Tony is a good horseman. You may not think he's sharp, but he certainly is not a dummy. I think his operation has gotten too big, and as a result, he's not producing as good results as he used to. For the stock he starts with, he's supposed to have two in every big dance, and win a good portion of them. I think he's had a sub-par year based upon his stock. In 2022, his stable earned over $9m. Last year his stable earned what, $7.5m? This year I just read he hasn't broke $5m. Tony certainly has carte blanche to spend, or pretty close to it. When I watch his babies come on to the track down in FL, it's like a who's who, big, good looking, impeccably bred, one after the other. But in recent years I don't think he's producing the results hoped for, expected, etc.
Now, buying Tony's cast-offs, well, that's another story. I made a living buying cast-off's when I first got into this business. I started buying from Haughton, a few from Dancer, and others. Then Silverman, Popfinger, and other big stables (at the time). If you buy their third string, you can buy some really solid, good raceway horses, and occasionally get lucky and hit a homerun. With Tony, the same thing. But you buy his second string and now you are buying horses that have had every advantage available----vet work, treatments, nutrition, etc. Sure, you'll occasionally find something, but it's more likely you'll gain an advantage because of "attention" and the horse getting more in a top-notch, quality, smaller barn than the horse would get with Tony. Buying his first string, is tough. Your goal is to keep 'em the same, and if you think your trainer is better, than maybe your trainer can improve him. It ain't easy, LOL. It's not like the horse didn't get anything and everything available.
I guess for me, if I was going to buy from Tony, like in the eye of any buyer, you have to feel you are getting value, there's an angle, and you think you can do better. Remember, there's plenty of 5% or 10% trainers to buy from, LOL.