Flagstone Lady

What makes those figures slightly harder to explain away is the yard she comes from. Trainer M D O'Callaghan operates out of The Curragh in Co. Kildare — one of Irish racing's most storied addresses — and has sent out 18 winners already this season. That's a stable in good form, which means Flagstone Lady isn't simply a victim of bad timing or a yard going through a rough patch. The horses around her are winning. She just isn't one of them yet.

She raced as recently as yesterday, so she's clearly still being kept busy and given chances. At three years old there is still room to grow, and trainers don't keep running horses for nothing — there's presumably something they see in her at home that keeps her in training. But on what she has shown publicly across five races, she remains one to watch rather than one to back, until she gives some clearer sign that things are about to change.