When a horse carries a name like this, there can be no evasion or equivocation. With due honesty, then, let us admit that Honor Code is not yet converting his transparent eligibility as a stallion--apparently so watertight in pedigree, physique and performance--in quite the fashion that seemed likely when he produced the luminous Honor A.P. from his very first crop. Not yet. Small, agonizingly flexible words, in the context of a suffocatingly impatient marketplace. By any rational measure, it should still feel like early days in Honor Code's stud career....