The answer to this one is quite simple and I will give an example as the answer, I bought a direct daughter of champion Rainstorm from louella and she became our number one stock pigeon and bred multiple winners at the very highest level (fed and national). Champion Rainstorm was bred in 1975 and he was bred from a 1975 Y/B and bought by Massarella along with the other first Verheye introductions(how many would buy a y/b from a y/b) . The daughter of Rainstorm we bought bred our Champion racer 'National Man' a winner of 3rd Nat 410 miles, 8th Nat 410 miles and 10th Nat 322 miles, National Man is the Sire, G.sire, G.G.Sire of hundreds of winners including 3 x 1st National(his full brother won 9 x 1st). Now if you consider how this started with a y/b bred from a y/b to produce 'Rainstorm' then you can clearly see that both untried and tried will breed you winners, the trick is to have the stock sense to select for breeding and the ability to race them, quite simply thats what separates fanciers, always has done and always will because today just about every fancier in the country has access to good and well bred pigeons.
John Burgham (hope this example helps)