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“head and shoulders above his classmates at 2” is what would of made him as the most popular stallion to stand in many years. 2 year old speed is what breeders and yearling buyers love!
Alan Leavitt was the first, and very adamant about 2yo speed making a great stallion. But, he was one of the few who were so visceral about it. Over the course of time, many of the commercial breeders began taking a lot more not only into consideration, but even as more heavily weighted factors. Today's buyer is looking far beyond 2yo speed. There are more super fast 2yo's who win races and don't carry that over and progress at 3, than do. Today's sophisticated buyers----who drive the market and who commercial breeders are catering to----are looking at the equivalent of classic races and they want to see classic performance in a stud.Karl's syndication was not going to come even close to selling out---regardless of the stud fee. The major commercial breeders felt he was "just a horse" at 3 and they were not lining up to buy shares. It was talked about and common knowledge all during the Lexington sale. Even the foreign ownership didn't want him for overseas and they were looking to take money off the table with selling their interest via selling shares. I was at the sales, and I talked to breeders, and Karl was not anywhere near the top of their list.
Yes everyone at Lexington was talking about how he was overpriced and never going to be a sire. Beyond popular belief he has zero pedigree. NOTHING. his bottom side is non existent.