Equine industry internship gives Centre student a head start on dream career
During his first couple years at Centre, Catesby Clay would accompany his friends and classmates to Keeneland to enjoy a race weekend and maybe share some equine industry knowledge with those new to Kentucky’s thoroughbred scene.
But as his interest in the business behind the trackside festivities grew, his weekends at the track became more serious — and less fun for his friends.
“A 4 a.m. wake-up call is not really appealing to many people,” he laughed.
Clay, a senior History major at Centre, loves the grind more than the infield fun, however.
“The phrase I like is that you’re told to do what you love and call it work,” he said. “This is something I love to do and be part of.”
A fall semester internship working alongside those buying and selling thoroughbreds only fanned the flames of his equine industry passions.
“I’ve enjoyed having the full days on Tuesdays and Thursdays for my internship,” he said. “Being at Centre has allowed me to pursue my passion while also completing my academic work and getting a head start on what I want to do for a profession.”
Clay’s family has been breeding horses in Paris, Kentucky, for generations, but his internship gave him a new lens into the industry — from the buyers’ perspective.
“It felt like I was putting all these pieces of the puzzle together,” he said. “From mucking stalls as a kid and the appreciation of all the hard work that goes on behind the scenes to getting a horse ready for sale. Being able to walk the sales and put all those things together was really cool.”
Not only did Clay shadow horse breeders and bloodstock agents during his internship, he launched his own bloodstock agency, dubbed 1867 Bloodstock. He also raised money to invest in a horse, which will be sold at next fall’s yearling sales, hopefully for a profit.
The practice, called pinhooking, is akin to investing in a startup business or flipping a house. It can be a risky, but bloodstock agents rely on their knowledge of racing pedigrees and important physical attributes to find the most promising investments.
“I’ve always loved the idea of being able to fundraise enough money to buy a horse. This is kind of a dream come true,” he said.
The reality that made the dream possible was challenging to say the least.
“I don’t think I’ve ever been told no so many times,” Clay said, “and I’ve never had so many people laugh at me.”
But Clay leveraged his knowledge of thoroughbreds and his deep study of successful bloodlines to win over some skeptics and raise the money needed to invest in a foal. One potential investor first turned him down, but after accompanying Clay at an auction, ponied up double the initial investment.
“He could see that it was my passion and that I was extremely focused on making a sound investment,” he said. “It is a risky investment, but kind of the least risky in the horse industry.”
Clay used comparisons to other financial investments that carry the risk of loss.
“I marketed it to some people as a much more fun way to invest your money than the stock market,” he laughed.
While it might be fun, the investment requires the same kind of research as identifying a growth stock. Clay broke down the full costs of caring for the horse over the next year, from feed to veterinary bills, calculating how much money he needed to raise and what sort of sales price next fall would net a solid return for the investors.
His Business classes at Centre paid off during the number-crunching, he said.
After graduation, Clay hopes to return to Ireland, where he spent last summer working at the world-famous Coolmore Farm, to continue growing his knowledge of European bloodlines, expertise he hopes to leverage down the line.
But until then, he will be keeping a close eye on his investment, now being cared for at his family’s farm, updating other investors and hoping for positive results next fall.
“She’s really progressed well in the past few weeks,” he said. “It’s a lot of fun to be able to share photos and see her grow.”
