Who is an owner? What's your story?

[ELA]

I think many people brought up some great points here. What is important to remember is that every partnership, syndicate, whatever you want to call it -- is structured differently, meaning they have a different business model.

West Point doesn't take an interest in any of their horses -- so be it. That may be a good thing to some, and a bad thing to others. What it does mean is that they don't take an interest. You can look at it both ways -- yes, they don't have skin in the game, but there business is selling partnership interests, not owning horses. Just know it and understand it.

On the other hand, I know people who don't have mark-ups, or take management fees, etc. They may run a small partnership and maintain an interest, and their selling point is "we have skin in the game" or "we invested our money right along side you" and so on. However, they might be selling a horse they already owned or one they bred 9who might not have gone through the ring). Therefore the price is what it is -- it's the price that the manager/owner/breeder/principal set the price at. Just know that going in. They might be looking to recoup investment dollars, diversify, spread risk, etc. There is a cost attached to that as well.

All of the partnerships, syndicates, etc. have a business model. Most of them are in the business of selling partnership interests -- regardless of whether or not they maintain/retain an interest in the horse(s). It doesn't matter.

Don't collapse "price" and "cost" -- know the full cost and be very aware of the entire landscape.

Eric