ENGLISH TEXTS
over long distances . Therefore , to be fast or effective over long distances , a horse must first be fast over short distances . In this system , it is true that an excellent Australian horse will very often have started and won over short distances before progressing to longer distances over the course of its career . However , this is where the statement ends : in most cases , beyond 1600 meters , and for horses purely bred for distance , it is unrealistic to believe that some can perform at the highest level with training based solely on sprinting methods . The reality is that no single method suits all horses , and everything lies in nuance . Even exceptional horses have their limits , whether it ’ s Melbourne Cup winners who have never excelled over short distances , or sprinters who are unable to sustain a long-distance race . Examples of this can be found on both sides of the hemisphere . These observations encourage us to question the many beliefs held within the racing industry , which are often deeply ingrained , and to confront them with scientific research , performance data , and empirical results . This approach helps refine our understanding of training and allows us to better tailor methods to the horses and the objectives at hand .
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GLOBAL ECONOMY
IGOR DE MAACK ’ S CHRONICLE
Clearing the Hurdle Without Falling Off the Saddle
Unprecedented instability in France , a redefined role for the state in the U . S . economy , public finances becoming a burden , and stock markets favoring American equities over European ones . Here ’ s an overview of the economy as 2024 comes to a close .
Perhaps never before in the history of modern capitalism has the issue of public finances and the role of the state as a fiscal agent and redistributor been so relevant and controversial . The appointment of Elon Musk as “ Minister of Government Efficiency “ signals that the new U . S . administration intends to redefine the state ’ s role in the economy in a sort of Reagan-era remake . In France , following the dissolution of the National Assembly , the country is facing political instability that is unique and unprecedented in its history . After jockey Michel Barnier , the President has handed the reins of “ sulky France “ to François Bayrou . Yet it remains unclear how a unified majority could emerge from the current political kaleidoscope to draft and pass a “ sensible “ economic program ( a skillful mix of moderate , temporary tax increases and sharp , lasting cuts in public spending ). Public finances are becoming a real handicap for two reasons : in most countries , their weight is becoming increasingly unbearable for taxpayers , and their effectiveness in certain areas is now in question . Some countries , albeit under pressure from international institutions like the IMF ( e . g ., Southern European nations ), are making efforts to address this . Others , like France , are not . Some countries , such as the United States , can afford to avoid drastic measures due to their growth potential ; France cannot . France continues to rely on the leniency of financial markets , as evidenced by its sovereign bond yield for ten-year maturities hovering around 2.85 %. Meanwhile , stock markets persist in favoring U . S . equities over European ones , particularly French stocks . Seneca once said , “ There is no favorable wind for the sailor who does not know which port he is heading for “. On a racetrack , when a horse bursts out of the gate , it must quickly pick up speed , as any delay makes reaching the finish line more difficult . The same holds true for balancing public accounts .
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REPOR- TAGE
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GALLOP , TROT , JUMPING THREE WORLDS APART ?
The Prix d ’ Amérique , the crown jewel of the January racing calendar , offers an opportunity
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