Queen of Queens?

With an impressive come from behind win on February 11th, Salt Water Reign maintained her 100% in-the-money percentage at Aqueduct and brought her winning percentage at this track to 56%.  She's yet to hit the board anywhere else including Belmont Park, Delaware Park, Finger Lakes and Saratoga.  Some think the verdict is in:  she's a one-track horse; the Queen of Queens. Others feel this is not the case at all - the results are part coincidence, part circumstance.  They would point out that 5 out of 7 of her non-Aqueduct races were stakes races.  And that her last 3 races away from Aqueduct saw Beyer Speed Figures of 79, 76 and 73 respectively.

There may be only one way to settle this friendly debate: getting our pictures taken this spring at Belmont and then smiling for the camera up north in August.  The timing may never be better for Salt Water Reign to settle the score.

She has been red-hot recently and really seems to have re-connected with jockey Rosie Napravnik (Rosie rode Salt Water Reign in her debut race in Delaware in 2006).  Since Rosie resumed the riding duties Salt Water Reign has run second (to Darley million dollar purchase Seventh Street) and then first twice. Her lifetime earnings are now close to $180,000.  Trainer Steve Klesaris is considering pointing Salt Water Reign to some stakes races in her upcoming starts as she’s quickly running out of allowance conditions.  We’re very hopeful that she can gain that elusive black type.  In her last two stakes attempts she ran a very competitive 4^th both times narrowly missing the board and that coveted stakes-placed status.  Perhaps Salt Water Reign is now ready to establish herself as a stakes horse at her (favorite?) track.

                                                                           - Mike Oliveto, CEO Hibiscus Stables

Lord Greystoke Runs Big in Return

We acquired Lord Greystoke at the 2008 OBS March Select Sale from Halcyon Hammock consignment.  He was a big muscular chestnut colt with a really nice stride.  We watched his breeze video over and over and he worked a quarter looking like he was just cruising along. Trainer Steve Klesaris liked him, we liked him, there was a lot of black type on the page, and our other trainer Linda Rice even trained the dam, Tarzena!  He was definitely on the list.  When the gavel came down and our signature was on the sales slip I was personally relieved to have the first member of Vintage 2008 in the barn.  The icing on the cake was that he’s a New York-bred which is a primary focus of Hibiscus Stables’ roster.  We had many open company horses on our buy list but, in truth, all things being equal we really wanted to come out of that sale with two New York-breds. 

We initially sent Lord Greystoke to Niall Brennan’s farm in Ocala to cool out after the sale and grow up a bit.  Niall is an excellent horseman and Steve uses him for many of Jeff Puglisi’s top-dollar purchases.  Lord Greystoke was in good hands.  He’d stay there for a few months and then ship to Steve at Delaware Park later in the summer.  He arrived at Steve’s near the end of August and Steve had him breezing within a week and to the races by November.   Everyone was very pleased with the progress.  All systems were “go”. 

It had gotten to the point in the year where Steve sometimes shifts his operation south and Steve had indeed decided to set up shop at Fair Grounds for the winter and shift his better runners and turf specialists to warmer climes.  Our horses with Steve are all New York-breds and it didn’t make any sense to relocate any of them to Louisiana.  That being the case Steve and I had a discussion and we agreed that it made good sense to send Lord Greystoke to Belmont Park under the care of our other trainer, Linda Rice.  Lord Greystoke would be in a situation where the primary trainer would be present and would be able to see him every day.  Additionally, he’d get to train locally, we’d save on van trips on race days, and he’d be training on the track over which he’d be racing when the circuit moves to Belmont.  It all made good sense and Linda was onboard.  She even remembered Lord Greystoke from the March sale.  She said, to me, “Isn’t he the big chestnut from Halcyon Hammock?  I’d be pleased to take him in.”  With older, more established, seasoned veteran horses I’m less concerned about the trainer seeing it daily.  But with a young horse still learning the ropes, like Lord Greystoke, we all feel much more comfortable with the trainer being in the barn.  So, Linda made available a stall and Lord Greystoke would become a New York resident.

After his debut in November we handed Lord Greystoke off to Linda and he immediately went home to Linda’s barn at Belmont and resumed his training.  Because he’s a big muscular type guy Linda thought and Steve agreed that he’d be a good candidate to be gelded.  Not always an easy decision but we decided to go ahead and have that done.  After a short recovery period he was ready to make his return and 3-year-old debut.  I spoke with Linda in detail and we both agreed that we wanted him to run in a race for straight 3-year-olds and that we should pass on any races written for 3-and-up.  It didn’t make any sense for Lord Greystoke to be facing older horses at this point in the year.  I also requested to Linda that we use Rosie Napravnik with Lord Greystoke.  Rosie had ridden Salt Water Reign recently with great success.  I like her riding style and I knew Lord Greystoke would get a solid ride.

