The corporate horse

clipped from www.nytimes.com If Big Brown Wins, Racing Loses Big Brown’s main owner is not a venerable stable like the Phipps family’s or even a group of casual investors who bought a racehorse on a lark (like the old high school friends who went in on Funny Cide, the 2003 Kentucky Derby and Preakness winner). Instead, his main owner is International Equine Acquisitions Holdings, whose stated purpose is to be an equine hedge fund that delivers profits to its investors by consistently racing winners. When you run your stable like a hedge fund, the horse becomes just another commodity to be bought and sold like a share of stock, with little concern for its fate.