253: Patrick Boyle - Lessons from Financial History and False Expectations in the Markets
Chat With Traders
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Is Bernie Madoff a Scam?
When the Madoff meltdown occurred, I was fascinated by it. His promised return was, I think, 12% a year over a very long period with pretty much no volatility. But there were still things that kind of, I go through an example with my students to say, what could someone who understands derivatives know that would highlight that this was a scam? It's possible that some investors thought that Bernie was ripping off his brokerage customers and putting the profits in their own pockets.
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