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I also think is because horses no longer dance every dance.
Absolutely a contributing factor.
If i had a very good 3 yr old i would push them, especially after about mid August to the end of the yeari would not be saving them for their 4 yr old, grab the big cash when you can and either sell them after their 3 yr old year or hope they come back decent at 4having said that i would baby a decent 2 yr old and even early in their 3 yr old year