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Podcast #44: POINT OF VIEW: State of the Industry
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The exercise of half-ton animals, with tiny riders on top of them, racing around large ovals, is undoubtedly an entertainment anachronism in this day of instant - and frantic - gratification.

And therefore the sport and industry of Thoroughbred horse racing has declined and it's shrunk in the past decade. And it will probably shrink some more.

But when it is good and when it is done in a fine atmosphere, there is nothing that is more enthralling, thrilling, stimulating, and glamorous than the racing of horses. So too are a great many of the devotees who pursue the sport.

Inevitably there will be - and should be - less horses, less breeding farms, less race tracks. Because of racing's very fragmented nature, and because it is at the mercy of the moronic - and often larcenous - actions of legislative and governmental types; if we are lucky, less can someday be more.

There are some unpredictable and improbable patches in America's racing tapestry - and these are bright and hopeful. Yet in vital areas like New York, Kentucky, Maryland, and California you've got to say the picture is not promising. But there will always be racing. Racing Thoroughbred horses is too delicious - a great spectacle and an intriguing intellectual pursuit. There will always be a significant element of the world whose sporting blood has not congealed, and they are going to make racing happen. You cannot imagine a sporting world without a Kentucky Derby, a Preakness, a Belmont… or a Keeneland, Saratoga, Santa Anita… or a Breeders' Cup.

The business of Dogwood is selling shares in racehorses - the success of which is certainly a barometer of the health of the sport. And we are experiencing great interest in our horses, even in the bear market of the last year. Admittedly, we introduced the concept years ago, and we have built up considerable momentum.

Throughout 2009 we offered 125 shares, most of them 23.75% in size. The average price was $29,741.

At year's end, we have sold all but two - 123 shares.

This is Cot Campbell and this is my view.

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