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They're entering it in many cases with the wrong portfolios.
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The photographer mixed up the names and sent you the wrong portfolio, saying "well, all babies look alike".
The strategy was so profitable, however, because the portfolio generally lost only small amounts when the model's predictions were wrong; the portfolio tended to perform very well indeed when the predictions were correct.
But after a year when the Standard & Poor's 500-stock index suffered its worst calendar loss since the Great Depression, it's understandable that investors want to know what went wrong with their portfolios.
On days when our economic forecasts go wrong or our portfolios go south, I remember that day when 100 bees stung me.
If you were at Disrupt London four years ago you may remember more than a little awkwardness during an investor panel when two VCs that had invested in European payday loans firm Wonga declined to comment on what had gone wrong at their portfolio company in the wake of a £220M write down.
Hurdle #3: There was a Nobel Prize issued to notable academics that showed that asset allocation is responsible for 92% of the returns from portfolio A to portfolio B. WRONG!
In one notable case it has gone badly wrong, dragging the whole portfolio down.
He said that the Conservative approach of having "no more offshore wind", which has been championed by John Hayes, a Tory minister without portfolio, is wrong.
Then again, market predictions are almost always wrong, said Matthew MacDonald, senior portfolio manager for retail mortgage-backed securities.
He did not realize how wrong-footed his portfolio was until after the Treasury announced its $30 billion buyback of long-term debt on Jan . 13 setting off a rally that has sent the yield on the 30-year Treasury bond down almost two-thirds of a percentage point, to 6.14percentt on Friday.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com