to be, I’m good at anticipating things, and I guess that’s why I was a halfway decent sportsman.
Give me a golf ball and I can hit that sucker a country mile. That’s because golf is a game that requires practice, practice, and more practice. That’s my brand of doggedness. I can do that. I play to a reasonable handicap, although I wasn’t born a Ben Hogan or anything. But Ben came from Texas like me. We were born about ninety-four miles apart, and in my country that’s the equivalent of a sand wedge. Ben, of course, was known to practice more than any other golfer who had ever lived. Must be something in the water.
I was born in Houston but raised up near the Oklahoma border. My parents, David and Holly Luttrell, owned a fair-sized horse farm, about 1,200 acres at one time. We had 125 head up there, mostly Thoroughbreds and quarter horses. My mom ran the breeding programs, and Dad took charge of the racing and sales operation.
Morgan and I were brought up with horses, feeding, watering, cleaning out the barns, riding. Most every weekend we’d go in the horse van to the races. We were just kids at the time, and both our parents were excellent riders, especially Mom. That’s how we learned. We worked the ranch, mended fences, swinging sledgehammers when we were about nine years old. We loaded the bales into the loft, worked like adults from a young age. Dad insisted on that. And for a lot of years, the operation did very well.
At the time, Texas itself was in a boom-time hog heaven. Out in West Texas, where the oil drillers and everyone surrounding them were becoming multimillionaires, the price of oil went up 800 percent between 1973 and 1981. I was born in 1975, before that wave even started to crest, and I have to say the Luttrell family was riding high.
It was nothing for my dad to breed a good-looking horse from a $5,000 stallion and sell the yearling for $40,000. He did it all the time. And my mom was a pure genius at improving a horse, buying it cheap and devoting months of tender loving care and brilliant feeding to produce a young runner worth eight times what she paid.
And breeding horses was precisely the right line to be in. Horses were right up there with Rolex watches, Rolls-Royces, Learjets, Gulfstream 1s, palaces rather than regular houses, and boats, damn great boats. Office space was at a premium all over the state, and massive new high-rise blocks were under construction. Retail spending was at an all-time high.
Racehorses, beautiful. Give me six. Six fast ones, Mr. Luttrell. That way I’ll win some races.
That oil money just washed right off, and people were making fortunes in anything that smacked of luxury, anything to feed the egos of the oil guys, who were spending and borrowing money at a rate never seen before or since.
It wasn’t anything for banks to make loans of more than $100 million to oil explorers and producers. At one time there were 4,500 oil rigs running in the U.S.A., most of them in Texas. Credit? That was easy. Banks would lend you a million bucks without batting an eye.
Listen, I was only a kid at the time, but my family and I lived through the trauma to come, and, boy, I’ve done some serious reading about it since. And in a way, I’m glad I lived through it, because it taught me to be careful, to earn my money and invest it, get it somewhere secure.
And it taught me to think very carefully about the element of luck, when it’s running, and how to keep your life under control. I have long since worked out that when the crash came in Texas, its effects were magnified a thousandfold, because the guys in the oil industry sincerely believed money had nothing to do with luck. They thought their prosperity came from their own sheer brilliance.
No one gave much consideration to the world oil market being controlled in the Middle East by Muslims. Everything that happened had its roots in Arabia, assisted by President Carter’s energy policy and the fact that when I