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Thursday, June 06, 2013

Madoff Is a Bogelite?

News summary by MFWire's editors

Getting investment advice from Bernie Madoff is kind of like getting driving lessons from Lindsay Lohan, but here we are.

Bernie Madoff
Bernard L. Madoff Investment Securities
Former Chairman
In an interview with MarketWatch from prison, Madoff had advice for investors, including something that should make you indexers... proud?
The best chance for the average investor is to put money in an index fund. There are lower commission rates and more professional management with these types of firms. Itís the safest and least likely place to get scammed. If you want to hold money with brokerage firms, go with major public firms. Chances are they will go with proper procedures and proper compliance. If regulators were checking my firm, they would have caught me sooner. This way you can avoid the mistake of putting your money at risk. Or, put your money in mutual funds, which are large enough to protect investors.
The story was also covered by Brendan Conway in Barron's, and tweeted about by writer and analyst Susan Weiner.  

Edited by: Ben Geier


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