One of Felix Salmon’s readers analyzes the fund’s return series:
Madoff was never fully legitimate — or at least, looking at this chart, he seems to have been pretty illegitimate from at least 1995 onwards. But he might not have been actively stealing his clients’ money until he blew up at the beginning of this decade, and subsequently moved from being a dishonest fund manager to the operator of a fully-fledged Ponzi scheme.
