Maybe a Little Too Smug

In my post yesterday about Bernie Madoff I said that investors should have known better. This morning a Jewish friend of mine told me about her 80 year old aunt who had everything she had with Madoff and had lost everything. The aunt has no other financial resources and lives in a retirement home. Others in my friend's wide network of family and friends, largely middle class, Jewish people, had lost very substantial sums. I had in mind the Mort Zuckermans of the world, who had lost money with Madoff, not aged widows. Time to recalibrate.