breeders is painted with an example seen below of the hypothetical mare “Certain Stakes Producer (USA)” that was sold in 2008 for US$100,000. Roll forward 12 months and we factor in the 40% drop in the North American market and the change in the Australian dollar, where in 2008 the AUD was $0.65 and in 2009 the AUD is $0.92.

Lets compare a hypothetical mare “Certain Stakes Producer (USA)” that was sold at $US100,000 in 2008.

	USD	AUD
Certain Stakes Producer (USA)” sold in 2008	$100,000	$153,846.15
Certain Stakes Producer (USA)” sold in 2009 with 40% drop in the market	$ 60,000	$ 65,217.39

2008 –2009 Market differential for “Certain Stakes Producer (USA)” AUD$88,628.76

And if you were still sceptical about the value of US broodmares it may be worth remembering that at this early stage in season 2009/10 they have already left us:

• Irish Lights (Gr.1 Thousand Guineas, Gr.3 Thousand Guineas Prelude)
• Speed Gifted (Gr.1 The Metropolitan)
• Mentality (Gr.2 Premiere Stakes)
• Hanks (Gr.2 AAMI Vase)
• Lovemelikearock (Gr.3 Spring Stakes)
• Swift Alliance (Gr.3 Hong Kong Jockey Club Stakes, Listed Show County Quality)
• Southern Skye (Listed Geelong Classic)
• Gybe (Listed Gimcrack Stakes)

The Keeneland November Breeding Stock Sale commences on November 10. If you would like a catalogue or are interested at exploring this rare opportunity further please contact us.

KICKING DIRT IN THE FACE OF DOUBTERS

15 October 2009 - The perils of dismissing dirt raced stallions is becoming increasingly evident as Whobegotyou tightens his strangehold on this spring’s $3m Cox Plate and Predatory Pricer looms large in Saturday’s $2.5m Caulfield Cup.

The weighty presence of these sons of Street Cry in two of our most significant feature races is far from an anomaly with dirt raced stallions have provided the winner or runner up in eight*of the 14 Australian based Group 1 races to have been run so far this season.

And while the old adage that ‘Any stallion can sire a good one’ holds true what remains indisputable is the quantity of exceptional performers that dirt stallions continue to sire.

You should be aware that the last three completed racing seasons have seen dirt performed stallions siring Champion Juveniles, Miles and a Horse of the Year.

You should also be aware that figures on theArionwebsite show that seasoned shuttle stallions More Than Ready Dehere, Red Ransom and the late Hennessy have better runners-to-stakes winner strikes rates in Australia than the US where racing is dominated by dirt events.

And if you want to add even further meat to any discussion with those who cling to dated arguments it is wise to review the annual ratings of Australia’sTimeformto see the full impact of ‘dirt stallions’.

2008/09:

• Three of our leading four juvenile males (Phelan Ready, Real Saga and Onemorenomore) were by the dirt performers More Than Ready, Tale of the Cat and Red Ransom
• The highest rated juvenile filly (More Joyous) was by More Than Ready
• Our two highest rated three-year-olds (Whobegotyou and Duporth) were by Street Cry and Red Ransom
• Our highest rated four-year-old (Weekend Hussler) was by Hussonet

2007/08:

• Our Champion Two-Year-Old Male (Sebring) was by More Than Ready
• Three of the six leading juvenile males (Sebring, All American, Reaan) were sons of More Than Ready, Red Ransom and Hussonet
• The Champion Three-Year-Old and Horse of the Year was Weekend Hussler (Hussonet)
• Three of the leading seven four-year-old males (Haradasun, Sniper’s Bullet, Tipunwuti) were by dirt stallions Fusaichi Pegasus and Bite The Bullet

2006/07:

• Zizou, a son of the Kentucky Derby winner Fusaichi Pegasus, was the second highest rated juvenile in the land
• Camarilla (Elusive Quality) was the highest rated two-year-old filly
• Haradasun (Fusaichi Pegasus) was Co-Champion Three-Year-old of his year

Results of such consistency should lead one to presume that high class stallions are capable of producing high class stock. Period.

