This anonymous blog comment (well, he changed his name, but used the same IP as other non-anonymous posts) is quite possibly the most ignorant comment yet on my blog:
“Madoff’s monthly returns (before the fraud was exposed) looked like a trend follower’s nirvana — constantly rising NAV without drawdowns. Madoff investors showed trend-following “savvy” by investing with him knowing that the trend-is-your-friend-until-it-ends (Unfortunately the drawdown came instantaneously — and the Madoff NAV was limit down in perpetuity.)”
How do you spot the next Madoff? Anyone making 1-2% every month is either a scam or will blow up.