It might read like a satire, but this quasi-rant/essay is packed with truths. It is too long, yes, but it kept me engaged until the end. He focuses on specific companies, but I would look beyond those and view through a broader lens. As a reporter, I had observed such behavior and has made me better prepared for life as an investor. Here are some of my favorite lines from this piece.
An easy way to detect software fraud is loudness-vs-substance: when marketing always has priority over product, delusions get priority over creating better products.
As someone building a software fraud, your only remaining approach is to double down on your own confusopoly. If customers can’t understand what they’re buying, they just have to trust you. Trust is how money gets made. Trust is how you get to take advantage of customers and investors.
You need to maintain illusions of stability as customers and media question your viability.
Remember to live a Silicon Valley state of mind: everybody wants your money the fastest way possible in exchange for as little as possible.