Madoff's math never made sense, his performance charts were clearly deceiving, and his return stream never resembled any known financial instrument or strategy... to believe in Madoff was to believe in the impossible. The biggest, most glaring tip-off that this had to be a fraud was that Madoff only reported three down months out of 87 months whereas the S&P 500 was down 28 months during that time period. No money manager is only down 3.4% of the time. That would be equivalent to a major league baseball player batting .966, and no one suspecting that this player was cheating.
~ Harry Markopolis testimony to Congress, Bloomberg, February 4, 2009