Jo Stone

NEWMARKET, UK -- "Trickledown" felt rather too contentious, given what was meanwhile happening to its proponents out there in the real world. In this environment, after all, the original label of "horse-and-sparrow economics" would always have conveyed the theory rather more intelligibly. Some alternative word was required on Friday, then, to describe how a rampant market at the front end of the Tattersalls October Sale was filtering somewhat more quietly into the base of the pyramid. In the end, the second half of Book 3--in which momentum reliably ebbs relative...