This week is the 10 year anniversary of the arrest of Madoff. The chart below (click image to download) shows estimated returns for the Bernard L. Madoff Investment Securities ("BLMIS") fund. Returns are estimated by increasing the reported net-of-fees returns of the Fairfield Sentry Fund, the largest Madoff feeder, by its 1% management fee. We did not take performance fees into account. There are so many important lessons to learn from the event, but perhaps the easiest is this: if something seems to good to be true, it is.
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