>Somehow, despite all this mismanagement, Team Phipps has produced among others, >Personal Ensign, My Flag, Storm Flag Flying, Inside Information, Finder's Fee, >Dancing Spree, Pleasant Home, etc.

You missed the point but why would I be surprised. You are looking at their results over about a twenty year period. The three Trainers you mentioned in your "unscientic study" have had a few good ones over that same time period themselves. The Phipps bred about 40-50 mares to the best stallions in the world and produce about one or two top notch runners a year on average. Similar to the Baffert average I mentioned.

If Trainer Pletcher can have as good a year as last year with Flower Alley and get a couple of more resume wins with Harlington, the millions owner Melnyk has put into the game will be returned in $15-25M of Stallion fees.

Nobody had a better year last year than Ritchie and Servis the year before that. That is the game the owners who approach those threes trainers you mentioned are asking them to play.

The real measure of success would be @sum(Total Purses won + Total stud fees earned + (Total Value of offspring - stud fee)) - (Total dollars spent at Sales + Total Value of home-breds raised (regardless if they race))= (Net Loss) or Profit on Racing Investment

Give me that one and you have a valuation that is rellevant.