Capitalist has won the $3.5 million Golden Slipper, giving trainer Peter Snowden his second triumph in the world's richest race for two-year-olds.
But unlike Snowden's first win in 2011 for Sheikh Mohammed, Saturday's victory at Rosehill was for family as he shared the moment with his son and co-trainer Paul.
And Capitalist did it in much the same Sepoy did it five years ago, lifting his form after a lead-up defeat in the Todman Stakes.
Aided by a one of the best runs in the race under jockey Blake Shinn, Capitalist sprinted to the front at the 200m and from there the result was never in doubt.
"I have to take my hat off to the team at home, Snowden racing, Peter and Paul," Shinn said. "We never wrote him off after his last defeat. You've just got to have the faith and go in confident to every race. He backed up from the Magic Millions and came here today. I was just saying, 'come on mate, one more performance' and he did it for me."
Yankee Rose, a $10,000 yearling purchase, gave her syndicate of owners an enormous thrill in finishing strongly to take second place.
Heavily backed Flying Artie was third across the line, just in front of Godolphin runner Telperion.
A poor start cost race favourite Extreme Choice his chance. The unbeaten Blue Diamond Stakes winner had settled on or near the lead in his three races but Craig Newitt was uncharted waters this time.
To the contrary, stablemate Flying Artie began cleanly from the four gate and Damien Oliver had the brown colt third on the rails after 200m. Rank outsider Sweet Sherry led an a leisurely tempo and, for much of the trip, most would have expected Flying Artie to sail clear once the pressure was applied.
He, however, 'wheel spinned' a little and it was Capitalist - the long-time favourite for the race - which shifted gears. The well-supported Yankee Rose was first up since November and produced a cracking effort.
As much as 50/1 was bet about her chances in a race where most considered the colts to have a clear edge.
She started at $21 and in a few more strikes, the result might have been different.
At the finish, Yankee Rose cut Capitalist's margin to a half length despite being wide for much of the 1200m. Flying Artie was 1 lengths away in third, fractionally ahead of the late-closing Telperion.
Gai Waterhouse's Kiss And Make Up was never a factor and finished second last, with stablemate Scarlet Rain at the tail. Both had been unbeaten prior to contesting this compelling equine test of speed.
