For an instructive snapshot of what's wrong with this business, just take a look at the plunge in the going rate for yearlings by almost all sires represented by their second crop. Not even the most precocious, remember, have yet launched half their named foals onto the track; while most of those whose stock will only flourish with maturity, and two turns, have barely dipped a toe in the water. Yet only a handful, having achieved an early impact from a low base, have actually advanced their averages. For the...