yes you are correct. The setting up of the grading system is what takes time. I grade sires and dams based upon winners to runners and stakes winners to runners allowing for opportunity. A Grade 1 sire is one who has achieved what was expected on average to just above that average, Grade 2 a more successful sire right through to Grade 6. An elite sire or dam is one that has had a profound influence and is elevated to that Grade because of their sons and daughters influence.

In maiden races, even sires that don't make the cut (ie. downgraders) can also throw winners. The trick is to only follow those sires that have that extra class. If I was backing each maiden race per se, the grading would be meaningless.

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“First they ignore you, then they laugh at you, then they fight you, then you win.”