313- Bernie Madoff - Dead at 82

InvestED: The Rule #1 Investing Podcast

Phil Town & Danielle Town

Investing, Business

4.6 • 1.6K Ratings

🗓️ 20 April 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you haven’t heard the news already, Bernard Madoff has just passed away at the age of 82 in a federal prison hospital in Butner, North Carolina. For more than 50 years, Bernie Madoff was renowned on Wall Street as a big money manager who founded his own firm at age 22 and became non-executive chairman of the Nasdaq in 1990. Madoff was famously known for running the largest and possibly most devastating Ponzi scheme in financial history. He defrauded thousands of investors out of tens of billions of dollars over the course of about 17 years. Madoff was busted on December 11, 2008 after his two sons turned him in. Victims included director Steven Spielberg, actor Kevin Bacon, former New York Mets owner Fred Wilpon, Hall of Fame pitcher Sandy Koufax and Nobel Peace Prize winner Elie Weisel, as well as ordinary investors like Burt Ross who lost $5 million in the scheme. In a 2013 email to CNBC from prison, Madoff mentioned that the break in the market that started the Great Recession led to his scam. “I thought this would be only a short-term trade which could be made up once the market became receptive. The rest is my tragic history of never being able to recover.” In today’s podcast, Phil and Danielle discuss Bernie Madoff and his scheme that led to the nation’s largest financial fraud in history, You can learn a lot from the history of financial figures and investors. Check out my guide where I discuss some of the best investors in the world: https://bit.ly/2P21xJs Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.7	Granny and Grandpa had their hearts set on getting Jess a drum kit for her birthday.
0:05.4	And because they bought it on their Barclay Card, they were rewarded too.
0:09.2	It was music to their ears. Same can't be said for mum and dad.
0:14.8	What you buy is your business. Rewarding you is ours.
0:18.3	Search Barclay Card to find out more about our range of rewards cards. Barclay Card,
0:22.1	make money work for you. 28.9% APR representative variable, subject to application,
0:26.8	financial circumstances and borrowing history. Teason sees apply.
0:35.2	Hey everybody, this is Phil Town. And this is Daniel Town. And welcome to the
0:39.0	invested podcast where we are pretty much dissecting Warren Buffett's style
0:43.7	investing for the last six years. Heck yeah. Pretty much, you know, we laugh because
0:50.4	Charlie Munger thinks that you wouldn't have anything to talk about the rest of the semester.
0:53.5	Once you say, all you got to do is understand the company, make sure it has a
0:57.5	moat, good management, buy with a margin of safety, and you're good to go. What else is there to talk
1:02.2	about? Well, it turns out there's a lot. Nothing. Nothing. Actually, there's nothing else to talk about.
1:09.4	There's nothing else to talk about. You're right about that. Those things, which are a lifetime.
1:16.0	They're a lifetime of study. But the beauty I think is for you guys is that you really can
1:23.7	dial investing down to those four simple things. And you can apply that to real estate investing.
1:30.8	You can apply it to bonds. You can apply it to short-term trading. If you got into that and you
1:39.1	can apply it to long-term investing. And frankly, Lee Liu, we've said, is said that there really
1:44.7	isn't any other form of investing out there that you can identify that's successful for, you know,
1:50.4	long periods of time, 10 years, 20 years, 30 years. And we all the time see people who believe
1:56.6	they've found Nirvana in even day trading now is such a hot ticket. Some of you are probably
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