I am embarrassed to be an owner right now.

The indulgence of riches bestowed upon the OBS sale last week and the Barrett's sale earlier this month may be a sure sign the recession is finally over.

However, the message it sent to the every horse racing gambler in America was "Let Them Eat Cake!"

Didn't we recently ask the players to accept a takeout raise in California?  We claimed the owners needed it to survive and scared them into thinking the game would go away without it.  It was the start of a nationwide push to educate the industry on the plight of the owner.

Then, like watching the Beverly Hills Housewives rush into Saks Fifth Avenue, we went on a spending spree to open the 2YO sales of 2013.

It makes you look foolish to tell your kids you're broke and then go out and buy a Ferrari for yourself.

Listen, we understand that an owner may sometimes feel out of control and taken advantaged of.  At times it seems everyone is in your pocket (trainer, vet, etc.) and luck plays an all important role in the success or failure of your stable. But we remain the customer in one very important regard.  The one thing we - as owners - control is the initial purchase price.  We have the capacity, in one sweeping motion, to bring down costs ourselves by limiting how much we spend at auctions.  I really thought after fighting for a bigger share of the handle, we were on the right track to creating a more attractive product.

Then the hammer dropped - literally - on a horse for $1.8M and OBS set records for average and median. Even worse, in California, the epicenter for the takeout hike initiatives, the "broke" owners spent 31% more than in 2012 on new horses at the March Barrett's sale.

Maybe the tremendous sales growth will spur more breeders to get back in the game and reverse the declining foal crop.  With that, the end result may eventually be increased field sizes and ultimately, more attractive races to wager on. But for now, we just spit in the face of every player in America, and single handedly ruined our creditability to speak to the industry.

LRF takes a lot of pride in providing a first class horse racing experience for our partners. Ownership is an exclusive club where liquidity and tremendous risk is rewarded with some of the greatest highs and memories in our lives. Our partners demand that we reign in costs and provide them with a legitimate opportunity for success.  

It's a shame that many of our colleague of owners don't feel the same way.