If Only There'd Been a Clue

Here's another Madoff story; this time from Portfolio. Significant quote:

Thus I became one of some 99 limited partners in Caroline Investment Co. Phil told me that the partnership had consistently returned 15 percent to 16 percent a year, sometimes as much as 20 percent, and added that he had millions of his own money in the fund.

But he warned me that even he, with decades of experience, had no idea how the partnership managed to generate such high and steady returns.