Empathy, from Alan Millhone

December 27, 2008 |

 Bernie Madoff is all over the news and other than the recent suicide of an investor who lost it all for himself and family and a few named high profile celebrities most of us don't have a face or name of the many victims as yet. As a Christian, I have been praying for Madoff and for all those he swindled. Last week my Sunday school teacher of several years left our church. The class voted to have me take over for her. Tomorrow as part of our class discussion I am going to poise the question of how the class as Christians feels towards Mr. Madoff and how they feel towards his victims? Mr. Madoff will have to live with what he has done. I fail every day, and not really my place to judge him. My heart goes out to all those who invested with him out of total trust and that he was getting them fantastic returns. Perhaps in that situation one turns a blind eye towards asking too many questions that perhaps the SEC should have been asking long ago about his firm?

James Lackey writes:

Probably because very few know the very rich or the closed society that lost all. I am ignorant of that clique but inquired around its six degrees of separation.

Its not schadenfreude, but relief to traders. Men that risk for a living know it's impossible to profit without risk and max drawdowns some 100% above advertised, which is the get the joke of the year as the entire Sharpe ratio risk management diversification was a scam and we all knew it. There was never any oh how can they do it, they must be so smart. Why can't we figure out how to profit on 90% of days, never lose much and have stable returns?

That is the silence of the lambs. Most are guilty, except the Specs, who talk only about losses and are always very upfront. We take very high risk, and that was a bad word for years. We were made fun of… "you're going to blow up"…

Well, you'll never profit without taking risk. You'll never know its a panic until you're in it, and if you stop yourself out at every whiff of a panic you're guaranteed to never make a dime over a decade. Now they know all the low risk returns were a scam.

Now back to speculating for a living.


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