Madoff Uber-Ponzi Returns
In case you hadn’t seen it elsewhere, a graph of Madoff über-ponzi scheme returns Dec, 1990 to Oct, 2008 (hat tip to Cluster Stock for data source):
Not eyebrow-raising in terms of returns or even returns relative to volatility. Eyebrow-raising for the consistency of returns over multiple very significant regime changes in the US markets.
Happy (actual) Trading,
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