How did you get into ownership?

My mother, Sarah Roger-Smith, was an international show jumper. She won individual and team gold medals at the under 18 and under 21 European Championships and represented Britain in several Nations Cups. My father, John, was a master of the Berkeley Foxhounds and the Kildare Foxhounds in the 1980s. My uncle and godfather was Josh Gifford. (Champion British jump jockey four times and trainer of Aldaniti who won the 1981 Grand National.)

Horses have been an integral part of my life life from an early age; my ponies and horses were my best friends. Aged 11, I read John Francome’s book Born Lucky and used to watch Channel 4 racing on Saturday afternoons. I would then gallop my pony Connie around the fields and imagine I was riding in the Arc de Triomphe or Cheltenham Gold Cup and had bred, owned, trained and ridden the winner.

During my school days I rode out for Josh in the winter and Geoff Lewis at Epsom in the summer. I show jumped before progressing to point-to-pointing and riding under rules.

I was lucky enough to win the FEGENTRI amateur jockey world championships in 2002, riding winners in 10 different countries before going back to university. I did an undergraduate degree in business and hotel management, then a law conversion/masters at Law School, before completing a masters in Property Development. Thereafter, I worked in the City and qualified as a chartered surveyor.

With great privilege comes great responsibility. I am very lucky to be the chairman of the family property company Coldunell and have a duty to be a custodian of the business for future generations. My professional life was mapped out for me from a young age. While some people follow the philosophy that you are defined by what you do, I also think that you are what you learn. I like academia and the challenge of trying to learn more about racehorses.

What was your best day at the races?

This season we have had some great days when all three of our mares have won. However, my most cherished memories are from 2014 when our horse Utopian was unbeaten in hunter chases. I trained him at home, rode him every morning before going to the office and put him to bed at night. We drove him to the races and my wife, Natasha, led him up. He was also the last horse my father and Josh bought together before they both died in 2012. Utopian is a full-brother to the dam of Daylight Katie, who I currently have in training with Gordon Elliott.

What is the biggest drawback about being a racehorse owner?

Horses are very fragile physiologically. The worst days are when you lose one to injury or illness.

Flat or jumps which do you prefer?

My sporting interests revolve around National Hunt racing in the winter and cycling, which I do more of than race riding these days, and supporting Natasha show jumping in the summer. Flat racing is great – it’s just not a main focus right now.

What qualities do you look for in a trainer?

When I first went to Willie’s (Mullins) yard and more recently Gordon’s, I thought the most impressive aspect was the quality of their systems and processes, the attention to detail, an implicit philosophy of marginal gains and the commitment of their riders and staff. Willie and Gordon are phenomenally intuitive in understanding each horse individually.

Willie’s training methods are also remarkably close to those used by elite cyclists which I found really interesting and had not seen with other trainers before. The economist Peter Drucker said that “innovation is the specific tool of entrepreneurship”. These guys have a very innovative approach to training racehorses.

What improvements would you like to see racecourses in Ireland do?

I have no experience in racecourse operations or revenue management. However, If we consider that owners could be consumers at the highest level of the market qualitatively, racing may be able to look at other equestrian sports for inspiration.

At international show jumping shows in Europe are quite interesting. At many of the these shows there are VIP marquees, like owners’ and trainers’ enclosures. You can buy a wristband for the show which includes full hospitality from breakfast until the small hours. The food and beverage offering is far superior to the one on the racecourse but then the product may also be quite price elastic. The VIP area becomes like a clubhouse to network and socialise.

The racing industry is asking owners to part with large amounts of disposable income which they could spend on other activities. The capital expenditure on horses and training fees are so great that it is reasonable for owners to be looking for a certain level of quality and conviviality on the racecourse.

What significance do your colours hold?

Growing up I liked plain or classical sets of colours like Lord Howard de Walden’s, Godolphin’s, the Aga Khan’s and Sheikh Hamdan’s. When I was 15 I wrote to Wetherbys and tried to create my own.

