Hibiscus Stables Opens Belmont with Strong Start

Hibiscus Stables has kicked off the fall meeting at Belmont Park with a smash. Having our only three-year-old, Salt Water Reign, on the sidelines since early June the stable had only had one race since. That race was a troubled trip debut by Iron Curtain in mid-July. It had been a while between starts and everyone in the stable was looking forward to September 20-21 where we’d have two races in two days.

We had been waiting for Sextant to make her debut for quite a while. Originally we had hoped for a start in early August but there were constant setbacks. She cut herself in her stall, then got a cough, then hives from some hay. It was one thing after another. When it looked like she was going to get a start in the last few days of the Saratoga meet everyone had been teased so many times we couldn’t believe it when she was diagnosed with a benign growth in her throat that would require surgery. We all know that this game can be difficult and you never really know if your horse is going to race until the entries are drawn but everyone, it seemed, was getting” race withdrawal”. When the entries came out and we were officially in the race on September 20th it was looking like the wait was finally over. Sextant was ready to make her debut against a field of state-bred maidens and we were all hoping for a strong showing. In the race when she rounded the turn and came up the rail to score a decisive victory words can’t describe the jubilation felt by the stable and the partners. We have a lot of new partners on Sextant and it was a real feel-good to get these new friends into the winner’s circle in their first career start. There were a lot of high fives and smiles as we got our picture taken.

She’s a daughter of a very hot open company sire, Orientate, and her dam is a stakes winning mare. This is exactly the type of pedigree upon which we focus at the sales. She fit the Hibiscus profile perfectly. She’s bred to run in open company but just happens to have been foaled in New York. Her full brother, Black Jack Blues, had just won a race at Laurel so all systems were “go”. It’s always a little bit more sweet to have a two-year-old debut winner. One start, one win. Awesome. I think we have a really nice filly with Sextant and I expect good things to follow. I couldn’t be more proud of Sextant.

We were barely finished celebrating Sextant’s win when we got to tee it up again the next day with Iron Curtain’s return. Steve said he’d been training well. Steve also said that in his debut he didn’t run anywhere near as well as Steve expected he would. We all wondered if he was shin-sore going into the race or if he injured his shin in the race itself. Either way we had high hopes that he’d run well in his return. The only question mark was if he’d like the new surface. Steve said that the Boundarys had been running well on the turf so there was reason for optimism. Just like Sextant the day before, he broke sharply from the gate and got a clean stalking rail trip. He wasn’t going to out finish the winner that day, a very nice horse owned by Ken and Sarah Ramsey. It seems those Ramseys beat us every time we square off against them. A barn that’s getting to be a thorn in the side. No matter, we were extremely pleased to have Iron Curtain finish 3rd. He probably needed this race after the layoff and we hope he improves in his next start. He ran a good strong race.

Over the summer Steve had said that he’s a good horse and Steve expects that he’ll run through his conditions. That’s great feedback from a trainer who doesn’t sugarcoat anything. Unlike Sextant, Iron Curtain is not by a stakes winning mare. But other than that his breeding is impressive. His grand sires are none other than Danzig, and Hennessy. His great grandparents are Northern Dancer, Damascus, Storm Cat, and Mt. Livermore. I’ve always wanted to own a Danzig but now that he’s passed away this was the last year to be able to get a two-year-old from that great sire. Unable to afford a son of Danzig we wound up with the next best thing, a grandson of Danzig. Iron Curtain has some impressive genes in him and now he’s shown that he can run. We look forward to Iron Curtain’s future as we expect that we’ll have a lot of fun with him over the fall and winter.

