|The Audemars Piguet Queen Elizabeth II Cup|
The horse has since won five out of six races. In late April, it was Karlin's turn as a part-owner to travel expense-free with his wife to Hong Kong and watch Irridescence run the Audemars Piguet Queen Elizabeth II Cup at the Sha Tin racecourse. She took first-place in a nail-biting three-way finish for a $1.8-million purse. "Irridescence is probably one of the top fillies in the world now," says Karlin. "She's worth a fortune." A top filly in the industry is worth around $10 million: Team Valor bought Irridescence for $365,000. A winning colt commands anywhere from $15 million to $25 million. But for every success story in horseracing, there are many more flops. "If you're going into this thing as an investment, you're crazy," says Irwin. "If you're doing it with money that you're afraid to lose, this is the craziest thing in the world you could possibly do. I don't want impulse buyers. They never work out, and they're never happy. I want guys who have been thinking about doing this for a long time, and they finally make up their mind one day and decide to do it for fun."