Rule #1.  Try to remember that you are exactly as lovable among horse people as you are anywhere else--no more and no less. If people are unusually attentive to you, it may be more the attraction of your bankroll than of your personality. 

Rule #2.  Be suspicious, but also be gracious. It's good sense to be suspicious, but it's bad manners to show it. 

Rule #3.  Refuse to buy any horse whose chief virtue is a low price. A horse that isn't worth owning isn't a good buy at any price. 

Rule #4.  Keep your sense of proportion. If someone buys you dinner and a drink, that doesn't obligate you to buy a $50,000 horse from him. 

Rule #5.  Be prudent in your spending. Wild spenders get a whole lot of attention, but they get no respect at all. If you want attention, throw a party for everyone in the sale pavilion. It'll be cheaper and you'll be remembered much longer, and with affection. 

Rule #6.  Note that "famous" and "altruistic" are not synonyms. Well-known people are just as capable of fleecing you as the most anonymous hustler. Never trust someone solely because you've seen his name in the paper. 

Rule #7.  Look upon those sensationally good deals with skepticism. If it's such a good deal, how did it get past all those professionals and land in your lap? 

Rule #8.  Use your common sense at all times. If you feel that a deal isn't right, back off.  There'll always be another horse for sale. 

Rule #9.  Know your limitations. If you don't know which horses to buy or how much to pay for them, don't buy any horses until you become knowledgeable yourself or locate a competent and trustworthy advisor. 

Rule #10.  Beware of free advice. Most free advice is free because it isn't worth anything. Or it's not free at all, because the advisor is getting a payoff from someone else (with your money). 

Rule #11.  Check the references and reputation of anyone who seeks to advise you on a professional basis. Talk with everyone whom he gives as a reference and find out all you can about his standing and reputation in the industry. 

Rule #12.  Quiz anyone who is advising you to determine the basis for his recommendations. Ask why the horses he recommends for purchase are worth buying and how he determines their value. Do this pleasantly but relentlessly until you understand clearly.