After all, our most commercial sire lines trace back to breed-shapers Northern Dancer, his son Danzig, and Mr Prospector whose connections never tested them on turf surfaces and we don’t doubt their credentials.

*Turffontein’s sire Johannesburg has been included with the dirt stallions for this exercise having won the Gr.1 Breeders’ Cup Juvenile on a dirt surface at Belmont.

A SECRET TO SUCCESS

24 September 2009 - Gooree Stud’s famous red and black striped silks have been sent out to the track on 14 occasions so far this season. They have returned victorious nine times. Five times in stakes races. And this evening Swift Alliance will carry those silks into battle in the Group One Manikato Stakes.

The brilliantly successful owner-breeder operation has created a system of success that has been peerless in recent seasons. Integral to this success has been the role of American bred broodmares.

80% of Gooree’s broodmare band was purchased out of the United States and in the last 18 months alone this talent pool has demonstrated its worth through the deeds of:

• Northern Meteor (Gr.1 Coolmore Stud Stakes, 3rdGr.1 T.J. Smith)
• Dreamscape (Gr.2 Stan Fox Stakes, Gr.3 Up And Coming Stakes)
• Gold Water (Gr.2 Angus Armanasco Stakes, 2ndGr.1 Storm Queen Stakes)
• Swift Alliance (Gr.3 Hong Kong Jockey Club Stakes, Listed Show County Hcp)
• Gamble Me (Gr.3 Thoroughbred Club Stakes, Gr.3 Birthday Card Stakes)
• Rabbuka (2ndGr.3 BTC Chairman’s Handicap)
• Fight And Defend (3rdGr.3 Gloaming Stakes)
• Common Objective (2ndListed Manion Cup, 3rdGr.2 Chairman’s Handicap)
• New Day Rising (2ndGr.2 Pago Pago Stakes)

“Basically US racing is speed orientated, certainly more so than European racing. They really get running and try and sustain speed. When these mares do come down here they inject a lot of that speed [into their progeny] and you can never have enough speed,” said Gooree’s Andrew Baddock.

“US bred horses are traditionally lighter boned than our locally bred horses and we’ve found that when these mares are bred to Australian stallions and the progeny are raised on our good, hard ground you get a product that has good bone and speed.”

The success of US bred mares in Australia isn’t limited to Gooree alone. US bred mares only make up 2.7% of the Australian broodmare pool but in 2008/09 they produced the winners of 12 Group 1 contests. That equates to 18% of the Group 1 winners in Australia. The progeny of US bred mares were also placed in 57% of the Group 1 events contested last season. Their stock also won or placed in 28 Group 2 events (34 %) and 28 Group 4 races (16 %).

Since August 1 2009, the progeny of US bred mares have already won five stakes races and placed in a further five stakes events. That tally is certain to grow quickly with new stars of the ilk of Irish Lights, Lovemelikearock and Swift Alliance among the leaders of their generation.

“America gives you the chance to access some of the great pedigrees in the world, pedigrees that you can’t access [in Australia],” Baddock said.

“We bought the dams of Swift Alliance and Typhoon Zed as yearlings over there for about $US50,000 or $US60,000 and I think the dam of Tempest Morn was well down in the catalogue [at the Keeneland November Breeding Stock Sale], I think she was after Book 4, so it goes to show you that you don’t need to spend a lot of money [to have success].”

The Keeneland’s November Breeding Stock Sale begins on November 10. If you are interested in learning more about the opportunities that the Keeneland November Breeding Stock Sale provides please contact us.

Keeneland Contracts

23 September 2009 - Just back in from 10 days in Kentucky attending Keeneland’s September yearling sale. While the sale is still continuing, the sale can summed up in this fashion average and median are down 30% and gross is down 40% and these numbers can be applied across all levels of the sale.

So what does this mean from an Australasian perspective, thoroughbreds are an international commodity and consequently there will be some pressure as to the intrinsic value of our horses. The southern hemisphere market has probably factored in the GFC to a higher degree compared to the figures from the 2008 Keeneland sale, where the full impact of the GFC was yet to be realised. If memory serves me, the meltdown really started during the 2008 yearling Sale.

