| hidden text The Pinhook Files - (Dec 2023)  The French Connection The magical mystery tour of France for myself and our family has come to an end.
The past 18 months have flown by and we will return on Dec 23rd to settle back down under in readiness for the 2024 yearling sale season.
From a personal perspective it’s been a truly wonderful experience, especially for our children who attended school in France for the 18 months.
We’ve packed a lot in and feel very fortunate for the time we’ve spent here.
From a business perspective it’s also been a fantastic experience, one I hope will reap more rewards over the ensuing years.
Aside from purchasing a number of horses for Australian clients, I’ve been fortunate to develop close relationships with a number of French trainers, breeders and agents, while also observing how other individuals and operations conduct their business and their different ways of doing things.
Observing the trade and flow of horses within and out of France and Europe to other parts of the globe such as Australia, The Arabian Gulf, USA and Hong Kong has also been enlightening and opened my eyes to other possibilities and opportunities.
So with that said, I thought it would be a good time to share some of my general observations of French racing and horses:
Flat Tracks
As opposed to the undulating terrain of many UK/IRE tracks, French courses are generally flatter with similar surfaces to Australian tracks (albeit I would say that they race on proportionally more rain affected going than Aus).
Race Pattern / Tempo of Races
Again, very similar to Australian racing – horses can often be pushed out from the gates to find a position; often a ‘rest’ in the middle stages of a race and a dash home.
Spelling / Feeding
Overall, I’ve found the feeding and spelling of horses whilst in training in France interesting.
Now with first-hand experience based on horses purchased for Australia, my strong feeling is that across the board most French horses will improve physically and put on weight and in some cases even lay more bone, given an appropriate amount of time. The different feeding, training methods, more sunshine on their backs and the more free-range approach agrees with the majority of these imported French horses.
Levels of Racing:
There are definitely different levels of racing, similar to Australia’s Metro, Provincial, Country system. Once you understand the geography, it certainly helps in dissecting and weighing up the form lines for future prospects
- Metro Tier 1 – Parisian and Normandie tracks such as Longchamp, Saint-Cloud, Chantilly, Deauville, Maison-Lafitte.
- Provincial / Tier 2 – Locations such as Bordeaux, Lyon, Toulouse, Marseilles could be deemed provincial but also have their marquee races and times of the year when the racing is at its strongest
- Country – take your pick (a lot of country tracks – too many to rattle off).
National Hunt (NH)
The NH game is incredibly strong in France and the UK/IRE – it actually blew me away to discover how big, dynamic and robust the NH/Jumping industry is over here. The prices paid for NH prospects (from within NH and the flat racing ranks) is incredible, which ties into the normal commercial element of trading, from foals through to in–foal mares, etc. And to my mind the strength of the NH industry actually creates some interesting opportunities on several fronts.
Stallion Fees
Across the board the stallion fees are generally more ‘affordable’ in France, certainly more so than Australia. Siyouni the leading stallion in France has gone to another level this year and will stand the 2024 season for 200k (up from 150k IN 2023 which IMO was very good value).
His 2023 southern hemisphere fee of 60,000 for anyone who took it on was ridiculously good value.
Another example is Freshman sire Mishriff who was a multiple international Gr 1 winner. He is standing his first season for 17,500. Great value for a horse of his quality and ability.
Administration / Prize money
Like any racing jurisdiction it has its pluses and minuses but IMO the racing here is generally a well-run operation across the board.
Prize money is the best in Europe, under pinned by wagering through the Aussie equivalent of the TAB - The Pari Mutuel Urbain (PMU) - French state-controlled betting system.
They have very popular French breeding premiums (similar to BOBS, VOBIS) for French-bred horses that can supplement prizemoney levels up to 80% on top of normal stakes earned: https://www.frbc.fr/owners-premiums/
The training costs obviously vary depending on the trainer but fees in the €2500- €3500 per month, per horse seems to be the norm.
They have a Racehorse Transport Subsidy for owners of €3,300 per horse which obviously helps the bottom line in keeping a horse in work.
Opportunities
From an Australian (and HK) perspective there are a good number of opportunities available here in France/Europe that IMO are advantageous to those looking to tap into quality bloodstock and racehorses for Australian / HK conditions.
Several of which IMO stand out like the ‘proverbial’.
Happy to discuss further for anyone interested!
 The Future / Business Reset After our 18 months in France and having dabbled in other sectors of the industry over the last few years, upon my return I will re-set the business to concentrate on what I believe are my Bloodstock and Business strengths:
* Yearling Selection
* Weanling Selection
* Private Brokerage
- More focus on sourcing NZ horses for Aus and Hong Kong
- Focus on European horses for Aus/NZ (but only at certain times of the year)
I’m at that stage of my career where I know what I am good at.
It should be a surprise to no-one that my greatest strength is as a ‘value’ buyer.
As I’ve developed my business from the ground up, I’ve applied an approach and philosophy which reflects the way I’m wired. At the centre of that is a ‘brutal honesty policy’.
It suits me and suits my clients for me to be straight forward and honest in all my dealings.
I’m certainly not averse to someone asking me to buy them a $1 million yearling, but my strong advice to that person would be for me buy you four horses for the same price and multiply your odds of success.
 Value. What Does It Actually Mean?
The importance, worth, or usefulness of something.
I’ll say it……I believe I’m one of the best value buyers in Australia.
If you’re spending 5% on any agent’s advice; I believe pound for pound I’m one of the best bets in the marketplace.
That’s a nice fluffy statement, but what does this actually mean?
Why would you choose Dave Mee?
