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They Also Ran was created in 1943.
Jim won the race, but Sherly was an also-ran.
A horse that doesn't place when running in a horse race is sometimes referred to as an "also ran". This is a horse that finishes out of the money.
an also-ran refers to losing horses in a horse race
An also-ran is someone who competed in a race but did not win, or, by extension, a loser who is soon to be forgotten.