More the Dog Who Didn't Bark at Madoff

The bible of the managed accounts business has been Managed Account Reports for at least twenty years that I know of. It is read only by those of us who are in the managed stocks and futures business but they have always done a hell of a job "red flagging" suspected trading malefactors. So it is that Naked Shorts refers to this warning way back in 1981, while confessing that they couldn't figure out how Madoff was doing "it." But note that even these real experts who are always looking for something basically threw up their hands in the face of what they suspected but couldn't prove.

Still, when the many expert skeptics were asked by MAR/Hedge to respond to the explanations about the funds, the strategy and the consistently low volatility returns, most continued to express bewilderment and indicated they were still grappling to understand how such results have been achieved for so long. Madoff, who believes that he deserves “some credibility as a trader for 40 years,” says: “The strategy is the strategy and the returns are the returns.” He suggests that those who believe there is something more to it and are seeking an answer beyond that are wasting their time.

Yup, he lasted for another twenty eight years. The more we look at this stuff the more we must face the facts that the incompetents from MIT, Harvard, and PS 112 in the Bronx are all at fault.