Walter Noel checks in

I’ve been fortunate enough to start receiving a number of comments from Walter Noel. This one makes an excellent point:

And Chris, please think about this.  If you invested $500k with a “legitimate” hedge fund, you probably lost at least half, if not more, in 2008.  The Dow was down 45% for Pete’s sake.  Instead, you gave it to me, and I gave it to Bernie (after painstaking due diligence, I might add).  So Bernie blows it.  But the SIPC makes you whole.  So the guy who invested with Citadel, or Fidelity, or anbody else is down $250k.  The guy who invested with me gets his $500k back.  Brilliant? I think so.  Which is why I deserve the big bucks.  And  I deserve to keep them. I may have Alzheimers, but I can still do 2 & 20 math.  With my eyes closed. I need to run to the store for carrots.  Where is the nearest store around here?  I can’t remember.

The guy makes sense. I know of a Madoff investor who, to her sorrow (at the time), cashed in her account and put it into waterfront here in town. The value of that may have gone down – probably not – but the value of her “investment” is, and actually always was, zero. Happened long enough ago that she’ll likely escape any claw-back, too.


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2 responses to “Walter Noel checks in

  1. Walt

    And David Boise is a chump. I live near him, but in a better zip code. David, stop by for coffee and a schmear.
    All the best,

  2. Hmm, very cognitive post.
    Is this theme good unough for the Digg?