This Side Up podcast

As and when he finally quits riding the kids to sleep, at least John Velazquez doesn't have to worry about a next career. Because what he did in Baltimore last week showed him to have everything it takes to lead a cortege. Not just the restrained tempo, but also the way he reliably maintained all dignity and decorum while Irad Ortiz Jr. came lurching out of the procession in his usual unruly fashion.

They used to say that all roads lead to Rome. Now they all seem to lead to Louisville, whether you're starting from the desert or up the road in Florence, Kentucky. Some of us, even so, still miss the forgotten turnpike long favored by horsemen of the old school. In fact, there are times when I fear that we might actually have found ourselves on the road that is notoriously paved with good intentions.

I must admit that this whole business of getting wiser as you get older is giving me a little trouble. Somehow I only seem able to nail one half of the deal-albeit, so far as that goes, I'm definitely making rapid, daily progress.

What do these stallions have in common: Competitive Edge, First Samurai, Include, First Dude, Majesticperfection, Midnight Lute and Noble Mission (GB)? Okay, so you could also add A.P. Indy, Into Mischief, Lope de Vega (Ire), Medaglia d'Oro and Quality Road to the mix. But you would hope so, too, if you happen to be one of those highly paid advisors who tell their patrons that the only way to start a breeding program is with most expensive covers around. Because these are the dozen sires responsible for mares that made...

"Now why did I do that?" For some of us, the more painful that question becomes, the easier the answer. It'll be right there in that empty bottle, greeting you on the table in the morning. For those of you whose conduct has more complex influences, however, apparently there's a handy publication out there called The Journal of Behavioral Decision Making. And you thought horse pedigrees were a niche interest. In a recent edition, researchers from the universities of East Finland and Liverpool crunched data from 15,000 Finnish men commencing...

"Now why did I do that?" For some of us, the more painful that question becomes, the easier the answer. It'll be right there in that empty bottle, greeting you on the table in the morning. For those of you whose conduct has more complex influences, however, apparently there's a handy publication out there called The Journal of Behavioral Decision Making. And you thought horse pedigrees were a niche interest.

Well, that was one even I managed to see coming. With sterling bleeding at the bottom of the stairs, the most expensive yearling transaction of 2022 was duly enacted at Tattersalls this week. It was always going to be a wild market: Keeneland had shown the big spenders to remain impervious to war and inflation, while the local currency had been set aflame after new leaders sent home the babysitter and started playing with fiscal matches.

Even in a market like this one, weirdly insulated from economic and geopolitical chaos, trading Thoroughbreds will always remain a precarious business. Speculators never hesitate, then, to pounce whenever the odds appear skewed temporarily in their favor. Sure enough, with the dollar squeezing other currencies dry, around one in eight of the yearlings sold at the Goffs Orby Sale this week is said to be heading to the U.S.; and they'll have plenty of company out of Tattersalls next week.

Even in a market like this one, weirdly insulated from economic and geopolitical chaos, trading Thoroughbreds will always remain a precarious business. Speculators never hesitate, then, to pounce whenever the odds appear skewed temporarily in their favor. Sure enough, with the dollar squeezing other currencies dry, around one in eight of the yearlings sold at the Goffs Orby Sale this week is said to be heading to the U.S.; and they'll have plenty of company out of Tattersalls next week. To one who constantly berates breeders both sides of the...

In this business, simply "doing the math" would stop us right in our tracks. Luckily, we have algebra on our side. A daunting equation can always be rescued by that helpfully vague variable, 'x', the unquantifiable ardor of wealthy people: their competitive instinct, their sportsmanship, or simply their outsized egos. At the top of the market, after all, the dollars they spend are not the same as the dollars used by the rest of us to buy coffee or gas. It's not like "real" money at all. But that doesn't...

Even as the British Turf grieves a revered sovereign and, in the same person, its most cherished and indispensable servant, I hope you'll forgive me for instead reflecting on the loss, only the day before, of someone she would have loved to be typical of all her subjects: a horseman, and true countryman, who divided his time between the international bloodstock circuit and an old rectory in rural Yorkshire. Whereas we knew that her great age was finally catching up with the monarch, James Delahooke's abrupt departure for a grouse...

Our sport thrives on anticipation; our business, on outcomes. But actually it can take a while to unpick one from the other—especially when even a race as storied as the GI Travers S. is not just an end in itself, but also a potential means to viability for the whole program of whoever is lucky enough to own the winner.