After the April sale I wrote a piece for our May newsletter.  In that piece I wrote about Sextant and another of our two-year-olds, Mr. Blue Grey.  I wrote, “I look forward to watching our Orientate and Mayakovsky develop into fine racehorses and get to the races.  The first time I stand in the winner’s circle with either of those horses I’ll reflect back on all the hard work that went into getting them there.”  I didn’t forget those words as I stood next to Sextant on Thursday as we all got our picture taken.  All the hard work by Al and Doris Ann and Diane and Linda all came to fruition on Thursday afternoon.  And let’s not forget to acknowledge the horse.  It was Sextant that did all the real work.  The nice thing about all of this is that we’re just getting rolling.  I was speaking with Steve in August and I was mentioning that we had five horses in training and it was shaping up that we weren’t going to get any starts in Saratoga.  Steve said, “Think of Saratoga as a vacation.  Enjoy and relax in August because you’re going to have a busy fall.”  Looks like Steve was right.  The fall is just getting underway and we already have a win and a third in two starts bringing Hibiscus' overall 2007 record up to 3 wins and 5 in-the-money finishes in 8 starts.  Life is good.

- Mike Oliveto, Hibiscus Stables

Hibiscus Stables Picnic - September 29th!

Tentative agenda:

9:00 AM - Meet to watch Sextant's morning workout
10:00 AM - Coffee at The Morning Line on the backside
11:00 AM - Visit Sextant at the barn
11:30 Picnic at the Picnic Area

Everyone is invited. If you're receiving this email you're invited even if you're not a current partner. Bring friends and family. The Hibiscus Stables motto is "The more the merrier."

If you have not done so already, please RSVP by replying to this email.

Pinhooking - A Detailed Look at the Hibiscus "Value Approach" for 2007

The term “pinhook” means to buy a racehorse with the specific intention of re-selling it at a profit.  There are many ways to pinhook.  One can buy weanlings with the intention of re-selling as yearlings. Others buy yearlings with the intention of re-selling as two-year-olds in training.  There are many ways to employ the strategy.

Participants of the racing industry understand that owning and racing Thoroughbreds is a great deal of fun and can be very rewarding from an excitement standpoint but also carries a high degree of risk.  There are no guarantees that any racehorse will ever attain any level of success.  It’s not uncommon for individuals who own racehorses to also undertake to pinhook horses as a means to generate income to help fund the costs of the Thoroughbreds that are racing.  Another way to look at it is to have a portfolio of Thoroughbreds in training that are racing and also have a portfolio of horses to be pinhooked where the anticipated income from the pinhooked horses helps fund the expenses of the horses that are racing.

In 2007 Hibiscus Stables has assembled a small program where we’ll buy yearlings at the various summer and fall sales with the intent of re-selling them as two-year-olds in training at the 2008 winter and spring sales.  We’ve partnered with Diane Allen to help select, train, and sell the horses.  Diane was active for us at Saratoga, Ocala, and Keeneland seeking out quality yearling prospects.  The Hibiscus strategy is simple; buy quality athletes at less-than or equal to their fair market value.  Our strategy is the same at every horse sale.  We believe that at any public auction there will always be horses that are undervalued and/or those that slip through the cracks.  At any sale there will always be one or more horses that are bargains.  One horse must be the one that sold for the best value.  Our plan is to be the one who buys the bargain or "value" horses.  The way to do this is to have a good eye for quality and have strict discipline in the bidding.  Simply put, don’t be afraid to walk away rather than overpay.

We currently have four nice athletes in the program:

Wiseman’s Ferry Colt - We bought this horse in Saratoga.  Diane liked this horse and we were fortunate to have been able to buy him for $27,000.  Apparently there was something wrong with the quality of the x-rays that were taken of this horse making it difficult for the vets to read them.  This kept potential buyers away.  Our vet, rather than waiving us off, re-took the x-rays and was able to tell us that the horse had a clean exam.  After we bought the horse other buyers told us that had they known the x-rays were clean they were prepared to pay double for what we paid.  Additionally, it was announced just prior to the sale that one of our horse’s full siblings had just won a race thereby enhancing his value.  Had this been more widely known this also would have pushed up his price.

