As I think back over the last two editions of the Preakness, I wonder, what are we in for this year?

Last year, Charlsie Cantey and I were on the jockey's porch just above the racetrack, getting ready to videotape a segment for the ABC Sports telecast of the race. That's when that troubled man ran out onto the racetrack and threw a punch at Artax and his rider Jorge Chavez, as they raced down the stretch.

Then two years ago, most of us from the ABC crew were up on the roof of the Pimlico grandstand when that massive power failure occurred. Luckily, many of us had phone betting accounts and live telephones with which to access them. Hey, with such a good card, what a shame to be out of the "action!"

So this year, here's a little advice for track owner Joe DeFrancis and the folks at Pimlico who do the advertising. Why not have an ad campaign that reads like this: "The Preakness -- what the (expletive) is going to happen this year?

Here are a few more marketing ideas. How about free admission to anybody who brings a fuse? Or on a variation of the mystery mutuel voucher used by so many tracks as a promotion, send out fuses to everyone on your mailing list and have them try the in a special socket as they arrive at Pimlico. The fan with the fuse that lights up a model of the track gets to present the Preakness trophy!

And speaking of presentations, why didn't the Governor of Kentucky prepare for the enormous television opportunity he had in the Kentucky Derby winner's circle following this year's race? I was embarrassed for him as well as the Churchill Downs people and ABC host Jim McKay. Aren't politicians supposed to live for moments like that?

I've been thinking about the possibilities of another Triple Crown winner (just like everyone else). The first Kentucky Derby that I called for ABC Sports was in 1978. What a way to begin. Affirmed! I can still see the stretch drive, and it was not Alydar who was Affirmed's major stretch combatant. That role went to Believe It with Eddie Maple aboard. Alydar made a great late run, but it did not portend what would happen in Baltimore and New York. CBS had the television rights to the Belmont back then, so it was Chick Anderson who called the race. And it was a great call to an unforgettable finish, "We'll test these two to the wire!"

I was surprised when Silver Charm took the 1997 Preakness. Remember what a terrible trip Touch Gold had there? And I was also surprised that Real Quiet won the race in 1998 following his Kentucky Derby victory. That was the year Gary Stevens replaced Alex Solis on Victory Gallop after the Derby. Wonder what would have happened if Stevens had gotten to know Victory Gallop in the Derby and then gone on to the Preakness with him? We know how they did in the Belmont.

And yes, I was surprised when Charismatic won the Preakness last year. Will I be surprised if Fusaichi Pegasus wins the middle jewel of the Triple Crown this Saturday? Yes and no.

Yes, because if he wins, he will be the fourth horse in a row to then attempt a Triple Crown sweep. That, ladies and gentlemen, is almost unbelievable.

And no, I won't be surprised if he loses. The horse is without a doubt something very special. A freak in the kindest sense of the word. But he is still a horse, and he could very well lose. And his price in Baltimore will be so bad, you just have to bet against him!

Now the big question: how much is Fusaichi Pegasus worth? I figure around $41,666.67 a pound. How? Divide $50 million by his 1200 pound weight and see what you get. $50 million? Yeah, I know that may seem steep, but the truth of the matter is, he's worth every penny of that. Just think, he's a son of the great sire Mr. Prospector, who's not around anymore. Who better to carry on that expensive bloodline?

The Preakness used to be the ugly stepchild of the Triple Crown. But for many of us, it is now the stop we look forward to the most.

Louisville during the Derby is a zoo. The business people (especially the restaurateurs and the cab drivers) are such opportunists. How can an eating establishment justify tripling their prices just because its Kentucky Derby weekend? How can a taxi charge $11 to go five blocks (not counting tip)? I can't wait to get to Baltimore and have crab cakes at Gail and Lenny Kaplan's Polo Grill, hang out at the Pimlico stakes barn talkin' horses and handicap the excellent races that run all through Preakness weekend.

Finally, I would like to pay tribute to a friend who recently left us. Last Wednesday, Buddy Raines, who campaigned 1962 Preakness champ Greek Money, passed away at the age of 89. What a great ambassador for racing he was. He was certainly a throwback to the polite days of thoroughbred racing as a sport. Of lemonade or bourbon under a shady tree after the last race. Of smiling when you just got beat at the wire by a friend. Of never claiming another man's horse. Right! Buddy never claimed a horse in his long and successful career. He told me that he wouldn't have known how to fill out the claim slip. I will always remember Buddy with a natty light linen suit, a straw hat, and having a laugh.

My deepest sympathies to his family, especially Mike and John Luzzi, who have lost a national treasure, not to mention a grandfather.