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Clueless

The Economist: The Madoff Scandal – Due Diligence Trumps Faith

Maybe Bernie Madoff should have been named burnie…that’s what happened to the hundreds of people who parked their cash with him only to see it evaporate like alcohol on a sidewalk on a hot summer day.

While the SEC and others keep working to unwind what Mr. Madoff insists he did to the tune of $50B and on his own, we can takeaway a great lesson here.

Faith has nothing to do with investing. It’s all about the facts and numbers. We’d all do well to set up an appropriate process for ourselves and follow it.

It could be quite awhile before this story is complete, give the shame and secrecy we Americans have around money.

Here’s an excellent piece by The Economist on the subject.

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