Read on Twitter
If you are buying a share in a horse through @MyRacehorse, you have entered into quite possibly the most transparent horse share purchase in the history of horse sales. Any bickering about it is the height of irony in a business which is notoriously opaque.
If you don't like their approach, the fee structure (which is transparent), etc, and you want to create some better offering, within the rules of the SEC, start a competitive group. Racing should welcome any and all innovation in this area.
MyR was only in a position to acquire a % because a deal was done that included kickers they'd have to pay to previous owners. And remarkably, all of those kickers are also transparent. Amazing, incredible!
I've owned shares of horses in partnerships for almost 10 years now. Highs and lows, frustrating, exciting, disappointing, nervewracking, thrilling. I've only EVER paid out, I never once have received any money back on my stake, and I don't regret it for a second. I'm having fun!
Do I consider these investments? No, I consider it spending on something I love. Horse ownership is not a path to riches, it's often just spend, spend, spend, with an emotional enrichment the payoff, not financial enrichment. Prize money covering costs, not yielding profits.
If prize money wasn't as good as now, maybe I'd have to put up more for expenses than has been done. Maybe I wouldn't have enough to continue receiving the emotional payoff of my investment in horses. Thus - the need to focus on sustainable prize money development via wagering.
In the meantime, if you want to browse through all of the SEC filings of MyRacehorse, go ahead: https://www.sec.gov/cgi-bin/browse-edgar?CIK=1744448
