West Lodge Stud Thoroughbreds - Click to Email us
West Lodge Stud Thoroughbreds - Click to Email us

 

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Welcome to the West Lodge Stud website. There's a guide to the site below. We hope you find what you're looking for.
You can't contact us by emailing westlodgestud.com any because we had to close that email address after it fell into the hands of the spammers and we were getting over 1,000 emails a day. While we're looking for a more secure email system look us up in the Thoroughbred Business Guide. Or the phone book.
All the news that fits is on the Flash News page - that's Flash on the right, he's an Irish terrier.

We last updated pages on this site on March 11th 2008

 
  How we're doing. The stats for West Lodge Stud Thoroughbreds.
From a total of
221 racing age (including two year olds at January 1st 2008) horses bred and 174 runners we have bred 107 winners of 294 races. 12 Stakes winners. 11 Stakes placed.
Which is
62% winners to runners, 7% SWs to runners and 14% Stakes performers to runners.
 
Site Tour

All the news that fits is on  Flash News . This page was going to have a format change for 2007 to become a blog but we tired of that pretty quickly. Why add to the soup of unread and unnecessary information that's out on the web anyway? So it's just news but less of it.
See notes and news on horses that we have bred and sold on the
Horses bred page.
Notes and news on the horses we have in training in our own colours are on
Horses in Training. This page also has an entry for Snowdrops the filly that raced for us up to January 2006 in the USA and won ten races and nearly $600,00 in prize money.
Sales Stock  is the page where we post details of what we have for sale; foals, yearlings with links to updated catalogue style pedigrees.
The
Broodmares page has brief notes for each of our mares with links to their pedigrees.
Foals & Matings has the current year foals, the sires that the mares have visited and their pregnancy status and mating plans for the current breeding season.
There's
Random Notes with our slant on current news, issues and gossip in the racing and thoroughbred breeding industry We haven't added to it for an age so it's not all that current at all and changing Flash News to a blog form in 2007 didn't spur us to opine more last year.
Finally, some Editorial opinion. You'll find something on the subject of "over-production" below.

 

EDITORIAL, The Proprietor gets on the Soap Box

 
Is there over-production of foals?
Right now this is a big talking point but when I wrote this in Spring 2005 it wasn't. I wrote it in response to an email from the Editor of Pacemaker, Darryl Sherer They were planning to do an issue on the subject of 'over-production'. The email was in the form of a questionnaire. I wrote him back a reply, didn't hear back and when the issue appeared he hadn't used any of my stuff. So it's become this Editorial piece below.

The phenomenon where yearlings are routinely traded at public auction at prices which don't give the producer a chance of cost recovery plus normal profit is being labelled as 'overproduction'. Too many mares are being bred. There is talk of regulation. Now in a market in which the Law of Supply and Demand ruled this situation would be rectified with the producers cutting production until there was an equilibrium at which prices moved to a level where cost plus normal profit was reached.
This wonít happen in the trade for yearlings at public auction.and there are two reasons for this. The first is that many of the producers, the breeders, are not producing an economic good; breeders  may complain about losing money and lot's did last year, probably more than in previous years but as selling yearlings is not their primary livelihood their decisions are not made according the laws of market economics. The second reason is that the end users, owners, aren't buying an economic good either The price levels at which that they are prepared to trade are not dictated at all by the prospect of an economic return. A Market where the buyers and sellers are not subject to the Law of Supply and Demand doesn't have a mechanism to reach price equilibrium.
It's a Game.
The trade for yearlings is better looked at as a Game rather than a Market, one in which the participants on each side are looking to win the big prize. The fact that many of them are pursuing a strategy that they know only gives them a very long odds chance of winning the prize doesn't make them irrational but it does mean that they are not behaving as rational 'economic man'. The breeder's Game strategy is to win the prize of a six figure yearling at the sales and the owner's is to win the prize of a six  figure racehorse to sell to Godolphin or to America. No criticism of anyone's actions is implied in the use of the word Game to characterize the yearling trade. Itís a wonderful Game to be in, a lot of the participants get a great deal of enjoyment out of it. Sometimes some make a great deal of money. My point is that to use market economic concepts to understand a Game isnít helpful.  The idea that there is a crisis due to over-production is wrong-headed. Breeders who habitually produce foals that don't have a chance of economic viability do so because the economic viability of the foal is not their primary concern. What they are doing is taking part in the Game. Continuing to be a player in the Game when they consistently lose more often than they win is just the triumph of optimism over experience.
Obviously there is a core of breeders who trade as a business and make decisions and employ strategies based on Market economics just as there are some owners who try to do the same. These are the producers who will cull mares who don't pay their way. They will take them to the sales. Realists looking for optimists. Market traders looking for Game players. There are a very large number of optimists who are looking to play in the Game and they produce a very large volume of the yearling trade. It's Behavioural Economics not the Law of Supply and Demand.
This is not criticism of anyoneís behaviour.To say that there are too many foals produced is like saying there are too many lottery tickets sold.
I've talked about the yearling trade because the foal and two year old in training trade are observably more governed by Market Theory than Behavioural Theory. In the foal market the buyers (but maybe to a lesser extent the sellers) are acting rationally to the extent that the concepts of cost and profit are informing their decisions; the foal trade might be highly speculative but the laws of the Market are still operating in it. The two year olds in training trade is the other way around to the foal trade because here it's the sellers who are in the economic role with the buyers participating in a Game.
Regulation of a Market usually just distorts its operation. Regulation aimed at restricting peoples behaviour when it is doing no harm is interfering with their civil liberties. As long as there is no animal welfare issue raised by mare-owners producing foals for which there is no profitable market they should be allowed to. It's their mare, their money and their choice to play in the Game.
Editorial column. In our opinion.

Click on the links below to read what was on our minds last year and before. Terrier fans will find more too.
Transparency in the market for bloodstock.
Whatever happened to spitting on your hand and shaking on it? When did 'luck money' become a 'bung'. (read the rest of this rant in on the Editorial page by clicking here)
 

Size does matter. Stallion Books, the foal crop and the gene pool.
(posted April 2002)  ....for the rest of this opinion piece click here

 
 

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