It's Episode 23:  With the 2026 stallion fees out, Jess breaks down the key headlines: major new arrivals at Coolmore and Darley, Juddmonte boosting their mid-market, and Diego Velazquez adding depth to Britain’s middle tier. But behind the big numbers sits a far tougher landscape for everyday breeders. To dig into that reality, Jess is joined by Philip Newton, Chair of The Thoroughbred Breeders Association. Listen in as he addresses the falling foal crop, pressure on owner-breeders and the need for real structural change.