Harry Markopolos, who tried more than anyone to get the SEC to see what was really behind Bernard Madoff's "success" has penned No One Would Listen: A True Financial Thriller. The Times quoted Markopolos: "As I explained this massive fraud, it very quickly became clear he didn't understand a single word I said after hello...if blank looks were dollar bills, I would have walked out of that room a rich man."
On the positive side, looking at a truly successful investor, we have The Greatest Trade Ever: How John Paulson Bet Against the Markets and Made $20 Billion.
During last November's GIPS conference, one speaker discussed Madoff, saying that his long string of successful years of positive returns should have been a clue to something being wrong. This speaker was followed shortly by another who cited a hedge fund manager (not Paulson) who has had many years of positive returns. Kind of funny, yes? Long string of positive returns = suspicious; long string of positive returns = success. We do live in interesting times. And these books no doubt will provide us with some interesting insights. And while Markopolos' won't reveal the secrets behind Madoff's success in pulling off the biggest Ponzi scheme ever, it at least will provide us with some insights into Markopolos' struggle to get the SEC to listen.
.png)
One of our clients recommended www.Audible.com as a source for audio versions of books. If you do a lot of driving like me (or even just a little), why not enroll in the "Automobile University" (as Zig Ziglar calls it) and listen to books while you drive? The Paulson book is available and I'll be buying it shortly (and downloading to my IPod); the Bernie book isn't fully ready (the first chapter is actually available for free) but should be available shortly, too. I do a lot of reading, but I get even more accomplished by listening while I drive! Try it...you'll like it!
ReplyDeleteDave,
ReplyDeleteHarry M is a great storyteller. I've heard him speak to the Boston Security Analysts Society (BSAS). The BSAS is proud to have him as a past president.
I am looking forward to reading his book as it will no doubt shed much light on his efforts to enlighten the SEC, which appears to have been "asleep at the wheel."
ReplyDelete