Lord Greystoke returned to the races on February 14.  Despite being the morning line favorite he went off at better than 5-1.  He snapped immediately out of the gate and tried to take the field gate to wire before getting a little leg-weary in deep stretch.  He was only beaten a head by the post time 4-5 favorite and one length for the win.  There were three horses all within a length of each other at the wire.  Rosie said after the race that Lord Greystoke was full of energy in the post parade and she knew he was going to try to run.  She said she thinks he’ll win next time out.  I communicated after the race with Steve Klesaris who was at the Fair Grounds.  He asked me, “How’d we do?”  I told him that we almost won it on the front end and Steve said, “We’re going to make some money with this horse in New York.  He’s going to do some damage.“  Lord Greystoke posted a Beyer Speed Figure of 65 which is a 16 point improvement from his first race.  He’s going in the right direction.

We’re extremely excited to have a member of Vintage 2008 getting into full swing.  The weather should be getting warmer and the track a little softer.  Soon it will actually be pleasurable to be outdoors at the racetrack.  All indications are that Lord Greystoke is rounding into form.  He should be out there for us regularly every three or four weeks.  Linda trained Tarzena, his dam, who is a turf stakes winner.  Linda has already mentioned that to us and, knowing Linda, don’t be surprised to see Lord Greystoke trying the grass as soon as the turf course opens in April.  Steve thinks we’re going to have a lot of fun with this horse over the summer.  Maybe he’ll be out there racing on Fridays at Belmont during Sunset Racing and at Saratoga in August.  We’re excited to see what he’s got in store for us.

Shares are available. Learn more about Lord Greystoke and the rest of the Vintage 2008 offerings including full pedigrees, workout videos and Fact Sheets.

                                                                           - Mike Oliveto, CEO Hibiscus Stables

Two-Year-Old Sales Season Underway 

Like kids at Christmas or fantasy sports enthusiasts looking towards Opening Day we here at Hibiscus Stables always look forward to the two-year-old sales season.  The first two-year-old sale of 2009 was held at OBS on February 19.  The OBS February Sale and the Fasig-Tipton Calder Sale, to be held on March 3, are ultra-high end select sales.  Annually the average prices from those two sales will be higher than almost all others with the exception of the Keeneland April Sale.  Hibiscus doesn’t attend those sales because we’ve found that the prices are extremely high and it’s very difficult to find value there.  There’s nothing to be gained by locking horns with Darley or Coolmore.  As Steve Klesaris said, “Those sales are boutique type sales and you can expect to pay retail.  There’s a lot more value to be had at the later sales.” 

Although we didn’t attend OBS February we watched every horse go through the ring and we kept our eyes glued to the prices.  Beginning last year during the yearling sales we started to see year-over-year average sales prices begin to slip.  By the time the stock markets began to sell off in the fall the yearling and breeding stock sales showed sharp declines as well.  By the time the later and lesser quality sales started to come around average sales prices were off 40% to 50% from the previous year. 

Although that’s not good news for the consigners it’s tremendous news for the buyers.  Being able to buy racing stock at a 50% discount and being able to race it for purses that are for the most part unchanged is a fantastic opportunity.  Results of the OBS February sale came in with average prices being off 33% from 2008.  Like the fall yearling sales we expect to see declines accelerate as the sales season progresses.  Steve thinks there will be opportunities abound in the OBS April Sale and the Fasig-Tipton May Sale.  He said, “Last year in May they were giving horses away.  And this year will be better.  Last year I was buying horses for $40,000 that ultimately went on to become stakes winners.” 

For some good reading on the results of OBS February you can try this link:
http://www.bloodhorse.com/horse-racing/articles/49270/obs-february-sale-gross-falls-293 

For some comments from industry insiders about the state of the Thoroughbred market you can try this link:
http://www.bloodhorse.com/horse-racing/articles/49278/chace-at-obs-its-time-to-buy 

We’ve already got our travel plans booked for OBS March and OBS April.  We’ll keep an eye on prices first hand and we’ll be ready to jump in if the right value presents itself.  My temptation is to buy something at the March sale and add a great new horse to the stable.  However my discipline tells me that there will be some incredible steals at the April and May sales.  Between our trainers and our management we’re extremely good about not overpaying for anything.  As such I’m extremely confident that we’ll make the right moves at the right times. 

If you have any thoughts about investing with Hibiscus in 2009 please let us know. 

Also, keep an eye on Hip 146 at the OBS March sale.  This is horse we bred in partnership with our friends at Team Penney Racing.  You’ll recall that it was the good folks at Team Penney that won the 2008 Black Eyed Susan G2 with their Sweet Vendetta.  We hope to see Hip 146 go on to do great things at the racetrack.   http://www.obssales.com/marcatalog/2009/146.PDF

                                                                           - Mike Oliveto, CEO Hibiscus Stables

D.A.'s Trivia Corner - Hialeah Park

See below for answers.
                                                                                      - Doris Ann Hayes, Hibiscus Stables

Answers to Trivia: 

1.  Answer: A. Citation in 1948  and Seattle Slew in 1977.
2.  Answer: D. Winston Churchill.  Additionally The Great One and Old Blue Eyes were also regulars.
3.  Answer: B. Carrington and Son.  The silver flute sits on a rose marble base with 6 gold flamingos surrounding.
4.  Answer: B. Armed in 1946 and 1947 and Forego in 1974 and 1975.
5.  Answer: C. Citation.
 

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