Sumwonlovesyou came out of her race in good shape. She was a bit sluggish for a few days but appears to be fine now. Regardless of how hard she runs, she always seems to find the bottom of the feed tub which is a very positive sign. I know that Steve and many of the partners who have spent time around her noticed that she spends a lot of time laying down. She is a smart horse who rests quite a bit more than an average horse which is great considering how hard she runs.
I was pretty confident that she had potential when we bought her at the sale but she has developed quicker than I thought she would. The fact that she has come a long way in a short period of time is great but we also have to understand that the realities of our partnership and horse ownership in general. The truth is that horses are assets and when developing, their value increases. Certainly Sumwon's value has risen dramatically over the last 2 months and we have to be cognizant to that fact. The partnership has pretty much no money outside a portion of her earnings and if she were to be injured or incapacitated we would be starting again from the ground up. I am in no way saying that we should sell her for anything less than 125% of her value but I want people to be prepared if she continues to improve to the point where we can put the partnership in the black for years to come.
That being said, I think that our stakes aspirations are not without fraught. The Iowa Oaks will be a tough race against the best fillies in the Midwest with a couple of east coast shippers. The Without Feathers at Monmouth should be considerably easier but it is a much smaller stake in dollar value and prestige. We will need to be at our best to run well in these types of races and remember that we still have our 1st level allowance condition left. Though there is no good race in Churchill's current condition book, a race toward the end of the month may well develop. We also have Arlington on the radar as the polytrack there looks more conducive to speedy types than Keeneland. A winning purse at Churchill or Arlington will put us in a lot better shape financially.
From the feedback received by Steve and myself it seems as though the great majority of partners are satisfied with the partnership so far. I want to tell you that Steve and I both are thrilled that this has worked out so well and hope for it to just get better. Personally, Steve had a lot on the line by putting his name on this and I am so happy for him that it has been a success. He lives and dies with this horse and works very hard to please everyone. There is not a better person in the business.
I have made many new friends with this venture and hope to make many more in the future.
34 comments:
Thanks for the update. If you remember, you got Sumwon around Valentine's Day. Our first love so to speak.
The first time I ever heard about how much a horse lays down to sleep was Menifee.
I'm not clear what you mean by 125%. I think the number would have to be huge to justify starting over with an unknown. I understand the need for black type. It's your life - it's my hobby. I didn't get in this to make money. (and I don't have a lot of it either - yet)
Thanks
John aka Ae
Go to the Oaks! Sumwon's good and getting better, short field there usually. No need to stay at the current level with the way she's improving.
I support making a good financial decision for the future of Dee Tee. Even though that wasn't the primary objective of the partnership. Experiencing the business without risking house and home is probably one of the most beneficial aspects of this partnership, IMO.
AE, Steve said possibly $125k. If it's 125%, then that's only $6000 over the $24k purchase price which I think would be too low of a price to sell at this juncture.
Thanks Chuck,
You and Steve have not made a wrong move in this partnership, I trust your judgement in whatever we do. I will always be attached to SWLY knowing that "we" (really you and your team) were able to pick her from obscurity and show what she's really made of, hopefully paving the way to a better life in the breeding shed than she would have had as a 15k claimer from Mountaineer.
I am hoping to get to one of her races before some Sheikh or Sultan spots her and makes and offer that we cannot refuse!
Michelle
SuffolkGirl
NO,NO...DON'T SELL MY BABY!!! Just kidding. I was just reading about a trainer bemoaning the "pet-shop mentality," as he put it, among his owners (although I'm sure, Chuck, that you would be more tactful in your characterization). I think we all recognize that the BUSINESS has to be successful first for us to continue to indulge in this fearsome pastime. Which is not to say that, like SuffolkGirl, SWLY won't be my first true love.
By the way, just throwing this out there...since Chuck mentioned we're low on funds. It wouldn't be a bad idea for Steve to throw together an income statement for the partnership, just for transparency's sake. Not trying to be a stickler...but this is 50 people's money and some people (myself included) are just as curious to see how much actual $'s are spent on maintaining the horse as they are in seeing who is being paid. Somebody along the way is going to suggest it, might as well be me.
