it was all a fiction, “a novel in quarterly installments”. According to the court appointed receiver, Madoff hadn’t purchased a security since 1992. These statements were, written, devised and distributed to deceive. They did so masterfully; month after month, year after year. In many cases they were sent to sophisticated investors. But when you are winning its only natural to congratulate yourself and not look too hard for problems. (“I’m invested with Madoff and I’m making money”) It’s like a poker player who wins three or four hands in a row; it’s not luck or someone feeding him the cards – no its skill, experience and pure gravitas.