The Estes Formula for Breeding Stakes Winners
Joseph A. Estes was the editor of The Blood-Horse for 28 years and Director of Research for the Jockey Club's Statistical Bureau. He also served as a racing and breeding advisor to Nelson Bunker Hunt. He authored the annual American Race Horses from 1952 to 1961. Estes is known for creating the Average Earnings Index, the standard by which racing capacity is measured.