If Madoff Might Not Have Placed A Single Trade, Guess How Many Bloggers/Message Board Posters Actually Trade

Posted by Timothy Sykes on Sat 17th of Jan, 2009 02:25:24 PM

Tags:

Email This Post

Fascinating article I just read on Yahoo with regards to Bernie Madoff:

Seriously let’s all guess…I’m guessing about 1/3…because of shocking evidence like this:

“Our exams showed no evidence of trading on behalf of the investment advisor, no evidence of any customer statements being generated by the broker-dealer,” said Herb Perone, spokesman for the Financial Industry Regulatory Authority.

Madoff’s broker-dealer operation, Bernard L. Madoff Investment Securities, underwent routine examinations by FINRA and its predecessor, the National Association of Securities Dealers, every two years since it opened in 1960, Perone said.

If this scumbag motherfrauder is getting examined every 2 years by allegedly competent organizations and somehow sneaks by them, I’m really curious as to how many traders/bloggers/hedge fund managers are pulling off the exact same fraud, just so they can sell products/get hits/management fees.

Seriously, nobody even checks bloggers, so we can assume the vast majority of them are full of crap. If you’re a blogger/message board poster and you want respect or not to be considered a liar/fraud, you would be signed up to Covestor or Cake Financial, two websites which verify all trades.

It’s understood regulations get in the way for some, but anonymous yellow-bellied cowards like “The Fly” can no longer brag about their gains until they prove they are real because chances are they’re lying to you.

Transparency walks, the entire rest of the financial blogosphere walks.

Obviously, this won’t happen quickly–finance has more frauds, liars, cheats and marketers than any other industry in the world–but in time, the internet will begin putting a dent in the lies and manipulation in this joke of an industry.

For now, if you see or hear about any great trade/investment, ask the person why they’re not willing to share ALL their results openly. Make them create tables like THIS. Lots of people have one good trade, but blow the rest–then they post on Elitetrader.com and pretend to be good.

This immaturity is pathetic and it must stop. C’mon finance freaks, don’t you ever want to get out of the soulless hole you’ve dug for yourselves over the years? Don’t you want people see your true stats and judge you for who you are rather than who you wish you wer?

Because if you’re good, it’s worthwhile, trust me, offers pop up everywhere

On another note, check out this paragraph from the article:

There also appear to be discrepancies between monthly statements sent to investors and the actual prices at which the stocks traded on Wall Street.

For example, his November statement showed he bought software maker Apple Inc’s securities at $100.78 each on November 12, about a month before his arrest.

But Apple’s stock on that day never traded above $93.24. The statement also showed he bought chip maker Intel Corp at $14.51 on November 12, but Intel’s highest price on that day was $13.97.

That’s right, errors anybody with access to Yahoo! Finance could pick up, but somehow $50 billion never knew what hit them. Proves my point about how infinitely dumb finance people are–much more than you can ever imagine…you could make a friggin instructional DVD teaching people how to calculate PE ratios and it’d sell bigtime…so don’t hate the playa, hate the game.

Spread This Post:

TIMstore Monthly DVD Specials:

See all TIM DVD specials HERE

Related Reading

Wake Up To This Christmas Present: An Interview With Bernard Madoff December 25, 2008
Bernard Madoff Fraud Shows How Incompetent The SEC Really Is & Offers A How To Guide For Wannabe Frauds December 15, 2008
Why They Should String Samuel Israel Up On Wall Street With A Note Saying “Fraud Isn’t Painless” July 3, 2008

Max

On the contrary, your conclusion should be hate the playa and not the game. You and I both enjoy the game, just not playas like madoff, right?

Andy Swan

Actually, we like the fly precisely because he posts trades as he makes them, with prices that match market price and....ya....he wins a lot. Liquid stocks that scale to more than a few k $$

He's very good and everyone that reads him for more than a year agrees on that.

Very transparent, very good trader that is hilarious and quite a writer.

Worth following

Zykosis

themarketkid is just awesome, lol, never had a down day ever.

