THERE are few instances where the most expensive horses of a sale appear to make financial sense, as least to those of us with measured expectations.

Look back to Book 1 at Tattersalls a few weeks ago - the odds are that very few of the 17 horses who sold for 1,000,000gns or more will be worth anywhere close to that in 12 or 24 months’ time, particularly the colts that fetched seven figures, for how many horses end up good enough to be stallions?