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OnPerformance Weekly
Friday, December 19, 2008
Thank You Mr. Madoff
Nick Burkholder
Much is being made of the Madoff Affair. I sometimes have trouble remembering how to pronounce names but not with MadeOff. I’m sorry for his children.
Bernard Madoff may have created the biggest Ponzi scheme in history but everything in history trends to the biggest because of inflation and population. Madoff’s success was based on testimonials. Important people recommended him to other important people who so wanted to get in on even that which seemed too good to be true.
The Madoff Affair should serve as a stern reminder that whatever is too good to be true, is bad and fallacious. And that important decisions should not be based on testimonials; important decisions should be based on performance. This is also an opportunity to introduce you to our business, which is formally launching on January 5, and what we intend to do and how we intend to do it.
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