Monday, December 15, 2008

Who's next?

I don't know why I'm surprised that Bernard Madoff lacked the decency and integrity it would have taken to kill himself. Clearly he's not Japanese.

So who's next? Who's another big fund that's opaque, has an incredible mystique and is hard to get into, and gets unbelievably consistent results. How about Renaissance Technologies? What, everyone will say, Jim Simons is a genius and he hires only quant nerds (a syllogism if ever there was one), who are incapable of guile, right? Where Madoff acted smooth by appearing to charge no fees, only collecting commissions on the brokerage side, Simons' fees -- an incredible 5 and 44 -- could just be another way of projecting specialness and uniqueness.

OK. RenTech files 13fs. Could they not be faked? I dunno.

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