| International Equine Acquisitions Holdings the owner of famed race
horse Big Brown is raising capital to start a hedge fund. TAG Virgin
Islands has already committed to back the fund. The fund is planning
to find "equine diamonds in the rough" and race them for profits.
There are many similarities between Wall Street and race track
betting, even more so with sports gambling, where the boss sets the
points for the game and odds based off that, and then gamblers make
money on the spread, there are hedging strategies and shorting, in
fact the only difference is what is being bet on. However hedge funds
raise money based on their reputation, and the `value added' of the
managers. Anyone can bet at the races, and what is more you are told
the odds from the start. It sounds to me as if the company wants
someone to finance its gambling habit. The line between professional
and professional gambler is already thin, and for me this crosses it. |
