The attached investment summary looks a whole lot like Tremont bundling one of the Made-off funds with some other managers (or maybe not?) and repackaging the lot. To wit: “Rye Investment Management is the division within Tremont Group Holdings, Inc. that develops, manages and promotes the firms platform of select manager funds – the Rye Select Funds.” And: “The Fund pursues a “split strike synthetic conversion” trading strategy that generally consists of approximately 50 large-cap stocks hedged with equity index options.” (Sound familiar?) I particularly enjoy the Alpha and Beta (versus S&P 500) figures. Anyone know if it was on glossy paper?
Rye Select Broad Market Fund.pdf
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dispersion trading folks have been living off the inverse of this trade, in theory…should be interesting to see if that blow out too
fucking tremont!!!! ha ha ha
Heh…those are some awesome numbers…12-15% returns and 3% volatility?
devcelops ? Is Carney back?
There is NO WAY he did this by himself. Others there had to know, oh, and it looks like he employed a lot of his family. Such a scenario – - hey guys, I am going to die soon, so I will take all the blame and you all pretend that you didn’t know ok?
Shalom
“Posted by guest, Dec 12, 2008 10:49AM
devcelops ? Is Carney back?”
Nope, that was pure ep. Sorry.
EP doing some real work for a change.
there is no way others did not know about this scam at his firm. looks like he employed a lot of family memebers. one could think, that he is taking all the blame to exonerate the rest of the clan
anyone hear anything about lior bregman????
Doesn’t Medallion look like this chart too, but with a higher slope??
5,6,9: good point. apparently your first good thought in a long time because you got so excited you posted it 3 times.
What does this have to do with Madoff?
Who the fuck rats out their own father?
A cultural note: there was a play performend in NY last year based on a similar story, that was written in early 1900′s: Voysey Inheritance. In the play the father when near death tells his son that the family business, an investment management firm, is a total ponzi scheme. The son then calls the family together and for the entire next generation they leave all fees in the firm in order to restore the balances of their investors (mostly trusts and endowments, so they have a long time to do it) and the honor of their family. Wishful thinking.
Auditor KPMG. Paging KPMG.
@14 One who knows where the money is hidden.
In which someone else, as far back as 2002, asks how Madoff’s split-strike conversion strategy could be such a consistent winner:
http://www.wilmott.com/messageview.cfm?FTVAR_FORUMVIEWTMP=Branch&catid=3&threadid=59747&messid=364145&FTVAR_MSGDBTABLE=
#18 there is no money. Zero is the result from compounding an invisible return.
.05 beta? wow
@15 this is awesome! I wonder if it will make a reappearance?
@21
C’mon, beta of 0.05 is nothing extraordinary. You must work for AQR or Graham if that’s ‘wow’ for you.
@15 this is awesome! I wonder if it will make a reappearance?
@15 this is awesome! I wonder if it will make a reappearance?
@23 with that high of a correlation though?
@Dan Daoust, Dec 12, 2008 11:14AM
comment was actually made on Sat Mar 08, 08 08:55 PM, commenter joined forum in 2002
From the Website:
The Owner’s Name is on the Door
In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner’s name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm’s hallmark.
Bernard L. Madoff founded the investment firm that bears his name in 1960, soon after leaving law school. His brother, Peter B. Madoff, graduated from law school and joined the firm in 1970. While building the firm into a significant force in the securities industry, they have both been deeply involved in leading the dramatic transformation that has been underway in US securities trading.
Bernard L. Madoff has been a major figure in the National Association of Securities Dealers (NASD), the major self-regulatory organization for US broker/dealer firms. The firm was one of the five broker/dealers most closely involved in developing the NASDAQ Stock Market. He has been chairman of the board of directors of the NASDAQ Stock Market as well as a member of the board of governors of the NASD and a member of numerous NASD committees.
One major US financial publication lauded Bernard Madoff for his role in “helping to make NASDAQ a faster, fairer, more efficient and more international system.” He has also served as a member of the board of directors of the Securities Industry Association.
Lior Bregman, former leading analyst of Oppenheimer Investment House was found dead in his NJ residence.
I did hear something about Lior this weekend. Very sad.
#18 – Correct-a-mundo!
Can someone tell me what happened to Lior Bregman and why is his name written in this blog? I have been trying to find out about his death, but cant find any information about it. Any info would be greatly appreciated!!