Madoff 馬多夫 的績效

http://en.wikipedia.org/wiki/Madoff_investment_scandal

In 1992, Bernard Madoff explained his purported strategy to The Wall Street Journal. He said the returns were really nothing special, given that the Standard & Poors 500-stock index generated an average annual return of 16.3% between November 1982 and November 1992. "I would be surprised if anybody thought that matching the S&P over 10 years was anything outstanding." The majority of money managers actually trailed the S&P 500 during the 1980s. The Journal concluded Madoff's use of futures and options helped cushion the returns against the market's ups and downs. Madoff said he made up for the cost of the hedges, which could have caused him to trail the stock market's returns, with stock-picking and market timing.

In his 1992, "Avellino and Bienes" interview with The Wall Street Journal, Madoff discussed his supposed methods: In the 1970s, he had placed invested funds in "convertible arbitrage positions in large-cap stocks, with promised investment returns of 18% to 20%"

Rather than offer high returns to all comers, Madoff offered modest but steady returns to an exclusive clientele.

Madoff's annual returns were "unusually consistent", around 10%, and were a key factor in perpetuating the fraud. Ponzi schemes typically pay returns of 20% or higher, and collapse quickly. One Madoff fund, which described its "strategy" as focusing on shares in the Standard & Poor's 100-stock index, reported a 10.5% annual return during the previous 17 years. Even at the end of November 2008, amid a general market collapse, the same fund reported that it was up 5.6%, while the same year-to-date total return on the S&P 500-stock index had been negative 38%. An unnamed investor remarked, "The returns were just amazing and we trusted this guy for decades — if you wanted to take money out, you always got your check in a few days. That’s why we were all so stunned."

Represented by Ira Sorkin, Madoff's present attorney, Avellino & Bienes were accused of selling unregistered securities, and in its report the SEC mentioned the fund's "curiously steady" yearly returns to investors of 13.5% to 20%.

Also in 2003, Renaissance Technologies, "arguably the most successful hedge fund in the world", reduced its exposure to Madoff's fund first by 50 percent and eventually completely because of suspicions about the consistency of returns,





http://en.wikipedia.org/wiki/Harry_Markopolos


In 1999, Markopolos found that one of Rampart's frequent trading partners, Access International, was dealing with a hedge fund manager who consistently delivered net returns of 1-2 percent a month.

When Markopolos got his hands on a copy of Madoff's revenue stream, he suspected problems almost immediately. To his mind, Madoff's strategy was so poorly structured that on paper, it couldn't possibly make money. Additionally, his return stream rose upward with only a few downticks—a nearly perfect 45-degree angle. Markopolos knew that the markets were too volatile even in the best of conditions for this to be possible. He believed there were only two ways to explain the figures—either Madoff was running a Ponzi scheme (by paying established clients with newer clients' money) or front running (buying stock for his own account based on knowledge about his clients' orders). Either way, Markopolos believed there was no legal way for Madoff to deliver his purported returns. Markopolos later said that he knew within five minutes that Madoff's numbers didn't add up. It took him another four hours to prove that they could have only been obtained through fraud.

In his interview with Steve Kroft of 60 Minutes, Markopolos said the biggest red flag he'd noticed in his initial 1999 analysis of Madoff was that he reported losing months only four percent of the time. To Markopolos' mind, no one could possibly be that good given the volatility of the markets. "As we know, markets go up and down, and his only went up," he said.



http://baike.baidu.com/view/2076266.htm

對投資機構與華爾街上流人士來說，麥道夫的投資一直很有吸引力，其客戶平均每月曾有過近2%的盈利紀錄。其中一名投資者說，對沖基金使他們持續受益，2004年開始，年回報率從7.3%至9%不等，而過去十幾年的年回報率超過10%。


http://www.hudong.com/wiki/%E4%BC%AF%E7%BA%B3%E5%BE%B7%C2%B7%E9%A9%AC%E5%A4%9A%E5%A4%AB?prd=so_1_doc

麥道夫經營的對沖基金以投入少回報高吸引諸多投資者，其中一名投資者回憶說，“當時，對沖基金令我們持續受益，2004年開始，年回報率從7.3%至9%不等，年平均回報率在8%左右，而過去十幾年的年回報率超過10%。




不過馬多夫應該騙不到任何台灣人，
因為台灣每個代操，賣訊號的，賣課程的，收會員的，投資大師，投顧老師，績效都比馬多夫好