A native of the Bluegrass State, Michael Pegram, a seasoned owner renowned for his near-miss in the 1998 Triple Crown with Real Quiet, will receive the Laffit Pincay Jr. Award this Sunday at Del Mar. Named in honor of the esteemed Hall of Fame jockey, this accolade recognizes individuals who have contributed to the sport of horse racing “with honesty, unwavering commitment, resolve, and distinction.” Pegram, at 73 years of age, shared his insights into his career within the racing world during a conversation organized by America’s Best Racing.
PEDULLA: What significance does receiving the Pincay Award hold for you?
PEGRAM: When an organization like Del Mar, which has become my cherished racetrack over time, bestows this recognition upon you, and the community acknowledges your contributions, it’s hard not to feel appreciated. We dedicate ourselves to the vitality of the sport. To be honored in this manner is truly special.
PEDULLA: What qualities of Del Mar make it your preferred track?
PEGRAM: Del Mar consistently maintains a positive outlook. Their respect for the horsemen is evident. It’s a privilege to be a part of that. The ambiance at Del Mar is unparalleled. The leadership’s management of Del Mar over the years has been exceptional. They are committed to innovation and progress.
PEDULLA: How did you become involved in racing?
PEGRAM: I don’t recall a time when I wasn’t visiting the racetrack. Ellis Park [in Henderson, Ky.] was my local track. Ellis has evolved significantly since my childhood visits with my father. I’ve always been an enthusiast of the sport. I’ve always been drawn to the excitement. My first ownership experience was with my father [Jim] and friends, running a claimer at Ellis. We ultimately acquired the horse privately.
PEDULLA: What was the name of that claimer?
PEGRAM: Storm Strike. He proved to be more than just a claimer. He secured a stakes victory. He was a resilient horse that competed on the Midwest circuit and achieved success.
PEDULLA: You played a key role in persuading Bob Baffert to train Thoroughbreds instead of Quarter-Horses. How did that transpire?
PEGRAM: I experienced a divorce and stepped away from the horse business for a period. Upon my return, a friend inquired about purchasing a Quarter-Horse together. Baffert became the trainer. My father passed away in 1987, and I assumed responsibility for his stable of horses. It was then that I realized my affinity for Thoroughbreds. I remarked to Bob, partly in jest but also truthfully, ‘Why are we competing for $4,000 at night when we could be running for $40,000 during the day at Santa Anita?’ He transitioned to training Thoroughbreds with us.
PEDULLA: You achieved early success with Thirty Slews, who triumphed in the 1992 Breeders’ Cup Sprint at Gulfstream Park.
PEGRAM: Thirty Slews was the first horse Bob acquired at auction [at the 1988 Keeneland September yearling sale]. The name Thirty Slews originated from the $30,000 price tag. We experienced early triumphs. I recognized that I had aligned myself with a rising star.
PEDULLA: Does Thirty Slews hold a special place in your heart?
PEGRAM: Absolutely. Let me share a memorable anecdote. We were a group of novices arriving at Gulfstream [for the Breeders’ Cup] that day. I was incredibly anxious. I went to the beach and returned to Bob asking, ‘Where have you been?’ I was wearing shorts and my typical Tommy Bahama shirt. He responded, ‘We’re competing for a million dollars. You can’t attend the track looking like that. Dress up. Put on your jeans.’
PEDULLA: Real Quiet was another exceptional value. You acquired him for $17,000. What accounted for his affordability?
PEGRAM: I was not present at the sale. I arrived that evening. Bobby informed me, ‘We secured a Derby prospect today’ and showed me the pedigree. The dam’s side was exceptionally strong. He mentioned, ‘He needs to mature,’ due to his slender frame. That’s why we nicknamed him “The Fish.” He was consistently referred to as “The Fish” at the barn. He eventually developed into a magnificent horse and provided us with an unforgettable journey.
PEDULLA: He narrowly missed winning the Belmont Stakes, succumbing to Victory Gallop at the finish line after establishing a significant lead. During a substantial portion of that race, did you envision winning the Triple Crown?
PEGRAM: Yes, particularly as they approached the homestretch. And I must say, as soon as that thought crossed my mind, everything began to unravel. When [jockey Kent] Desormeaux built a substantial lead turning for home, I thought, ‘This is reminiscent of Secretariat.’ Then, unexpectedly, my friend, Gary Stevens, appeared with Victory Gallop.
PEDULLA: How did you process such a heartbreaking defeat?
PEGRAM: I didn’t dwell on the loss. It was the most enjoyable five weeks of my life, reconnecting with people from all walks of life that I encountered along the way.
PEDULLA: Did you ever discuss the race with Desormeaux?
PEGRAM: No, never did. He rode to the best of his ability. I’ll state it publicly now. He simply miscalculated. He made his move prematurely. Real Quiet consistently performed well on the turn. That’s where he seized the lead in the Derby. That’s where he surged ahead in the Preakness. So, Kent allowed him to run the turn, but it’s a sweeping turn at Belmont, and he lost his rhythm in the final sixteenth of a mile. The horse persevered to the finish line, and it was decided by the bob of a nose. I’m not a rider, so I won’t presume to instruct a jockey on how to ride.
PEDULLA: Despite it being a defeat, where does that Belmont moment rank for you?
PEGRAM: Well, it’s unforgettable because it marked the culmination of an extraordinary five-week experience. You learn in this sport that you won’t always emerge victorious. If you aim for a .500 batting average, you should explore a different profession because it’s unattainable in racing. I don’t believe it fully registered because I had a promising filly named Silverbulletday in the barn. While she provided thrills, winning the Derby remains the most cherished experience of my life.
PEDULLA: You’ve owned so many exceptional horses. Which one is your favorite?
PEGRAM: Real Quiet, naturally, followed by Silverbulletday and the journey she took us on, and then [2010 Preakness winner] Lookin At Lucky. What did Lookin At Lucky ever do wrong? However, Midnight Lute [a two-time Breeders’ Cup Sprint winner] holds a special place because Midnight Lute is a son of Real Quiet. I’ve always maintained that Real Quiet is the gift that keeps on giving. This isn’t to diminish the achievements of the other Grade 1 winners we’ve had. But it always circles back to Real Quiet.
PEDULLA: Would you say Real Quiet was your best horse?
PEGRAM: Yes. After all, there are a limited number of Derby winners. And here’s another aspect of Real Quiet that I believe was underappreciated: Real Quiet won a Grade 1 race as a 2-year-old, 3-year-old, and 4-year-old. How many horses can claim that? The only race he ever lost [longer than] a mile and an eighth was by a nose in the Belmont. Review his past performances, and you’ll see he was an incredible horse. He transformed from “The Fish” into “The Man.”
PEDULLA: What impact has racing had on your life?
PEGRAM: I’ve enjoyed a prosperous business career and a fulfilling family life. But I can’t envision either without racing.
