Summary
Overview
This episode explores the economics and inner workings of the thoroughbred racing industry, focusing on three key areas: the life and career of a jockey, the breeding business centered in Kentucky, and the immigrant workforce that supports the industry. Through interviews with former jockey Richard Migliore, economist Jill Stowe, and breeding executive Mark Taylor, the episode reveals how this multi-billion dollar industry operates, from the physical demands on jockeys to the strategic breeding decisions that shape bloodlines, and the complex economic forces that keep Kentucky as the industry's epicenter.
Live Cover Breeding Requirements and Kentucky's Advantage
The thoroughbred industry requires natural mating (live cover) rather than artificial insemination, a rule that has significant economic implications. This requirement keeps breeding operations geographically concentrated near champion stallions, which are predominantly housed in Kentucky. Mark Taylor reveals that this restriction is a key factor maintaining Kentucky's dominance, as it prevents stallions from being distributed across different states through artificial insemination, which would dilute Kentucky's competitive advantage and tax revenue.
- Thoroughbred breeding requires live cover (natural mating) with typically four people supervising each breeding for safety
- The prohibition on artificial insemination keeps breeding operations concentrated in Kentucky near the stallions
- This geographic concentration protects Kentucky's tax revenue and economic advantage in the industry
" You have two giant, really charged up horses, and we're basically trying to have them mate in a controlled environment. "
" I've never really heard anybody else talk about that, but to me, that's just a fact. "
The Life and Career of Jockey Richard Migliore
Former jockey Richard Migliore shares his journey from Brooklyn to becoming one of New York's most successful riders. He describes the extreme physical demands of maintaining racing weight on just 700-800 calories per day while standing 5'7", and how he had to buy his way out of his first contract to advance his career. Migliore emphasizes that understanding horses' personalities was just as important as physical ability, and that communication with horses happens primarily through feel and touch rather than verbal commands.
- Migliore started working with ponies at age 9 and signed his first five-year contract as a jockey at age 15
- He lived on only 700-800 calories per day to maintain his racing weight of 112 pounds with equipment
- During his peak years, Migliore won 17-19% of his mounts with a win-place-show percentage in the mid to high 40s
- Jockeys earn 10% of winner's share of purse, 5% for second and third place, plus a flat rate of $100-500 per mount
- Migliore suffered six or seven concussions and broke his neck twice during his career, with his final injury in 2010 ending his riding career
" Horses are very much like people. They have their own personalities. The difference between horses and people is a horse will never hide their true identity from you. "
" There's probably a hundred different versions of my hands. "
" I was young enough and dumb enough to believe I belong there. "
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