We've taken a breather in this series during the January Sale, where I shared many conversations on themes raised in its first two parts--notably the market's addiction to unproven stallions. Time after time, it was the same story. A shrug of the shoulders, a helpless spreading of the hands: "Yes, we know it's nuts. But we have to make the game pay." Fair enough. It's a bit like the individual who asks why he or she should make a massively inconvenient personal sacrifice, with regard to the climate crisis, when...