Yes, exactly. And in retrospect, the entire Wave saga was like the bizarro episode of Seinfeld where George, the eternal loser, goes against his instincts and does the exact opposite of what he usually does.
In Wave, there was this strange reversal of polarity. The ones telling the lies about Wave claimed to be the only ones with the truth.
The ones who rightfully smelled a rat, who told the truth--they were called liars by paid liars.
One wonders which is the greater mystery? How could the cult leaders be 100% wrong on every issue over 20 years? Even greater is why the followers didn't seem to notice how horrible the leaders's advice was.
One would think, after a few consecutive bad calls, one would stop listening to the leaders. That is not what happened.
The followers had the bit in their mouths, crazed looks in their eyes as they kept buying more Wave. No matter how bad the performance, they always doubled down.
The Wave myth of fantastic riches held a far stronger lure than the boring quarterly reports showing the growing stack of barrels of red ink.
It seems the worse the company performed as measured by the quarterly reports, the more fanciful were the cover stories about the coming cornucopia of cash real soon.
But the strangest part of that entire weird Wave experience were the attacks on anyone who questioned the myth, the men or their methods. In other words, any negative posts about Wave were removed, with the full approval of the followers who agreed they needed a "clean" board without any critics or criticism.
It became a closed system. True believers were in; questioners and non-believers were always out. That way, they could hear only what they wanted to hear.
There were so many slogans slung around without a gram of truth in them, like the "valuable" patents, "first mover advantage," Wave has no debt, disruptive technology, only one in its class with a *.*, etc.
There were always many more false paths with Wave than there were true paths. Not sure there ever were any true paths for shareholders, other than the one to the shearing shed.
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