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think will be most interested. Shares are then purchased on a first-come, first-served basis. "All 300 members aren't in on one horse," Teo explained. "It all depends. Sometimes we just say three members for this horse, first come, first serve. If you pick up the phone, you get this one. Most of the mem- bers have different interests, some like to focus on mares, some like to focus on stal- lions, some like to focus on different re- gions because they like to holiday there or have business there." The members' varying interests have led the club to become actively involved in the breeding industry a bit sooner than they had anticipated. "The breeding started about 18 months ago. The idea originally was to wait a little bit later, but we are moving forward now," Teo said. "We thought that the breeding it- self encourages certain groups of our mem- bers who are interested in investment in the fillies and mares. The last record of pur- chases in [November] at Fasig-Tipton and Keeneland of about $10 million in mares shows that it is one of the angles we are putting emphasis on." Their breeding program, which started in Australia, has already yielded a Group 1 winner, bred in conjunction with Coolmore, in G1 Criterium International S. hero Jo- hannes Vermeer (Ire) (Galileo {Ire}). Teo hopes to see similar re- sults in America and plans to breed to sell. "You will start to see the horses we've bred at the sales," Teo remarked. "We breed to sell not to keep. We will bring them to the yearling sales and test our own brand and see if it works." In addition to buying top American mares, such as GISW and $2.4 million FTKNOV pur- chase Embellish the Lace (Su- per Saver), who is carrying her first foal by leading sire Uncle Mo, to build the club's brand, 51

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