Performance attribution seeks to identify how a manager’s decisions contribute to their returns; and while there is sometimes controversy about using at a model that analyzes things separate from these decisions, there can often be benefits as a result of seeing how unintended actions impacted the results.

No doubt Bernie Madoff never expected that his greed would result in the suicide of his older son, Mark, as reported today.Apparently the pressure of the investigations and at least one lawsuit was such that he felt there was no alternative. I have known individuals personally or through connections who took such action, and know that what they leave behind is usually a family that is devastated and stricken beyond imagination; no doubt this is happening with Mark’s family.

We all have heard that his sons were apparently unaware of Bernie’s crimes, and there is no way to know for sure, but I can see how this could have occurred. Regardless, I am sure that Bernie never expected that his actions would cause one of his sons to take such a drastic step. Bernie’s actions have been tragic for so many, and here’s just another sad example. My heart goes out to Mark’s wife and children.