There is little confidence about for horses and the general economy, the mood is considerably lower than that we are experiencing here in Australia. As has been well documented, the Australian dollar is now holding over 87cents which will give Australian breeders and investors greater leverage in the American thoroughbred market than ever before.

The November Breeding Stock catalogue is reportedly very strong with a high proportion of well credentialed young mares in foal and off the race track. Catalogues are due out in mid October, and with the yearling market down 40% it could be the year to think American.

Breeding Southern Hemisphere Time

2 September 2009 - Over the last few years, the number of Kentucky based farms that have opened their stallions to Southern Hemisphere breedings has been steadily on the increase. Over the last couple of weeks we have seen the announcement that all conquering Medaglia D'Oro and champion freshman sire Tapit have opened their books at US$50,000 and US$20,000 respectively. This gives Australasian breeders a phenomenal opportunity to access these and many other stallions that aren't usually accessible.

To that end, we have been quoted a number of seriously well priced mares based in the States that would have considerable appeal to the Australasian market. Put them in foal now, import them to Australasia and foal them down locally next year.

For further information, contact Garry Cuddy (02) 9363 9292 or email garry@vincoxbloodstock.com

Absent Friends Returns

2 September 2009 - What a devastating return by Absent Friends at Rosehill on Saturday. Settling a long last in the early stages, a daring ride by Nathan Berry saw a particularly impressive finish. Absent Friends was a $600,000 purchase from the Willow Park draft at the Inglis Easter Yearling Sale in 2005. While he has always shown considerable promise, it may be as a 5 year old we get to see his full potential.

On the same card, in the same ownership, Shellscrape put in a very credible performance in the Group 1 Golden Rose running 5th. Shellscrape has been up a very long time and proved once again how tough and versatile the colt is.

Shellscrape's Story

11 August 2009 - In the beginning, good clients Geoff and Mary Grimish raced Dane Shadow with Graham Mapp et al. Upon Dane Shadow's retirement to Kitchwin Hills, Geoff Grimish asked me to source some suitable mares for Dane Shadow. The first mare we purchased was Kisma in foal to Danehill Dancer, upon foaling a Danehill Dancer colt Kisma was sent to Dane Shadow during his first season at stud.

Role forward roughly 18 months, the Danehill Dancer colt was sold in the Perth Yearling sale for a handsome profit on purchase price on the mare while the now weanling Dane Shadow colt was offered at the Magic Million Weanling sale. At the time, the colt was one of the better individuals by Dane Shadow and while it was the intention to sell him it was also going to be a good way to show off the progeny of Dane Shadow. We finished up buying the colt back at $40,000 and left him at Kitchwin Hills to grow out.

In the end, he now races as Shellscrape and the winner of 2 stakes races including the Group 3 San Domenico Stakes at Royal Randwick. No one could have fore seen the racehorse he has become, the most important result has been the revelation of Dane Shadow as a stallion of significance.

Dane Shadow is going from strength to strength, full credit must go to Mick Malone and all at Kitchwin Hills. They have worked tirelessly in promoting the stallion and ensuring the best possible start for the horse, compared to some of his higher profile contemporaries Dane Shadow has certainly come from a much lower base.

Attractive Opposites

4 August 2009 - We had 2 winners over the weekend that were purchased from the opposite ends of the buying spectrum.

On Friday afternoon, Mirrasalo won her third start at Warwick Farm. Mirrasalo (Redoute’s Choice – St. Therese) was purchased at the 2008 Australian Easter Yearling Sale for $700,000, on behalf of Peter and Catherine Campbell’s Bennelong Bloodstock. Mirrasalo had one start prior to the Autumn carnival where she got well back and worked home nicely behind stable mate Romanus. She was then put away to return to racing a couple of weeks ago, where again she got well back and again worked to the line very strongly. The filly had “a trip” written all over her, while Warwick Farm’s race was over 1400 metres, we were expecting at least another run before we saw the best of her, however her raw ability came to the fore and was completely dominant in a very impressive win.