When buying a horse, what do you look for?

After we retired Utopian I wanted a new challenge in racing. Firstly, I wanted to ride a winner in Ireland before my race riding days were over. Secondly, I wanted to work with and learn from the best trainers in the industry. And thirdly, I was looking to establish a future broodmare band for the stud at the family farm. I also felt that I may have more of a competitive advantage if I focused on one area of the market, mares.

My acquisition criteria you can also break down into three parts:

Firstly, the prospective mares have already demonstrated potential on the racecourse or in points.

Secondly, their conformation has to be as correct as possiblea nd thy must move well; to mitigate injury where possible and so not to pass on physiological defects to their future offspring.

Thirdly, their pedigrees are either already established or they are from young families where there is a strong possibility that their pages may develop more blacktype.

Redhotfillypeppers was an example of the first criteria as she has On His Own and Joncol in her family. Ifyoucatchmenow was an example of the second part as when we bought her, her half-brother Ballyward had just won a bumper but I was hopeful he may go on to become a graded hurdle or chase winner.

I knew Daylight Katie’s family intimately well because of Utopian. I was hopeful that if she shared some of his ability she could become a nice mare on the racecourse.

What horses do you have in training?

Those three National Hunt mares in Ireland and a flat horse, Party Royal, with my cousin Nick Gifford in Britain.

What’s next on the agenda?

They are all in really good form. We just need a bit of rain.

Have you horses to look forward to?

I have one broodmare to put in foal, Minutes To Midnight.

What would help to make Irish racing more competitive for the smaller owner/trainer?

What I did notice when I started riding in Ireland, is how competitive it is. The quality of a maiden hurdle is much higher than in Britain. The racing is more tactical and the jockeys ride more tightly against each other in a race than in Britain. We may be in a golden era for National Hunt racing in Ireland with jockeys like Ruby, Barry and Davy and Paul, Jack and David a few years younger, trainers like Willie, Gordon, Jessie, Joseph and Henry and owners like J.P., Gigginstown and Rich Ricci.

The best horses have often been bred in Ireland but now are staying here to be trained and ridden by the best. The Cheltenham Festival statistics reflect this ascendancy. There are only a finite number of opportunities in the programme book so smaller owners and trainers are inevitably competing against horses representing these connections.

The dominance of the elite is symptomatic of all sports in the 21st century. Tennis has Rafa Nadal, Roger Federer and Novak Djokovic – with Andy Murray now retiring. The Premier League has six top clubs. Maybe the media focuses disproportionally on the chief protagonists and this attracts them greater investment and sponsorship. The mid-tier in any industry finds it tougher today but there is always the opportunity for an exceptional individual or organisation or in our case, equine athlete to break through.

What advice would you give to someone thinking of becoming an owner?

The psychologist Jordan Peterson advises that our objective in life should not be to strive for happiness, because happiness is one dimensional and shallow and that is only ever transitory and falls away as soon as we are faced with adversity. We should live in pursuit of a complete range of emotions and experiences so that our lives become more profound and enriched.

I remember the day when Hurricane Fly won the Champion Hurdle in 2011, I had two horses in training at that time. I spent long into the night at the Liphook Equine Hospital with my horse Robin who was fighting a very acute C. Difficile Colitis. Through brilliance, dedication and the horse’s will to live, Professor Andy Durham saved his life and we eventually brought Robin home.

Tragically, a few days later, my other horse Soleil Fix died after contracting malignant hyperthermia as a reaction to the drugs used for anesthesia during a routine procedure. During those moments, success on the track seemed very far away.

Several years later I had a horse with Willie stabled next to Hurricane Fly and to win on one of your own, trained by Willie or Gordon is living the dream. When pulling up Daylight Katie after winning at Gowran Park recently, I felt pretty emotional and took my time because those moments are very precious and you want to savour them for as long as possible.

When you become an owner, I cannot guarantee that you will be any happier but certainly your life will be richer in experience.

David Dunsdon was in conversation with Olivia Hamilton