Unfortunately, not all horses have the ability to compete and win at the top level. An owner's financial resources ultimately dictate the level at which one competes. Again, if action is what you want, your strategy will be different from someone seeking the classic horse. You will likely spread your money out over a larger stable, with more horses racing on regional circuits. If your goal is to find the big horse, you might have fewer horses which race less often.
Commercial breeding presents a similar scenario.
Not everyone can participate at the top level. However, there are ample opportunities, certainly in the middle markets, where breeders can sell and buyers can purchase a useful horse. Remember, the thrills of owning a claiming horse or breeding a maiden winner often match those experienced by the owners of more accomplished horses. Regardless of which form of ownership you choose, you should seriously consider structuring and treating your equine activities as a business because of certain tax and liability issues. Always consult with your tax advisor for the proper way to structure your equine business.