At the other end of the spectrum, we had French Lion (Lion Heart (USA) – Figure of Eight (Fr))win her first start in a race at Bendigo for trainer Mark Kavanagh. French Lion was a $16,000 purchase at the 2008 Classic Yearling sale, for a client of Damon Gabbedy’s, John Brescacin. It is easy to get excited about any win, but for those that saw this filly’s race were in awe of an outstanding performance. She gave the leaders 12 lengths on straightening, and even at the 100 metres was still conceding 6 lengths and appeared to be labouring, however she dodged, weaved, and exploded to the line to win eased down by a length and half.

All being well, both fillies look to have a bright future.

Yoburg Yobeaty

14 July 2009 - What a sensational win it was for Yoburg (Classic 2006 $40,000) at Headquarters on Saturday. He dictated the race from the front and cleared out down the famed Randwick rise, it was made all the sweeter when the trainer all but declares the horse the day before the race.

Yoburg has been a great little earner for the "Hong Kong Boys," whom have had some seriously nice horses over the years. From what we hear, they will be in for another good result within the next week or so. Watch this space!!!

Three for Three for Barb

1 July 2009 - Upon the purchase of Belong To Many, and the subsequent decision to send the mare to Gai Waterhouse, I promised Barbara Joseph that I would send her a horse in the near future.

Not long after that, Gary Portelli said Zassi (Classic Yearling 2007; $100,000) was not enjoying life in the city and needed to be trained in the bush. So the inevitable decision was made to send Zassi off to Barb Joseph. As the story goes, Zassi has now had 3 starts for the Joseph Stable for 3 very impressive wins, albeit at country tracks. When you throw the BOBs bonuses in, the prizemoney has knocked into something very worthwhile.

Together with Zassi’s success we have been having a good trot in the city with some of our gallopers; Prince Braeman (MM Weanling; $30,000) has now won four straight in town; Gathering Light (Inglis Weanling; $14,000) won impressively at Canterbury and looks to be a stayer of the future; Miss Alert (Magic Million Yearling; $24,000) won at Warwick Farm; Komachi (MM Yearling $100,000) won at Sandown Park; and False Accusation (MM Yearling; $32,000) won a 2YO at Doomben. Amongst other winners around the place it is good to see the team firing.

The Carnival horses are back in work at their respective trainers, and we look forward to their return in due course, together with the next wave of babies.

American Mares Punch Above Their Weight

24 June 2009 - We have just seen the completion of the Group 1 racing season in Australia. it is very interesting to run through the dams of the Group 1 winners by place of birth;

Group 1 Winners	Dam Country of Birth
34	Australia
18	New Zealand
12	USA
1	Great Britain
1	Ireland
1	Japan

At last count (2007) USA mares made up 2.7% of the Australian Stud Book, watch this space as we are in the process of compiling all stakes results for origin of dams of stakes winners.

In promoting the American broodmare, quite often the catch cry is “all dirt pedigrees only interested in European turf form.” While there is no doubt that the very occasional sire line struggles on turf, the vast majority work on all surfaces, after all Northern Dancer never raced on turf. This fact has been put beyond any doubt with the recent results at Royal Ascot, the American form of the 2 Year olds was astounding, and the older sprinter Cannonball all but took out the Golden Jubilee.

You can’t sell me the European Broodmare.

Cancerous Corporate Bookmakers

29 May 2009 - There are two racing models worldwide that are the envy of every other racing jurisdiction worldwide, they are the Australian and Hong Kong models. The reason for this is the totalisator infrastructure that provide the funding for prize money, in Hong Kong the totalisator is the only legal form of betting. While here in Australia, we have a hugely successful totalisator system that has cohabitated with bookmakers for 50 years or more.

The Australian model has traditionally provided huge income streams that fund our racing while the bookmakers have contributed locally by way of a turn over tax. Now the whole system is under siege with the proliferation of corporate bookmakers who house their operations in the Northern Territory largely avoiding state duties and turnover tax. Rightly, Racing NSW has challenged the validity of the corporates by insisting on a 1.5% turnover tax which grudgingly some corporates have handed over. This money is the subject of a legal dispute and is therefore frozen in the system.