The value I offer a (potential) client can be explained on two fronts:
1. Buying Above Average Horses at Below Average Prices:
Do the results on the racetrack reflect value for money given what you’ve paid for the horse?
It’s not an easy question to answer given I buy 30-40 yearlings a year for different clients with different budgets and different targets in mind. So, I’ll let the stats do the talking:
As of Wed Dec 20th (four and a half months into the 2023-24 racing season)
• There have been 24 individual winners which I have purchased
• Those horses have won 34 races combined.
• The average purchase price of these winners is $66,000 (median $42,500)
NB: This is based on yearling, weanling and private racehorse purchases.
(Interestingly, if I factor only yearling purchases the variance is only 5% higher).
Highlights of successful horses are below under ‘Winners’.
I can tell you what the median yearling price is for the winners of races such as the Magic Millions 2yo Classic; Golden Slipper; Caufield Guineas; ATC Derby or any other Group 1 you might want to win, and I’m confident based on the historical median (purchase) price I have the ability to buy you a suitable horse to compete in these races at below those ‘average’ prices
2. Pound for pound (measured on a 5% standard agent’s comm) I’m one of the best bets in the marketplace.
WHY?
• My Record:
It speaks for itself – 34 wins from 24 individual winners (over 4.5 months).
That is one win ever 4.1 days. The average price of those horses has been $66,000, half the price of what an average Australian yearling/weanling cost in 2023.
• My Dedication:
Ask around, I work as hard as anyone, both on the sales ground and off it, to find value.
• My Independence.
I am a genuinely independent agent with your interest as the client top of mind at all times.
• My Expertise:
I have genuine international expertise and perspective as an independent agent. I’ve bought/sold horses throughout the world - Australia, NZ, HK, France, UK, USA and Argentina.
• My Commitment:
For me to buy a horse; I have to love the horse.
• My Client Focus:
Firstly, as any agent should, I take spending my client’s money seriously.
Secondly, I tailor my service to suit your buying needs, including different service/pricing options depending on your requirements. Not only will I assist in buying your horse but endeavour to assist when trying to sell it at the other end.
• My Process:
Before I bid on a horse I will I’ll look at any prospect at least three times, while off the grounds I cross check my short-listed horses with pedigree consultants and form analysts (assessing close relations) to find an edge.
• My Commitment to Improvement and Learning:
Does the above guarantee every horse I buy is a Group winner? No.
Have I bought horses I wished I hadn’t? Yes.
Have I learned from the slow horses I’ve bought? Absolutely. That must be a priority.
• My Discipline and Experience:
I have inspected 8000+ potential athletes a year (yearlings and weanlings) for the past two years. Technology allows agents to assess horses you’ve liked / not liked against subsequent Group race results and helps you find the common threads between your own preferences and uncovering successful horses. It’s a priority not to make the same mistakes again, therefore the discipline, art and craft of successful yearling buying needs to improve as time goes on.
Experience counts for a lot in this game.
• My Ambition:
I am driven by your future success.
Client success is my success and my ambition is make them as successful as possible.
In summary, whether you have $500,000 or $50,000 to invest, using my services gives you superior value for money!
 🏆 Winners 🏆
As of Wed Dec 20th (four and a half months into the 2023-24 racing season)
• There have been 24 individual winners which I have purchased
• Those horses have won 34 races combined.
• The average purchase price of these winners is $66,000 (median $42,500)
Headlined by:
SCENTIFY
(Click on the name above to view race)
(Justify) 5: 2-1-1. $168,500;
MVRC 2023 Membership on Sale P; 2nd McKinzie Stakes (Listed); 3d MRC Caulfield Guineas Prelude, Gr.3.
Purchased with Flying Start Syndications and Ciaron Maher Racing for $125,000 as a yearling.
DEELING ACES
(Dundeel)
2:2-0-0 $29,700
A late bloomer but showing outstanding promise.
Potentially a very valuable mare given she is a half to two Group winners herself
Purchased with Wilde Racing for $220,000 as a yearling.
KING OF ROISEAU
(Capitalist)
While still un-raced we are Magic Millions dreaming with this colt after several impressive trials including this one at Rosehill on Dec 18th
At this stage will head to Randwick on Sat Dec 30th then options assessed.
Purchased with Pulse Racing for $95,000 as a yearling
PRECIOUS CHARM
(Per Incanto)
5: 3-0-0 $122,125
1st VRC TCL Trophy (Flemington Oaks day)
Purchased with Wilde Racing and John White Bloodstock for $80,000 as a yearling.
MADAME ODETTE
(Churchill)
12: 3-1-2 $184,050
Already Stakes placed, she impressed again when winning at Eagle Farm Sat, Dec 16th
Purchased with Flying Start Syndications for $80,000 as a yearling.
Special Mention to;
SOARING EAGLE
(Unencumbered)
67: 9-8-11 $403,565
No superstar but the heart of a warrior and the recent winner of the Tatura Cup (Nov 25) at the ripe old age of eight years of age
Purchased with Matha Bloodstock for $47,500 as a yearling.
FLYING MASCOT
(Tavistock)
19: 6-3-2 $565,525
Value par excellence!
⭐️ $25,000 yearling purchase🕺
⭐️ 6 wins and $565,000 prizemoney💰
⭐️ 3 x Gr 3 wins. Gr 2 placed ❤️
⭐️ $600,000 Inglis-on-line Sale Topper (August)🍾
Copyright © *|2017|* *|Pinhook Bloodstock International|*, All rights reserved.
Our mailing address is:
*|P O Box 252, Avoca Beach, NSW 2251, Australia|* |
