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Apparently everyone assumed she was making a lot of money in the horse business. She was extremely successful as a breeder, just not as a businesswoman.

I had a friend who owned a couple of race horses. They were moderately good, as was his jockey. They won just about enough money to justify keeping them, but were by no means a worthwhile investment.

I met another owner of a stable of race horses; I did not know him well. We did not discuss profitability of his business; his main income was from his real-estate business. He said owners never bet on the races because they were allowed to bet only on their own horses. He said the only income was from the prize money and stud fees. And stud fees were low except for very good horses.
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