Record-breaking horse auctions mask a declining industry; this episode reveals the paradox of immense wealth for young thoroughbreds versus the struggle for racing's future.
Uncover expert handicapping for a dozen North American stakes races, featuring top contenders, potential upsets, and insider picks from Churchill Downs, Aqueduct, Del Mar, and more.
Prepare for increased market volatility and a shift from broad gains to alpha generation, as productivity gains reduce jobs and housing velocity requires lower rates.
Sports serve as a powerful attentional hack, a cultural commodity exploited for influence, while gambling's rise fractures integrity and transforms competition into a casino-like extraction machine.
"The Horse Is Us" - This is a three-part series that the episode is part of, exploring the horse industry.
Videos & Documentaries
"Iron Jockey" (YouTube) - This is a 911 rescue episode about Richard Migliore's broken neck, available on YouTube by searching "Iron Jockey."
Research & Studies
Study by the American Horse Council Foundation - Found that the horse industry supports 60,000 jobs in Kentucky and generates $6.5 billion.
Recent study by Jill Stowe and colleagues - Found that Kentucky has 31,000 equine operations on 3.5 million acres.
People Mentioned
Emily Plant - A thoroughbred researcher and statistician who works with American Pharoah.
Richard Migliore - Former jockey and current head racing analyst for Fox Sports and the New York Racing Association.
Eddie Maple - A Hall of Fame rider and mentor to Richard Migliore.
Steve DiMaro - Eclipse Award-winning trainer who gave Richard Migliore his start.
Jill Stowe - An economics professor at the University of Kentucky who studies equine markets.
Dr. Lori Garkovitch - Characterized Kentucky's equine industry as an economic cluster.
Mark Taylor - President of Taylor Made Farm in Nicholasville, Kentucky.
John Gaines - Founder of Gainsway Farm, inventor of the Breeder's Cup, and founder of the Kentucky Horse Park and the National Thoroughbred Racing Association (NTRA).
Oscar Gonzalez - Vice Chair of the California Horse Racing Board, formerly of the U.S. Department of Agriculture.
Curlin - A champion racehorse who became one of the best stallions.
Not This Time - A successful stallion whose stud fee has risen significantly.
Flightline - A high-priced superstar racehorse.
Life Is Good - A high-priced superstar racehorse.
Cyberknife - A notable racehorse.
Jack Christopher - A notable racehorse.
Sovereignty - The best three-year-old colt in the country at the time of the recording.
American Pharoah - A famous racehorse who won the 2015 Triple Crown.
Justify - A stablemate of American Pharoah who also won the Triple Crown.
Secretariat - One of the greatest racehorses of all time, known as "Big Red."
Sea Biscuit - A beloved racehorse known as the "ugly duckling."
Angel Cordero, George Velasquez, Eddie Maple - Notable jockeys mentioned by Richard Migliore.
Organizations & Institutions
Amica Insurance - Sponsor of the podcast.
Mint Mobile - Sponsor of the podcast.
Ashford Stud - The firm that owns American Pharoah.
Coolmore Stud - The biggest thoroughbred breeder in the world, with headquarters in Ireland and a Kentucky location called Coolmore America.
Fox Sports - Where Richard Migliore works as a racing analyst.
New York Racing Association (NYRA) - Where Richard Migliore works as a racing analyst.
University of Kentucky - Where Jill Stowe teaches and where they have an interdisciplinary equine program.
Duke University - Where Jill Stowe taught for six years.
American Horse Council Foundation - Conducted a study on the horse industry's economic impact in Kentucky.
Taylor Made Farm - A service company in the thoroughbred industry that manages, boards, and markets horses.
Keeneland Auction House - A major auction house in Lexington, Kentucky, for thoroughbred sales.
National Thoroughbred Racing Association (NTRA) - A lobbying group founded by John Gaines.
California Horse Racing Board - A regulatory agency.
U.S. Department of Agriculture - Where Oscar Gonzalez previously held senior positions.
Del Mar Racetrack - Where Oscar Gonzalez worked with his grandfather.
Southern Company - Sponsor of the podcast.
Morningstar - Sponsor of the podcast.
Netsuite by Oracle - Sponsor of the podcast.
Range Rover Sport - Sponsor of the podcast.
Claude - Sponsor of the podcast.
Ripple - Sponsor of the podcast.
Stitcher - Producer of the podcast.
Renbud Radio - Producer of the podcast.
Tools & Software
Ultrasound - Used to predict when a mare will ovulate.
Websites & Online Resources
freeeconomics.com/liveshows - For tickets to Stephen Dubner's live event.
freeeconomics.com - For transcripts and show notes.
equibase.com - A source for career earnings statistics for horses.
range-rover.com/us/sport - To build a Range Rover Sport.
netsuite.com/freak - For a free business guide on demystifying AI.
southerncompany.com - To learn more about Southern Company.
where-dataspeaks.com - To learn more about Morningstar.
claude.ai/freak - To try Claude for free.
mintmobile.com/freak - To switch to Mint Mobile.
saveonzepbound.com - To explore savings options for Zepbound.
brainhealthmatters.com - To learn more about brain health.
Other Resources
Kentucky's limestone soil - Believed to contribute to the strength and bone quality of horses raised there.
H2B visas - A type of visa used for temporary non-agricultural workers, relevant to the horse racing industry's workforce.
H2A visas - A type of visa for temporary agricultural workers, used by Taylor Made Farm.
Depreciation laws on equine purchases - Tax laws that allow for write-offs and deductions on equine assets, influencing investment in the industry.
The "Big Beautiful Bill" - Legislation that included language to boost bonus depreciation on equine purchases and assets.
The September yearling sales at Keeneland - A major event where unproven young horses are sold.
The November sale at Keeneland - Another significant sales event.
The Breeder's Cup - A championship series of thoroughbred horse races founded by John Gaines.
The Kentucky Horse Park - Founded by John Gaines.
The starting gate - Described as the great equalizer in horse racing.
"Beer for My Horses" - A country song mentioned by the host.