Big Brown owners IEAH are on a roll

IEAH is more than just Big Brown, though. The company won the 2007 Breeder's Cup Mile with Kip Deville and took home the $2 million purse at the Dubai Golden Shaheen with Benny the Bull.

Such success, especially early on, comes against long odds -only about 2 percent of thoroughbreds bought at auction wind up in the winner's circle. Yet IEAH-owned horses have won 25 percent of the races they've entered this year, bringing in $4.2 million in prize money.

"We only buy proven horses," Iavarone said. "They cost more, but we can afford them and so far they've won."

The wins will almost surely allow the men to meet their goal of raising $100 million from about 50 investors for the hedge fund.

"I can raise that in a week," Iavarone said, even with a minimum buy-in of $500,000.

Schiavo said he just received a copy of the preliminary prospectus that they hope to send out next month.

"It's a lot more fun to follow your investment at the track than on the stock charts," he said.

Most of the prospective investors are Wall Street bankers or corporate personalities. The men would not disclose names, but said the biggest investor is chairman of a New York Stock Exchange company. Schiavo said another is a former New York Yankees manager, turning his eyes toward a picture of Joe Torre in the winner's circle at Saratoga with Sugar Punch.

"We're asking you to make a man's investment, write a real check, play the real game," Iavarone said. "This is high risk, high return. You could lose your investment, or you could score big. Right now, we're on a roll."