Wheelaway Filly – We bought his horse at Saratoga.  Like all of our horses Diane really liked her.  Diane tends to look for horses that don’t show very well due to poor sales prep by the consigners.  Most buyers will steer away from these horses - Diane can see through that and envision the horse’s true potential which can lead to a good "value" opportunity.  We paid $15,000 for her and Diane was pleased with the price.

City Place Colt – We bought this horse at Ocala.  City Place is a son of Storm Cat and the City Place offspring have been selling for nice prices at the yearling sales.  We paid a scant $7,500 for this horse and Diane was shocked that he didn’t go for more.  Colleagues have visited Diane’s farm and looked at the horses and they say they like him the best of the first three.  Diane said, “When the bidding was at $7000 I raised my hand.  We were in at $7500 but I was fully prepared for the bidding to continue.  When no one else raised me, I couldn’t believe it.  I think this horse is the most interesting.”

Kafwain Colt – We bought this horse at Keeneland last week.  We paid $22,000 for him.  He’s a typical Diane Allen special.  She said that the horse was not prepped for the sale at all.  She calls these types of horses “poor”.  Not due to poor quality but due to poor preparation.  She said, “It looks like they pulled this horse out of some paddock and threw it into the sale.  Give me 60 days with him on my farm and I’ll increase his value just by giving him the proper maintenance.”

We’re very pleased with the four horses currently in the program and we’ll be looking to raise more capital and add horses from the upcoming yearling sales.  For more information on participating in the Pinhook 2007 program please contact us.

Trivia - Back at Belmont!!

1. What year did Belmont Park first open?        A. 1886              B. 1905        C. 1968        D. 1867  2. What is the nickname of the track?        A. Big Red        B. Big Black Cat        C. Big Sandy        D. Little Bighorn

 3. Who's statue graces the paddock?
        A. Secretariat
        B. Seattle Slew
        C. Sea Hero
        D. Storm Cat

4. What trainer has his own corner in the clubhouse?      
        A. Gary Contessa
        B. Nick Zito
        C. Max Hirsch
        D. Woody Stephens

5.  How many times has the Breeder's Cup been held at Belmont?
        A. 3
        B. 4
        C. 2
        D. 6

See end of newsletter for answers.

Yaddo......the "Art" of Saratoga

Saratoga:  more than horse racing?  Most definitely.  While some of the greatest thoroughbred racing in the world may be the key August draw for most of us, each year we find new experiences that make this region truly special.  One morning, before you go to the races, you may want to stop at Yaddo. The entrance is right on 9P (Union Ave.) south of the main entrance to the track. In 1881, Spencer and Katrina Trask built a beautiful mansion there with  tiered rose gardens and rock gardens. When they both died in the early 1900's their children had pre-deceased them. The land was deeded to a trust and it was turned into and artist's colony.

In this haven for artists, only the gardens are open to the public. The sanctuary is full of surprises with statuary and fountains. Well worth the trip, you can spend an hour there (or two) just enjoying nature's wonders. 

For more information, you can contact Yaddo at http://www.yaddo.org

Client Spotlight - Kevin Wilson

Answers to Trivia: 

1) Answer: B   1905. The clubhouse and grandstand were rebuilt/re-opened in 1968. The first Belmont Stakes was contested in 1867 and run at Jerome Park.   

2) Answer: C   Big Sandy. So named because of the large component of sand in the surface. At one and half miles it is the largest dirt course for Thoroughbred racing in the world. It's also known as the Championship Track as almost every major Champion in the 20th century has competed there.

3) Answer: A   Secretariat who won the 1973 Belmont Stakes by 31 lengths setting a world and track record for 1 1/2 miles that still stands. Also, in the paddock is a large white pine that is over 180 years old.

4) Answer: D   Woody Stephens who won a record 5 Belmont Stakes in a row
from 1982-1986.

5) Answer: B   Thoroughbred racing's richest day with 11 stakes worth
over $20 million will now been contested over 2 days at Monmouth Park
this year.

 

April 2007          May 2007          June 2007          July 2007