The Corner with Garry Chittick

It is probably just as well The Corner’s readership is confined to the two of you. Generally, I use The Corner to make you consider, many times tongue-in-cheek, the issues that concern me.

It’s important that you realise I do not canvass others for their view, I try to avoid starting a debate as debates rarely resolve our current issues.

Today, however, I am going to address a number of new season views as seen by others.

Firstly, the current view of Shamus Mills. His well-constructed letter on where the sport is heading should be read by you two. His focus on the spread of issues confronting the supply of future competitors covers many of the changes that are current.

I have been making a living out of this game since 1975; you can imagine the challenges, the good and not-so-good times. The motor that drives our model is of our sires. You may be surprised to know the number we have given a chance, considering it is 50 years – we purchased some outright, with the more expensive syndicated. Those syndicated, we retained a minimum of 50% which enabled us to support with our broodmare band. This in itself is a risky exercise, the inevitable failures blighting the mares’ records unfairly. The 20 sires cost $45 million; we inherited three on taking over Waikato – Pompei Court died, the other two we moved on within a couple of years.

Of those we invested in, one resulted in an infertility claim, and one returned to England not used. O’Reilly, of course, was bred on the farm. Savabeel, Ocean Park, and Super Seth were all $10 million or more. To the non-horse breeder, these numbers sound outrageous; when you think about it, they are – who else in business invests $10 million with the anticipated return based on chance.

I don’t need to tell you who made it and who didn’t; suffice to say, there are more than half who spent less time here than those who did. However, our model was based on recovering our investment over a four-year period. We are still here, so you will assume the model worked. It did then, stud owners are confronted with a surprisingly small selection of colts who meet the standards that our broodmare owners expect to mate their mares to; therefore, the equation of supply and demand has reset the values.

It has not been unusual to hear of sales at 50% of our total investment of the last fifty years.
Are they too expensive, they may be. But then, my first yearlings certainly sold at the Cluadelands sale for $3500 at an average of $1750; if my memory is correct, Trentham Premier Sale averaged $11000. There you are, how simple is that. But it’s not, my view is that the replacement cost of stallions is so expensive that our broodmare owner has every reason to feel discouraged.

Aside from this impost, my entry to the business was supported by a majority of our rural community. These breeders were breeding for their enjoyment; their fixed costs were negligible, being able to carry both the mare and progeny at limited cost. No X-rays, scopes, probably own blacksmithing. Failure to sell meant taking home and giving the horse the benefit of time.

We are, of course, racing for vastly different stakes, with equally vastly different training costs.
The question is, are we at risk of cracking the Golden Egg. Are we heading for scrambled eggs.
Well, my view has always been the world does not owe us a living. I think market forces will sort out the wheat from the chaff. I think stallion prospects are out of touch – but I would, wouldn’t I.

However, I support the contention that a reducing foal crop will, in the short term, create a sport for the privileged. Sadly, it wasn’t; equally sadly, it will become more isolated. It’s very different to when I started. But so is everything, that’s no excuse, the current generation should be concerned, the current generation I agree, needs to address it.

Good luck to you. I am old enough to have seen a lot, old enough to know there is usually a way. Go hard.

Cheers,
G