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To pinhook means to buy something for a low price, hold onto it, and sell it once it’s become more valuable. This term has a long history in Kentucky, spanning the industries most closely identified with the state—tobacco, horse racing, and now, whiskey with our friends at Pinhook Bourbon.
In the context of thoroughbred racing, pinhooking involves purchasing young horses with the intention of reselling them at a profit later. This practice is particularly common in the yearling and 2-year-old sales markets, where buyers look for horses that have the potential to become successful racehorses. Pinhooking requires a keen eye for talent, an understanding of pedigree and conformation, and a bit of market savvy.
The Pinhooking Process
Selection: Pinhooking bloodstock agents attend sales and evaluate the young horses. They assess factors such as physical attributes, bloodlines, and veterinary reports to identify horses with the greatest potential.
Purchase: After selecting a horse, the pinhooker buys it at a relatively low price, hoping to add value through training, care, and preparation.
Preparation: Horses may undergo training and conditioning to enhance their appeal to potential buyers when being resold. This stage is crucial as it prepares the horse for resale and showcases its best qualities. Weanling to yearling pinhooks will spend time on a farm to grow up and be prepped for yearling sales, while yearling to 2-year-old pinhooks will enter training under saddle ahead of 2-year-old in training sales.
Resale: After a set period, pinhookers enter the horse in a sale, aiming to achieve a profit compared to the original purchase price.
Spruce Lane Pinhook: Your Partner in Pinhooking Success
At Spruce Lane Pinhook, we specialize in an annual weanling-to-yearling pinhook partnership, led by our experienced managers, Mike McMahon and Jamie Hill. With a unique blend of investment management expertise and deep-rooted knowledge in the equine industry, we excel at identifying and nurturing promising young thoroughbreds for profitable sales.
In 2005, Mike and his wife, Natanya, purchased Spruce Lane Farm in Versailles, KY, to accommodate their growing broodmare band, layups, and pinhook ventures. It is here that we meticulously prepare our weanlings for successful yearling sales.
Our approach includes:
Expert Evaluation: Mike McMahon and Jamie Hill are skilled at assessing horses' potential based on conformation, pedigree, and market trends, ensuring that we make informed purchasing decisions.
Quality Care: At Spruce Lane Farm, we prioritize the well-being of each horse. With state-of-the-art facilities and experienced staff, we provide top-notch training and handling to maximize their potential for resale.
Market Insights: With our finger on the pulse of the racing industry, we keep track of market shifts and trends, enabling us to time sales effectively for the best possible returns.
Upcoming Opportunities
McMahon & Hill will begin shopping at the Fasig-Tipton and Keeneland November Sales to identify weanlings to pinhook for next year through our Spruce Lane Pinhook Partnership. We have a minimum investment of $25,000 for this partnership group. Please contact us for more information.
Conclusion
Pinhooking can be a rewarding venture for those willing to invest the time and resources needed to succeed. With Spruce Lane Pinhook, you gain a partner dedicated to helping you navigate the intricacies of this exciting aspect of thoroughbred racing. Whether you're a seasoned investor or new to the industry, our expertise and commitment to excellence will help you achieve your pinhooking goals.