5min chapter

The Knowledge Project with Shane Parrish cover image

#85 Bethany McLean: Crafting a Narrative

The Knowledge Project with Shane Parrish

CHAPTER

Valiant vs Enro - What's the Difference?

Most people think venron is a giant fraud, but it really wasn't. Most of what enron did was actually perfectly legal. And that's why you didn't see any prosecutions after the fact. But they have that in common, which is the way in which an ethical failing can actually be more damaging than a legal failing. I still struggle to figure out how so many smart people got fleeced by valiant. Some of the smartest investors we have were big believers in this company. A lot of it comes down to the power of personality. David pyott was beloved and mike pearson was not. So when the tide turned against valiant, it turned viciously. i think...

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