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During Marshall Gramm’s annual Kentucky Derby party in Memphis, it was mostly business as usual for his 200 guests. They schmoozed in the backyard. They sipped mint juleps. But they also peppered Gramm, an avid horseplayer, with a question that in their eyes loomed large over this Triple Crown season: “Where’s Bob Baffert?”

There’s one (human) name in horse racing that resonates with even the most casual horse-racing fans. It’s Bob Baffert. He has become synonymous with winning the most prestigious races on the calendar….