The morning-line favorite for Saturday's Kentucky Derby is a long-striding, rhythmic bay colt named Orb, in homage to his sire, Malibu Moon. He is co-owned by Ogden Mills "Dinny" Phipps and Stuart S. Janney III, racing figures pulled from a bygone era. Phipps, 72, is the descendent of a racing family that has been in the game for nearly nine decades and bred some of the greatest horses in history; Janney, 64, is the son of the man who owned the great and ill-fated filly, Ruffian. They are first cousins, wealthy Patrician men whose lives could have been told by Fitzgerald, and for whom racing is a dignified diversion. It has become modern Derby tradition for owners to stand briefly in the spotlight as their horses -- however remote their chances -- prepare for the race. Yet Phipps and Janney will not arrive in Kentucky until Friday.