THE term owner-breeder is one that will conjure up different images for people. If asked to name the most famous owner-breeder of the last half a century, many would probably name His Highness the Aga Khan. As a breeder of the classic horse, and with so many Derby victories to his credit, he is right at the top of the tree.

Nowadays, an owner-breeder might be considered more of a rarity, most breeders of thoroughbreds doing so for commercial gain. Which is the road that more often leads to success at the highest levels, or at the most prestigious meetings? This is something that would be worthy of further study.