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How could nobody reviewing that see any of the red flags that were obvious?

The Emperor's New Clothes is not just about rulers and their fashion choices. I've caught myself doing the same thing with much smaller investments that are rolling over tits up. I wanna believe, because the alternative is most unappealing ("You were wrong, Mr. Mikestew, and you are going to lose money on this. Most of it, in fact.") So I'm guessing when reviewing the S-1 when your financial testicles are lying on the block, you can easily skim right over the uncomfortable parts.

Of course, the rest of us with no financial stake, or other incentive to look at the S-1 with only one eye, look and ask, "WTF?"




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