My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farms, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We talk about the buy side in this industry and the similarity to Venture Capital and Private Equity. We end by talking about the horse racing industry and the beautiful story of the horse called Cody’s Wish. Please enjoy this unique conversation with Brutus Clay. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Brutus Clay And The Legacy of Runnymede Farms (00:05:55) Kentucky: The Heartland of Horse Racing (00:08:45) The Economics of Breeding Racehorses (00:11:46) The Lucrative World of Stallions and Stud Fees (00:13:47) Understanding the Auction Dynamics and Revenue Sharing (00:16:020) The High Stakes of Horse Sales at Keeneland (00:18:04) Understanding Horse Behavior and Potential (00:21:57) The Business Model Behind Stallion Operations (00:24:46) Investment Insights: Comparing Horse Racing to VC (00:30:32) The Strategy Behind Horse Trading and Breeding (00:33:35) A Real-Life Underdog Story: Qualifying for the Derby (00:38:28) Cody's Wish: A Beacon of Hope and Victory (00:43:03) The Future of Horse Racing Learn more about your ad choices. Visit megaphone.fm/adchoices