Cormac Branwick, Senior Director at Keeneland, shares insights on the yearling auction process and how market demand impacts prices. Emily Plant, a marketing professor and thoroughbred researcher, discusses the risks and rewards of buying yearlings, highlighting data-driven breeding strategies. Mark Taylor, President of Taylor Made Farm, warns about the industry's reliance on record prices amid declining participation. Marshall Gramm, an economics professor and horse player, explores the impact of legalized gambling on horse racing, raising questions about the future of the sport.