Seeing how the biggest story of 2007 was the subprime crisis, which only a few canny hedge fund managers foresaw, let's take a look ahead to potential news headlines for 2008. Who knows, we might even be as canny as the best of them.

12b-1 and One for All. Securities and Exchange Commission Chairman Christopher Cox failed on his promise to revisit these 30-year-old-plus, archaic, controversial fees by the end of last year. He had indicated that he was considering banning their use to pay brokers rather than their original purpose: to market funds, build up their assets and pass along economies of scale.

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