The Importance of Consistency in Data

Madoff was pretty clever in the sense that if you're going to deliver fake returns, then only give people one to two percent a month. It doesn't look that big except it's the consistency of the data that should have raised red flags because markets and strategies just don't deliver consistent returns generally. This is an interesting point because it makes one wonder. Who do we not know about? Exactly who is clever enough so they keep just below the radar? They're doing very well, but not so well that they're drawing attention to themselves.

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