The issue with the corporates is two fold, firstly they feel they can run their business off the back of the industry without contributing to the industry that feeds them. The corporates operate on the racing product not only making bets where most of the bets are “best tote’ or “best fluctuation” thus corporates are contributing nothing to making or forming the market, they are plagiarising someone else’s “intellectual property.” They do nothing except leach off someone else’s investment, infrastructure and intellectual property.

Secondly, not only should they be paying a tax back to the industry on turnover it should be considerably higher than the paltry 1.5% that have been asked to pay, and are now challenging through the courts.

The fact that the corporates feel that they have a god given right to operate on the industry without contributing, I find abhorrent. It is time that the industry reveal the corporates for what they are, lecherous and cancerous growths on the industry. As to the commentary on this topic from some of the more high profile racing media; their agenda, allegiances and associations are to be declared before a fair and even discussion can be started.

If it isn’t addressed immediately and effectively, we soon have a model that is similar to that of England. The Sport Of Kings and Sheiks it will become.

Belong To Many Update – Number and barrier 1 for the Dane Ripper

28 May 2009 - Belong To Many has drawn the paint (barrier 1) and will carry saddle cloth number 1, in the last at Eagle Farm. I can’t say I know too much about omens or numbers however if the saddle cloth number or barrier position are to line up, then Gai Waterhouse’s prediction that “she will be extremely hard to beat” should come to fruition. Accordingly, she has worked extremely well during this week with track work rider Mark Newnham reporting that the mare hasn’t worked better in the brief time he has been associated with Belong To Many.

Win, lose or draw Belong To Many will have a quite week leading into the Group 1 Stradbroke Handicap for Saturday week. It may be “Sean’s Shout” yet.

Belong To Many Update – Sean’s Shout To Many

23 May 2009 - By popular request of the previous 800 owners of Belong To Many, we will be posting updates of the mare’s campaign and plans.
As you would all be aware, Belong To Many’s two runs following her purchase have been outstanding, brilliantly winning the GCTC Silk Stocking and then a gallant second to Ortensia in the BTC Glenlogan Park Stakes. While Belong To Many is currently 26th in order of entry for the Stradbroke, it is anticipated she will get a start and will be ridden by either Blake Shinn or Jim Byrne. Following the Stradbroke the intention is to push on to the Group 1 Winter Stakes for fillies and mares, after the Winter Stakes a decision will be made as to continue racing her after a short spell or retire her to stud.

New owners, Sean and Helen Clancy with their 3 boys, Aaron (23), Nathan (21) and Lachlan (18) together with brother in law Ian McGregor, are delighted with the acquisition of Belong To Many and have been equally thrilled with her performance subsequent to purchase. The Clancy’s and Ian are very excited to be the owners of a live chance in the marquee race of Queensland racing, and in the event that Belong To Many wins the Stradbroke it will be “Sean’s Shout” at Eagle Farm for all previous owners that are on course.
Let’s all hope it will be Sean’s Shout.

Inglis Broodmare Sale

3 May 2009 - While we were not sensationally active at this sale, we did manage to pick up a couple of mares. The first being outstanding race mare, Belong To Many and the other Acquisito.

Belong To Many ended up being one of the most expensive mares at the sale, which is hardly surprising given her race record coming into the sale. Barbara Joseph had done a magnificent job with this mare and she was presented in outstanding order. We were able to purchase her for $525,000. While it was a difficult decision to move Belong To Many to Gai Waterhouse, she has had her first start for the new stable winning extremely impressively at the Gold Coast in The Silk Stocking. The new connections are looking forward to her next few starts, with a couple of nice Group 1 races in her sights.

Acquisito, a well pedigreed Zeditave mare in foal to Bernadini, was purchased for $120,000. This mare’s yearling by Encosta De Lago was one of the nicest yearlings at the 2009 Premier Yearling Sale, and will hopefully add to the value of this mare.

The overall sale was extremely strong across the board, with a good clearance rate and a strong market which surprised many, as it could hardly be said that it was a stellar edition of the Inglis Easter Broodmare Sale.

