Amid low Preakness turnout, ecstatic Seize the Grey owners give horse racing a shot of life

A crash course on the economics of modern racehorse ownership: Julie Hobson bought a 0.02% share of Seize the Grey for $127. When the horse won the Preakness Stakes on Saturday evening, she — and every other microshare owner — earned $158 of the $2 million purse. But Hobson also spent $2,000 just to get to Baltimore after her flight was delayed from her home in Northern California.