Whenever there's been an arbitrage, people always took advantage of it. Frank Conlin, one of the biggest buyers/sellers of all time, made a great living when the arbitrage existed. People always overstate and overreact when it comes to impact on the market. Everybody thought Brooks getting out would crush the market. It wasn't even a fart in the wind. Show me an alleged "down" or "bear" market for racehorses---and then look at the premier sales/auctions. I think you will see two very different things.
The market is not the horse population. It's horses that are for sale, and a horse is worth what someone is willing to pay. You have the right product, a quality product, you will have no problem selling it, at the right price---which is what someone is willing to pay. Always buyers for good horses.
