This is the third and final piece examining the structural condition of American horse racing. Part 1 examined the collapse of race days. Part 2 examined the fragility of wagering economics. When I came into this industry 20 years ago, Thoroughbred ownership was sold as an investment. That is still how we lead our marketing: [...]

This is the second of three pieces examining the structural condition of American horse racing. In Part 1, I showed that the racing habitat is collapsing not because horses can't run, but because race days are disappearing, 182 per year since 2022 and accelerating. More than 30 independent jurisdictions, with no centralized calendar, explain where [...]

This is the first of a three-part series examining the structural condition of American horse racing. If you follow the news of the American horse racing industry, you will find yourself staring at diametrically-opposed signals: The handle going down and purses going up. Racetracks closing down and auction sales hitting new records. Record Kentucky Derby [...]

I've read every HISA annual metrics report since the first one landed in 2024. All three of them. Cover to cover, footnotes included. And every year I've come away with the same feeling: something is missing. Not from the effort. The effort is real. HISA has built the most comprehensive equine health database in the [...]

Every year, about 17,000 Thoroughbreds are born in North America. Let's assume half of them are colts: 8,500 male horses bred with ambition in their blood. Of those, maybe 50–if we're being generous–will ever make it to stud. The fillies often retain value as broodmares, but even then the industry quietly accumulates thousands of horses [...]

I love the yearling sales. There is something that just feels electric from the moment you set foot on the grounds. It's not just the horses; it's the people, the familiar faces you reconnect with, and the new friendships you strike up. It's the stories shared under the shade of a tree while you wait [...]