Easter Yearling Sale 2009

28 April 2009 - This was the sale that the Southern hemisphere had been waiting for; it is the barometer and it really tells us the state of play of the commercial market. While NZB and MM have had very good sales, it is the Easter Yearling sale that sets the tone for the rest of the industry, whether it be stallion fees or the broodmare market. And what a market it was. The sale was spread over 3 days and they were 3 very diverse days. The first day was bad; the average was around $225,000 with a very low clearance rate. The world was seemingly going to end and it more or less did when the lights literally went out with 30 or so horses remaining to sell on the opening day.

On the second day vendors and buyers re-aligned their sights in which ever direction they saw appropriate and boom the sale literally took off. The average on the second day (including those left to sell from the first day) soared to $275,000 and the clearance rate roared up the scale to a better than good result. Everyone departed shaking their heads wondering what happened, the average increasing the best part of 20% overnight and the sale was booming. With only 100 yearlings to be sold in the “select” session on the third day, the sale didn’t really get a roll on and never had the opportunity to get back to the heights of the second day.

Having said that, it was still significantly better than the first day with the figures finishing at a total turnover of $89 million, average of $241,000 and a median of $180,000. What do we learn from this sale is that the elite part of the market is the softest. Anything north of say $600,000 had only limited action from a small and very select bunch of buyers. The middle market was very strong, with a wide and varied buying bench. To that end, the Top 10 buyers by Gross accounted for $33.86 million or 38% of the Total Gross. Let me say that again, the Top 10 Buyers accounted for less than 40% of the total turnover, whereas in 1989 the top 2 buyers, Bart Cummings and Tulloch Lodge, accounted for well over half the gross on their own.

From a VCB point of view we had a terrific sale. In session one we purchased 6 yearlings and had 2 others knocked down to us. After day 1, we had purchased 4 for our clients and another 2 on the third day, while the 2 that were knocked down to us fell on day 2. We were extremely pleased with our shopping, 2 Encosta’s, a Redoute’s, a Flying Spur, an Exceed and Excel and a Stratum all for clients that have been buying with us for many years.

Bolt No Doubt for Slipper

11 March 2009 - Delago Bolt (Delago Brom x Bardego; Premier 2008 $50,000) bolted into Golden Slipper calculations with a devastating win in the Black Opal Stakes in Canberra last Sunday. As has become the norm with this colt, he missed the start and appeared as though he would be just going around. However, when Chris Munce let him down on the outside he put paid to a high class field in a couple of bounds. It is a great story for the colt perceived as the "ugly duckling" by our clients; he has now won well in excess of $300,000 for connections. The Bolt no longer has to qualify for the Slipper, he is in it. All he has to do now is turn up on the day.

The following day, we saw Sheeznodoubt (Not A Single Doubt x Regal County; Easter 2008 $160,000) have her first run back from a short spell at Warwick Farm. Sheeznodoubt did all the hard work and put away an extremely high profile field. She is now on track for one of the Slipper lead ups and some black type. It is a good result for good friend Kate Nivison. She asked to go into a prospective 2 year old winner, as she had never owned a 2 year old winner, and now she is taking aim at the big one.

Melbourne Premier

9 March 2009 - It has to be said that the Premier sale has taken the biggest hit of all the sales to date. There was a large crowd at the sale and inspections seemed to be healthy, however it was the lack of quality individual that hurt this sale the most. There were fewer better individuals mixed in with a catalogue that was 11 lots bigger than the 2008 edition. Turnover took a hammering falling 42% to $23,051,722. The clearance finished at 75% where after the first day it finished at a paltry 65% and the average dropped to $55,815 from $84,568.

We were able to secure 3 particularly nice colts in what was effectively the first 100 lots of the sale. Knocked down to Gary Portelli, the colts were;

Lot 34 by Commands x Rozanee (GB) for $25,000

Lot 65 by O’Reilly x She’s A Madame for $40,000

Lot 111 by General Nediym x Storming Bai for $55,000

More details on the 2009 Sales Results page

Record Priced General Nediym Filly Wins on Debut

South Africa, 6 March 2009 – The powerful Charles Laird stable produced a brilliant debut winner at Vaal on Thursday evening in the shape of two year-old General Nediym filly Generous Anna, the most expensive yearling by her sire sold in 2008.