Guys
What I meant by 125% is that I would not suggest selling her unless someone was willing to give us 25% more than what we think she is worth. Meaning if we are valuing her at $100000 then it would take a $125000 offer to get us to sell. If it was my own horse, I would not need the extra % but because this group was created not with a profit motive we really need to be blown away. I would be remiss in my duties as trainer if I did not discuss these possibilities. With a one horse stable, we have no margin for error in regards to injuries and such. If Sumwon were to get hurt and be out of action, the stable as well would be out of action. To ignore the possibility of giving the stable guaranteed life beyond this horse would be foolish. I DONT want to sell her. I really like her and she is a horse with much potential. But there may come a time where we need to explore the option.
CS
Jeremy
100% of your money is invested in the horse. When we bought the horse we did not even have enough to cover the cost. Since I am the one who pays all her bills I dont see the need at this time for any statement of any kind. Steve has way too much on his plate already and to add to it over something as trivial as this would be criminal. The only money that we have is the 2 purses that we earned. Of those purses 50% goes directly to me to cover her bills, which like most horses are many. The other money is on account with Steve. The guy is doing this for nothing except for the desire to do something nice for the board and to give people who would not otherwise have the opportunity to own a horse, the chance.
well, I guess there's our income statement!! I guess I didn't realize there was nothing left over after the purchase...whatever, who cares, you guys are doing a great job.
by the way, it wouldn't have to be a burdensome task. It could be something done once a year. Maybe it's just me, I prefer it. But, you guys are running the show.
jeremy when you gave your 500 that was your buying in of the horse..you dont need a statment..unless the horse is sold in wich case your money would most likely be rolled into the perchase of a few more someones..you do not pay for the vet the feed the boarding..
I know that, but it's just my nature to want to see the operation. I get the message, none of my bee's wax. :)
Go Sumwon!
J
It is just something that is better done once at the end of the year when things are slower. There is nothing to hide but there is not really anything interesting either
CS
CS,
Thanks, that's all I really meant.
JW
Jeremy,
Not a lot to go over. Figure it this way: 50% to Chuck, 15% to Dee Tee General Operating Budget, 35% to New Acquisition Budget.. (i.e. $10,000 purse check: $5000 would go to Chuck; $3500 to the Acquisition Fund; $1500 to the Operating Budget..)
Nibbling at the payouts from the racetracks are taxes and fees all along the way and we also leave a drop of money in the horseman's account for nomination fees, etc. We have $5000 or so right now.
Pretty good start...
Appreciate the info Steve...
Thanks.
Willie Martinez seems to get along so well with SWLY. Any chance he rides her for us at a venue other than Churchill, I know Churchill runs until July 8th and we are looking at some races later in June.
Again thanks to Chuck and Steve for being so candid and open about all of the partnership's options.
Steve Popyak
Popyak,
I don't want to speak for anyone but, I think I can answer the question. I asked Chuck if Willie would ride Sumwon in the Iowa Oaks race and he said Willie would keep the mount.
Are you guys going to make any more trips or are you waiting for something out east?
John
John,
We are going to try to make the next one for sure. Obviously, Monmouth would be better for us, but we'll probably go no matter where it is.
Steve Popyak
I love this partnership.
If anyone has any questions, they do get answered. I signed on to get the "ownership experience" and an education at a nominal fee. So far, so good. I haven't been overwhelmed by the information, and I've had a great time.
When I want the "full ownership experience," I know I'll have to pony up a lot more money, and have to pay monthly bills. Then, I'll probably expect monthly balance sheets. But it IS interesting to see where the money goes and where it is needed. Part of the education.
I really like how Chuck looks out for Steve, and Steve looks out for Chuck, and everyone looks out for Sumwon. I think we've been very, very lucky in this partnership.
Jonathan (Unstable)
Any word on the TG number yet and if so does it suggest Iowa is a possibility?
Scott (Sniper)
By the way, this is another little trivial nit-picky thing, but is the horse insured? If so, by whom? I only mention this because of Chuck's concern about something possibly happening to Sumwon...and then what?
Thanks.
Liability covered by Chuck.. We'll likely do a small policy to cover her replacement value should anything bad happen to her, g-d forbid...
SB
thanks...
