Sunday, January 10, 2016

Supply of losers.....a business

Supply of losers…….a business

Yep, it is! In one of the social gathering I could know Hemant much better though I knew him since long. He was sharing his diverse interest like collection of antiques, spotting rare paintings, horse racing etc, mind it these are other than his regular business interest. He told me about his collection of rare stamps and coins. When I was talking to him then he just purchased a bronze ensemble of gods in Udaipur for something like 17,000 bucks. He explained that he just chanced upon this antique piece and predicted that the market value will increase over the time. So it was one more collection or shall we say one more asset added among many in his collection.
I was more interested about his horse racing endeavor which he pursued a few years back. He told me he used to own 3 horses in Calcutta race course.
How much did you pay for those?
I paid something like 1 and half lacs for each.
I was pretty surprised by the cost, it appeared to be a paltry sum, I had imagined the cost would be 30/40 lacs or more for each.
Further I asked.
Where did you stable your horses?
I was keeping those in the stable of Calcutta Race Course for a monthly charge of 11,000 rupees per month per horse.
I told him, “ At 1 lac or so you certainly did not purchase a thorough bred winning horse. Then how did you cover your cost?”
Who said about winning? Look every time a race is on they require many horses to run so that it appears it was a well fought race. As you know the betting crowd wants thrill of the race and my horses provide that by getting defeated. After all winning horses have to defeat some. I used to supply those losing horses. I would bargain with the owners of winning horses in advance and recover my cost of maintenance of horses plus my profit.
It makes business sense.
No wonder in golf tournaments golfers like us we who don’t win but play for the fun but are given a bagful of goodies to encourage us to take part in the competition. We are those losing horses.

 

No comments: