The Rise of Corporate Fraud

The fraud warning was at the highest level since the 1970s in terms of S&P earnings right now. Once you go to negative year over your cash flow growth, even in S&P 500 terms, that's where the rate of change of fraud picks up because people try to hide the fact that they don't have any money. It's not an accident that those guys at what was it, Indiana University had this study that said fraud was at the high levels. And you're being a nice bear right now, because there's also like fraud in the numbers. Like there's a lot.