Having her first start over 1200 metres, Generous Anna was sent out a red hot favourite and bolted in to score by three and three-quarter lengths confirming the high regard in which she is held.

Bred by Paul & Judy Kevin & Brian Nutt of Attunga Stud, Generous Anna was purchased by Charles Laird at the 2008 Magic Millions Yearling Sale for $380,000. She is the first foal of the Anabaa (USA) mare Ends Meet, a daughter of New Zealand Group One sprint winner Lady Madonna and half-sister to the dam of smart stakes-winning Victorian filly Satin Robes.

Romanus‘ Rosehill Romp

24 February 2009 - What a great result for Peter and Catherine Campbell’s Bennelong Bloodstock, they have invested heavily in breeding and racing stock and at last it appears the wheel is turning in their favour. Romanus a $500,000 yearling purchase from the 2008 Easter Yearling Sale won at his second start at Rosehill. Being a son of Encosta de Lago and out of the Oaks winner Bulla Borghese, you would expect him to be hitting the track as a later 2 year old however he has been a colt that has kept thriving with Gary Portelli and just maybe a sneaky chance at the Slipper or more possibly the Sires’ Produce or Champagne Stakes at Randwick. His next start will be the Skyline at Randwick, time will certainly for Romanus.

USA Import Scores

16 February 2009 - At the 2005 Keeneland September Yearling sale, I purchased 2 fillies to race with friends. The first of them was Moonee Ponds, who had 7 starts for 3 wins including a stakes race at Fair Grounds. Moonee Ponds was sold at the 2008 Keeneland November Breeding stock sale for US$300,000 in foal to Mineshaft.

The second filly Hip 888, went on to race as Eight Eighty Eight. She had 13 Starts in the States for 2 wins and a fourth in a stakes race. My partner, John Starr and I subsequently imported her to Australia and put her into work with Gary Portelli. At her second start in Oz, she won very well at Canterbury on a heavy track having been well backed by the trainer and part owner. The post race report suggests we may be in for a bit of fun over the next few months.

Eight Eighty Eight’s win follows the recent good form of some of our purchases. Delago Bolt took out the $100,000 Inglis bonus last week at Rosehill and is now on a Golden Slipper campaign. Over The Wicket ran up to to his 2 Year Old form claiming second, on protest, in the Group 2 Royal Sovereign Stakes at Randwick on Saturday.

Classic Yearling Sale

16 February 2009 - Classic finished with figures across the board down around 17% and clearance down to just on 70%. As suggested earlier, the sale had a very good selection of nice prospects to purchase. There was however, a long tail to the horses offered with over 600 catalogued. The sale itself was consistent right through to the last few hours, where a combination of people filling their orders and a cool drizzly day made it extremely tough for those selling late in the sale.

As has always been the case the better conformed horses were hard to purchase. We bid on or near $100,000 on 3 different occasions and didn't finish with any of these. Our most expensive purchase was Lot 604 a Benicio colt for $54,000 down to $20,000 for Lot 425 a Johannesburg filly. We purchased 7 yearlings for a total spend of $245,500, with another 4 lots knocked down to us by Garry Frazer. 2009 Classic Yearling Sale results

Classic Opportunity

6 February 2009 - The Inglis Classic Yearling sale begins on Sunday, with in excess of 600 yearlings catalogued. This sale is the best value sale in the country, it always has a good array of horses, they never make a pile of money and you can come away with a seriously good horse.

This year is no exception, Inglis have done a terrific job in selecting "types" for this sale. There is a higher proportion of better individuals than you would find at some of the more high profile yearling sales around the country. The better colts will always find a home at reasonable money, the opportunity to buy fillies that will become racehorses is sensational. The filly market will be soft and you could walk out of this sale with a seriously good filly for anything upto $40,000.

It is a sale we have had a lot of luck at over the years, Jymcarew, Down The Wicket, Mimzical, Chaud Roche, Cigar Royale, Beautiful Handshake, Weekend In Paris, Letter Of Intent, etc. None of the listed making more than $50,000.

