MARTIN FERGUSON: What is the most important factor to your well-being–in terms of being an owner, or the horse racing industry–at the end of the day, it’s not money. And it’s not about being an owner. It’s not because of the amount of money they can come in with. It’s what you give the money to the race horse. I know it sounds counter-intuitive, and it is, but the money is where you’re going to get the real value, in terms of how well it affects the horses.
STEPHEN COLVIN: I think there’s a lot of value in this industry. What’s not to like about investing in horses? It’s a relatively high risk, and there’s a long–
BILL MOYERS: You don’t get killed in a crash.
MARTIN FERGUSON: Yeah, that’s the most frightening piece of our society. And I am a firm believer that–
BILL MOYERS: What does your job at the New York Times do?
MARTIN FERGUSON: That I write about the entertainment business. I write about entertainment and its place in the world.
BILL MOYERS: As in the world.
MARTIN FERGUSON: But I don’t write about the entertainment business, because people forget the entertainment that is, and the money that’s put into it. I’d hate for people to forget, but it’s absolutely crucial that people understand the amount of money that’s going in, and not just in our industry, but in the music business, Hollywood, all these other industries, but particularly the entertainment industry.
As somebody who is involved in that industry, and you can tell because in all my conversations I’ve had with producers, owners, and all types of industry players, you really cannot get a job in any of this industry without being absolutely committed. I cannot imagine a job in entertainment that doesn’t require a degree, whether it’s one in music, theater, film, or television.
STEPHEN COLVIN: It’s absolutely essential, but I feel like you’re saying it’s not a simple thing.
BILL MOYERS: People have a perception of the entertainment business that is not true.
MARTIN FERGUSON: Absolutely. But what I would say is that people forget very quickly that the kind of people that
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