This is indirectly a really optimistic take on capitalism.
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Phil Knight recounts similar strategies in “Shoe Dog”. When his Japanese partners wanted out of the partnership because he didn’t have an East Cost presence, he replied “But we DO have an East Coast office,” (fraudulent inducement). Winners laugh about it later. Losers get sued
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Love this. Interesting thing to consider as a public markets investor is if companies do this and get sued, your damages are capped at BK. No real reputational risk, so you can sort of get a “free ride” on another entity’s fraud. Seems like that might be +EV sometimes.
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He was a smart business man. He wore 2 hats.
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Yeah, agreed.
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Interesting thought. So all fraud involves deception but not all deception involves fraud?
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I’m not sure I’d say that yet. Still noodling on this concept myself... Am thinking from the perspective of a passive investor, and will say that I don’t think deception or even fraud in some cases are universally bad as an outside investor. In some cases may be uber bullish.
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It’s a fine ethos when you’re selling hoodies. A different matter when selling blood testing equipment.
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Yes, perhaps so.
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