While this column (and the rest of the FT) is not an investment advisory service, I like to do a once-over year-end review of how the ideas floated here worked out. It should be obvious that any thoughts or strategies I discuss should be reviewed thoroughly and independently by the reader and any advisers.

Perhaps that will be an entirely new set of advisers this January, as last year was not a happy one for many people. In corporate-speak, I guess we would say 2007 was the year of negative manager alpha.