It’s not just the stock market that’s been telegraphing “trouble” about the economy. The price of thoroughbreds has matched Wall Street’s fluctuations. Yearlings that sold for an average of $27,295 in 1994 were fetching $54,506 in 2000. But recent sales have seen 20 percent declines from a year ago.

Moral: If you invest in horses, don’t expect stable prices.