swimming naked
With all due respect to the auto industry and the worthies in washington, the big news this morning is about Bernard Madoff. Although it’s been very well covered by the always insightful and acerbic Cassandra as well as a variety of more traditional news outlets, this bit of news has a particular personal irony for me.
I had visited the offices of Madoff back in May. Situated in the striking “Lipstick” building, his multi-level offices were really gorgeous and impressive. His trading floor was large, modern and immaculate. You could trade there, perform open-heart surgery, make sushi or fab chips. Immaculate.
I was there as I had a trading strategy that I wanted to capitalize and I was hoping some sort of a deal might be worked out. Although they were extremely nice and gave me a fair hearing and asked good and detailed questions on the model, they ultimately declined the opportunity and sent me on my way. Nonetheless, I came away impressed by them and their remarkable money-generating enterprise.
Under-capitalized but game, the strategy I’d pitched them has made us over 200% since that May meeting.
You only find out who is swimming naked when the tide goes out. – Warren Buffett