Summary of Gurus

First, here is support and resistance. see how in the past it held. if it didn't, well it's because of the trend. if it "failed" it's because of a trap or some divergence. if that didn't work then it's because of longer-term charts or fibs or ma's or pivots or some projected wave. ok, now remember to trade with the trend. but i will fade the trend if i think it's overextended, and if wrong well it's a trend and i'm right. then i have levels from $4 to $190 that should work well. see, told you. now look how volume did this and that, so then this gap is good or not, and then always cover at the low or high because it's super obvious that the level would hold. now buy my book.

Timothy Sykes

again, anybody can post trades, even in realtime, doesnt mean they're making them AT ALL...i dont trust anyone in the industry without a bigtime audit or some service that taps directly into their accounts each day, but thats just me...i agree the fly is an entertaining writer, lets cll him the james frey of financial blogging

Franklin B

Did I just read that Timothy thinks The Fly is an entertaining writer? shhhhh !!

btw Timothy ... you are a f$%^&*g spitting image of a friend I grew up with! No shit sherlock, your faces are ridiculously alike! Freaking twins! From the mischievious twinkle in your eyes, to your hair color & texture, cheshire cat grin .... I've never seen anything like it ..... Except that he is 51 years old. A rock drummer who now lives in LA, grew up in Rye Brook, NY.

Check out this link with pics.

http://www.egomaniarecords.com/Musician_Drum-SS...

blog comments powered by Disqus

Start Here

Who Is Timothy Sykes And Why Should I Care?

See Tim's full bio HERE. Tim turned a few thousand dollars into a few million by taking small gains time after time on hundreds of volatile penny stocks, discovering that his trading strategy, while consistently successful, works best for those with smaller accounts.

Determined to teach others this PennyStocking trading strategy (learn more HERE), he went back to his original $12,415 roots (already $58,000+ even though the stock market has crashed) to show everyone how to turn thousands into millions, even while having a life (somewhat) and making plenty of mistakes. Currently he is the #1 ranked trader out of 25,000+ on Covestor)

How Can I Consistently Make Money In The Stock Market?

Hard work, Determination and Know How.

Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

Determination to seek those probable profits out and know how in order to actually profit from them.

Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

Why Penny Stocks?

As Tim explains in several ALL-NEW instructional DVDs (see them HERE) and in over 2000+ blog posts, penny stocks are the most hyped and corrupt niche in the entire investment world. These two qualities make them the easiest to profit from (legally) because the vast majority of people who play penny stocks are suckers and all-around ignorant people. If you have any intelligence whatsoever, you have a clear advantage and it's like playing basketball against mental midgets.

Where Do You Find Stocks To Trade?

This is the #1 FAQ (see more HERE) and it is answered in THIS instructional DVD.

Of course, that's just a brief introduction - to receive a full education, there is Tim's book An American Hedge Fund which is the story of his remarkable rise and lessons learned.

To truly increase your odds at profit, Tim has designed an entire set of detailed instructional DVDs, covering all the variables that amount to over 24 hours of instruction (see them all HERE)!

Join TIM

TIM Trades

View All

Date	Stock	Buy	Sell	Net
Nov 6	QXM	$4.31	$4.80	$1936
Nov 4	COT	$8.66	$8.88	$642
Nov 4	QXM	$4.61	$4.89	$822
Oct 30	DDRX	$25.70	$26.53	$812
Oct 29	CTDC	$4.00	$4.42	$781
Oct 26	AWSL	$3.24	$4.10	$2516
Oct 23	RODM	$5.27	$5.23	$301
Oct 22	AMLM	$2.69	$2.97	$820
Oct 22	USEG	$6.12	$6.09	$85
Oct 20	CBOU	$8.93	$9.06	$243
Oct 16	VRMLQ	$16.79	$18.65	$2773
Oct 13	YONG	$11.05	$11.66	$1202
Oct 13	NPHC	$0.59	$0.71	$583
Oct 12	IMGG	$0.60	$0.70	$682
Oct 9	ZAGG	$5.50	$6.10	$2380
Oct 7	GVBP	$0.03	$0.27	$702
Oct 1	NPHC	$0.70	$0.85	$1482

Total: $92,304 (644%)