Midshipman Champion US 2YO

Newly crowned Champion US male 2YO Midshipman, is the half brother to VCB Keeneland November 2006 purchase Fleeting Touch. Fleeting Touch was purchased on behalf of Widden Stud and Robert Anderson for US$130,000 and this huge upgrade will add significant value to the mare. Fleeting Touch has a 2008 Stratum colt, and is carrying to the hugely successful 2YO stallion More Than Ready. The story keeps getting better. For further information see previous story.

In other news, the 3YO full sister to the A.P. Indy filly we purchased for Patinack Farm at Keeneland September 2008 won her first start at Gulfstream Park. Trained by Michael Matz, of Barbaro fame, there is sure to be further upgrades to what is an outstanding pedigree.

Lighthorseman Out Of The Trenches

22 January 2009 - At the 2007 Magic Million yearling sale, Gary Portelli and I put together three owners willing to have a crack at a nice colt. Two of the prospective owners were at the sale and the other was on a cruise in Antarctica, we took a punt and guessed he would be keen to take a good piece of the horse. Messrs Yopp and Collins were on hand to inspect the colt and fell in love with him, and the Antarctic explorer Geoff Grimish returned from holiday with a piece of a good Redoutes' Choice colt.

The colt, now named Lighthorseman, trialled brilliantly twice before his first start in the Rosebud where he ran a moderate 5th behind Desuetude and Aichi. Subsequent to the race, it was found Lighthorseman had strained a muscle in his back and needed to go out for a few months.

A few months on, Lighthorseman trials brilliantly and this time he goes to a lowly three year old maiden at Hawkesbury and in devastating fashion he blitzes the field. Pressure valve releases a little.

Until next time.

Keeneland January Finishes

22 January 2009 - After what was an incredibly cold week, the numbers for the January Sale are well down. As has been documented elsewhere the high withdrawal rate was the most disappointing aspect of the sale. The vendors weren't prepared to risk their stock on the market and are prepared to wait for another day. Turnover dropped to $32,824,000 off 53.4% from 2008, the withdrawals made up 28% of the catalogue.

We purchased 5 mares, all maidens ready for export to Australia. They were:

Hip 704 – America’s Idol – A beautiful Quiet American mare. She is out of a Group 2 winning Green Dancer mare and is a half sister to a Stakes winner. Purchase Price: $45,000

Hip 706 – Angel Smoke – Stakes winner by speed sire Smoke Glacken. She comes from the family of Group 1 Australian Cup winner Istidaad. Purchase Price $82,000

Hip 1259 – Lady Caller – Dixie Union half sister to a Stakes placegetter. Her dam is a half sister to the dam of Group 2 winning 2yo of last season Krupt. Purchase Price $11,000

Hip 1639 – Jade Dreamer – Good racemare, she out of a Stakes placed Nijinsky mare and is a full sister to a Stakes winning and Group producing mare. She comes from a very nice Black type family. Purchase Price $50,000

Hip 2261 – Belle Cherie Mary – Stakes placed Grand Slam mare, she is out of a Multiple Stakes winning Belong To me mare. She is a half sister to a Stakes winner and she comes from the family of Multiple Group 1 winner Octave. Purchase Price $70,000

Having spent a week in Kentucky, it is quite apparent that they are on their knees over there. Stallion service fees have been revised up to 3 times, talk that 30% of mares will not be bred for 2009 and the like. As a result there are some serious opportunities in the private market. We have been quoted a number of off the track mares that would work well in our part of the world. What vendors are prepared to take for horses offered privately is astounding.

Refer to our mares section or contact us directly for a list of mares.

Cold Keeneland January

19 January 2009 -By contrast to last week’s Magic Millions climate, I am now in Kentucky where the temperature has dropped dramatically matching the feeling of the sale. While the market is solid enough for the better pedigreed mares, the lack of confidence around the place is astounding.

We have purchased 2 mares so far. The first, Hip 704 is a stunning looking Quite American mare with a great outcross pedigree and the second, Hip 706 is a stakes winning Smoke Glacken mare from an outstanding family. We paid US$45,000 and US$82,000 respectively.

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