Well that FUEL ....that is probably one of the major factors in them developeing ulcers quickly. I beleive most track people cook the feed so you really don't know what each one uses at any given time.
As far as eating Cap'n Crunch.... you should know better.
In 1984 at the age of 19 not many people "knew better". But I daresay if I were still running 100 miles a week I could still pull off the high carb diet.
Perhaps sweet feed is among the culprits for developing ulcers in certain situations, but I would venture to say that it is nearly at the bottom of the list in terms of the horses in this study: fit, young TBs kept in a stall 23 hours out of 24, no turnout, no grass, worked and trained hard, pushed physically to their limit on a regular basis, raced, given NSAIDs, corticosteroids and heaven knows what else . . .
Good luck trying to keep a horse like that in good flesh with just hay and minerals, by the way.
I'm not defending racing industry practices in terms of horsekeeping. But not all horses on the track are starving wrecks with terrible diseases and horribly managed. You need to go to some nice barns at some nice tracks to see how much a horse can thrive in a difficult environment, sweet feed and all.