Oh sorry, I forgot. Haven't had the energy to reply yet!
Suffice to say that I still don't agree with a lot of what you're saying, Cantoris. Are you telling me that if you had £25k in your pocket, saw a horse you fell in love with, was good on paper, yet only went through the ring for £5k you wouldn't buy it? As that seems to be pretty much what you're saying, to me, with this quote in particular :
I would consider myself in the middle tier of owners who could never afford one for 50k but yet wouldn't drop to 5k or 10k
As for going around the sales without a catalogue - doesn't happen. Anyone who goes to the sales without a cataloge and without putting in the homework beforehand is an idiot, I'm afraid! Go through the catalogue, go through the pedigrees and particulars; make a list of those you like. Then you work your way through those on your list which aren't withdrawn at the sales, looking at each one individually and thoroughly. You even go back again and look at those you are thinking of bidding on twice, or even three times - in my case, out of a list of 20 odd (which is on a good day at the sales, my lists have often only held as little as 5 or 6) I can virtually guarantee there will only be 3 or 4 I'm remotely interested in bidding upon. Sometimes they surprise you and go for pennies - after doing all that work, would you turn your nose up at one because it only went for a pittance?
Likewise, would you go over the amount you pre-valued the horse at whilst bidding, just because you have the cash burning a hole in your pocket?
Having a large bank isn't the be all and end all - it's having the knowledge to pick horses out of the catalogue then having the eye to weigh one up and spot any potential defects. That still doesn't mean that the horse will make the track, or be any good on the track, but everyone is pretty much in the same boat when it comes to injuries and the likes. I for one know I'd be a lot more pissed off had I spunked £25k+ on one that was useless [and paid for its training inbetween] rather than one I'd paid less than a fifth of that amount for! It's a little bit like being one of a few in a syndicate that pay £60k for a horse that wins its bumper then gets tailed on every subsequent run before being sold for £8k, making massive losses, then winning four races for new connections.....it makes you wonder who are the biggest fools, those who bought him for £60k and sold him for £8k, or the one who 'only' paid £8k for him yet got him to win four races?!