According to Adam Sangster, breeding horses is no different from investing in stocks - in both ventures 'one has to wait for the maturity of your investment'.
Adam who used to work in Hong Kong as a stockbroker at James Capel, now spends his time overseeing his family's two stud farms in Australia.
Adam is the youngest son of millionaire horse breeder and owner Robert Sangster. His father is a legend in the racing world, having won more than 100 Group One races - a record for one man - as well as having raced his horses round the world, 'anywhere from Brazil to Barbados'.
The Sangster horse-breeding empire stretches from Coolmore in Ireland to Kentucky in the US to the new Manton Stables in Wiltshire, England, where many Hong Kong horse owners send their horses to be trained.
Adam was in town recently for the horse auctions, part of the International Races.
Living in Melbourne, Adam's stud farms are run in association with Colin Hayes (father of local trainer David Hayes).
He has learned a lot since immersing himself in the lucrative business of horse breeding. 'It's a very competitive and highly complex business,' says Adam, who adds that you can never make a decision on your own.