The Dumbest Handicapping Mistake I Ever Made
It didn't seem foolish at the time, and was endorsed by some of the top trainers in the horse business.
But, what a mistake.
&nbsp;
First I owned race horses, then syndicated them.
To keep it simple, I put together groups of investors,&nbsp; and then bought and managed our stock.
My syndications were unique (but have since been copied).&nbsp;
After their initial outlay, my owners had zero expenses.
Our trainers, grooms, vets and farriers got different percentages of ownership.
In exchange, they would split half of the purse money with the owners.
Everyone now had a vested interest.
If our horses didn't make money, staff weren't paid.
To some, our very first partnership might seem a little scary.
&nbsp;
My investors included:
1) A well known sports writer, who wasn't afraid to put his misgivings into print.
2) A group of school teachers, each splitting one share, who may not have been&nbsp;
&nbsp; &nbsp; &nbsp;able to afford losing their investment.&nbsp;&nbsp;
3) Two money managers&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;
&nbsp;And....
4) Two IRS executives.&nbsp; &nbsp;
That may sound intimidating.
Instead, I think it gave us instant credibility.&nbsp;
&nbsp;
Although starting slowly, our first syndication made lots, with two(2) $100,000 earners.
Future syndications were also successful.&nbsp;
&nbsp;
Now for the dumb part.&nbsp; &nbsp; &nbsp;&nbsp;
I put together a group of respected owners and trainers.
They only had one job.
Contact me if a previously underperforming horse had a good chance to surprise and win.
Unfortunately, owners are also fans.
Fans usually overvalue their home teams.
Sometimes the same can be said of trainers.&nbsp;
In addition:
Even if done indirectly, staff and owners almost always bet on their own stock.
Some consider it bad luck or even a jinx, if you don't.
My "inside guys" almost always convinced themselves that their stock was going to win,&nbsp;creating a major problem.
I would get multiple calls about "sure things" for more than one horse in a race.
It quickly became obvious that my information was biased,
meaning it was pretty much worthless in the long run.&nbsp;
There are only three useful words you need to get lucky
in the wagering business
&nbsp;
They are:&nbsp;&nbsp;"Knowledgeable-Obsessive-Homework".
<div style="font-family: 'Open Sans', sans-serif; box-sizing: border-box; padding-left: 80px;">The most well informed, usually seem to have the most luck!&nbsp;</div>

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