Owners are the quintessential engine that drives the racing industry. Without them, well, it just wouldn't exist. Whilst the media flaunt glamorous tales of stakes winners, million dollar yearlings, and the best pedigrees, equally there are the much lauded stories of those who purchase horses for $1,000+ that defy probability and gallop on to win a king's ransom. In combination it's a glorious blend of wealth and privilege ... with your average horse player and a $2 lottery ticket thrown in for good measure.

Given the connotations that attach to the racing game, it's (not surprisingly) quite difficult to come across stories of the losses that are borne by the average investor. Sure there are some hard statistics to sober the inebriated - properties being sold by 'disillusioned' investors, horses breaking down before they get to the track, and reports by Racing NSW chief executive Peter V'Landys in 2004 that stated that "the costs to owners are $200 million a year and they have $85 million returned to them so there is a $125 million deficit" - but despite such numbers there seems to be an accepted code of silence (stoicism?!) that we all abide by.

I heard a lovely quote from a stud proprietor over the weekend who told me that she had been taught that the money we lose in this business is merely tuition fees. Her words were worthy of contemplation. I had just sold a filly the previous day - the first thoroughbred I had owned outright, and without putting too fine a point on it she was my pride and joy. She was beautifully bred but alas she (literally) never grew into either the black type on her page or the shoes I had planned for her (she probably managed 14hh with the assistance of some platform shoes) plus to add insult to injury she was also a chronic windsucker. From purchase price through to date of sale I lost more than $50,000 - the weight of which still sits heavily with me. The 'experts' would say "well, that's life". I can't argue with the cool brevity of logic but if this is about lessons - then I have obviously enrolled myself in an extremely expensive private school and I'm starting to wonder if I've been held back a year.

At the point of sale "Suzie" wasn't the only horse I owned and despite the stinging reminder of just how harsh the reality of horse ownership can be, her inglorious sale result isn't enough to put me off selling the remaining "investments"... just yet anyway.

Whilst others would shy from mentioning that they made such a loss (heaven forbid - you only talk about the wins!) I felt I might just say something as I know there are thousands of other owners in the same predicament. All number of us dig deep in our pockets every month, play the under $100,000 market and have horses that don't always (usually?) pay for themselves - and yet, for some bizarre reason (best known only to ourselves) keep coming back for more.

But we also assist in keeping the Industry going and the losses we sustain make the victories, paradoxically, even sweeter. Perhaps I'll take some comfort from that as I try and avoid thinking about what that $50,000 could have bought me ...