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...three U.S. Triple Crown races in 2003, amassing more than $2 million in prize money. But the horse was a fluke. James Oldring, industry marketing manager with the British Horseracing Authority, advises against "any false expectations or hopes" and estimates that average returns rarely exceed 25% of total investments. Syndicate members say they don't do it for the money. They invest because they have a passion for horses and want to be more deeply involved with friends and family in the spectacle of thoroughbred racing. "It's amazing how quickly the bond develops between a group of grown adults...
...that wasn't enough, the tremors came at a time when hedge funds were under increasing scrutiny by politicians and regulators concerned about their growing impact on global financial markets. With total assets of more than $1.8 trillion, the industry has nearly doubled in size since 2004, and the activities of hedge funds can increasingly move markets. The danger posed by these lightly regulated vehicles, which employ strategies such as short-selling, trading in derivative securities, and leverage, to the financial system has been demonstrated before - most vividly by the 1998 implosion of Long-Term Capital Management (LTCM), a giant...
...betting to running the tracks to housing the horses, is a pillar of society. So much money flows through its coffers - last year's turnover was more than $13 billion - that taxes and betting duties paid by the Jockey Club make up about 8% of Hong Kong's total annual tax revenue...
...Their total investment of more than $130,000 was a total loss, but at least Lo was in good company. David Price, a horse trader based in Hong Kong, reckons that at least a quarter of the thoroughbreds brought into the city turn out to be financial black holes. He believes owners should pat themselves on the back if they're able to recoup a horse's livery fees through prize money. Snagging a champion horse requires lots of luck. "All the things in a [winning] horse - courage, constitution, the will to win - are things you can't see," says...
...rising along with the political temperature. A bomber had struck on Tuesday as well, this time a stone's throw away from Musharraf's residence in the garrison town of Rawalpindi, where a police post was attacked, leaving seven dead. And this week's casualties pushed beyond 700 the total number killed since the summer in violence related to extremism. At least two dozen attacks have directly targeted the military, prompting it to issue orders for officers to avoid wearing their uniforms in public or traveling in vehicles bearing military number plates. Though no group has claimed responsibility...