IN order for there to be peaks to admire, there also have to be a few troughs. In between the superb racing over Christmas and the even more superb racing at the Cheltenham Festival in March there is undoubtedly a trough, and especially so in the first half of January.

The weekend just gone had no Grade 1 races and was responsible for barely a ripple in the ante-post markets for the big races ahead. By any objective description, the fare was mediocre at best. But that is not to say it was without interest: a winner is a winner, after all.