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Vast Under-Investment in Due Diligence
With everyone tsk-tsking the Madoff scandal — the amount lost, the after-the-fact obviousness, the SEC incompetence — I thought now was as good a time as any to look at the actual research, due diligence and manpower thrown at investigating managers and funds. Not surprisingly, ...
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Friday links: fragile ecosystems
Abnormal Returns — ... “If you want to know why a sociopath like Madoff slipped throught the cracks — as an industry, we do not dedicate enough resources to vetting managers.”  (Big Picture) ...

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