I echo Jonathan's sentiments re. the info on finances as well as following the details that go into training, race choice etc. My main motivation for joining the partnership was for an education (while I'll admit it is pretty cool to be able to say "I have a filly running in the 7th at Keeneland :) and of course meet with all the other partners). All info, regardless of how peripheral it seems is appreciated! Thanks guys! Will look for you at Saratoga this fall.
bw
I DONT CARE IF I EVER MAKE A DIME. JUST THE EXPERIENCES I HAVE HAD WITH STEVE AND CHUCK WERE ALL I NEEDED. HOPE TO MEET MORE OF THE PARTNERS AS I DRIVE LIKE A MANIAC FROM STATE TO STATE. IS THIS GAME GREAT OR WHAT?
When you own a horse you need to know when to get out of a horse. If you can make money on every horse you will be in business a lot longer than if you need to put one on the shelf. Horses are flesh and blood and they go bad very quickly. Chuck and Steve have obviously done a very nice job selecting this particular horse. There are a lot of people who go years before they ever turn a profit in this business As a horse owner myself I can assure all of you that this horse has not made a profit. Shes ran great, and shes covered her costs, however if Chuck could buy a hamsandwich with what is left I would be shocked.
The way you make money on a horse is to get out when you have the opportunity, the only people who hang on to horses are fools, or multimillionaires. If at anytime you can turn a profit with Sumoneluvsyou, you would be remissed not to move forward and entertian any offers.
Shes a nice filly, but there is a window of opportunity to make money on a horse. Right now she has her 1x condition, and shes sound. Right now shes worth as much as shes ever going to be worth unless she gets blacktyped. Right now is when its fun, if you dont capitalize it can get expensive very quick.
You don't get it though, we didn't get into this partnership to make money. We got in for the joy of owning a horse. So what is right for the person owning a horse as a business is often very different than what is right for us. We all got in fully realizing we would likely see none of our money back. As long as Chuck is happy with the situation none of us are going to be crushed if we don't sell her and she winds up less valuable later. Plus we have a rare opportunity to possibly turn a $15K claimer into a stakes horse with what is, for most of us, the first horse we've ever owned. I can't speak for everyone but I imagine that means a heck of a lot more to most of us in the partnership than turning $500 into $2,500 would be and giving up that opportunity.
-Sniper
We all joined knowing it's not about the money and that all could be lost. However, I would still hope DT would be run as if we were trying to make money. Decisions should be made so as to put Chuck in the black and to keep DT going for a long time to come. I'm not sure where the 125k figure came from, but I say grab it if it's offered. We could all get double our money back and still have enough to acquire a couple of nice horses. Just another opinion.
Agree with you completely, Sniper. At least on a personal level. If I never see any financial profit, this experience has already been worth far more than the pittance (in the grand scheme of things) that it cost me. However, I'm very aware that Chuck, as great as he's been about doing this, is the one with his neck on the line, money-wise. And while I would be satisfied with keeping Sumwon until she retires to make little Sumwons (g-d willing), the best way I see to continue this odyssey, is to be financially successful, if that's possible. Besides, it doesn't hurt to hear the advice of someone who seems to have some insight into making money in this business, whether or not that advice is ever taken.
"in chuck we trust"
I think I could get over it if we did'nt sell SWLY while her price was maxed out, and she was injured and could run no more. But I would be crushed if she sold, and turned out to be a Stakes winner for another stable. We're living the dream man. Let's go for it.
"... if the only people who hang on to persons are fools..." well then so be it, thanks for all the sincere advice but at least know how to spell the filly's name right - it's SUMWONLOVESYOU, got it lol???
What I think Steve and Chuck were saying was that there was interest in Sumwon, but it hadn't reached the current "offer we can't refuse" level of 125% of current estimated value or $125K. Yes, I think most of us would be heartbroken if Sumwon is sold in the near future. We haven't experienced the personal hardships that can come with horse ownership. We have been extremely fortunate. May we continue to be extremely fortunate.
Jonathan (Unstable)
Any idea when SWLY's next workout will be? I see that the horse that beat us at Churchill on 5/26, Le Chateau, breezed 4f this morning 6/7/07.
Steve Popyak
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