The most distressing thing that can happen to a prophet is to be proved wrong. The next most distressing thing is to be proved right.—ALDOUS HUXLEY
On Christmas Eve in 2012, Bernie Madoff sent a letter to CNBC in which he weighed in on a host of current finance topics, from the opaque dark pools that had begun to dominate daily trading activity to the rapid proliferation of hedge funds—both of which he saw as dangers to investors. I’ll pause now while you rifle through your pockets for that anti-irony pill . . .
The news media immediately picked up on Madoff’s comments and went live to air and the web with them as though they were helpful or important. Never mind the fact that the man doing the opining, ...