I think what you may be missing is the effect of compounding organizational incentives in big, old companies. I wonder - how much experience have you had in lar

I think what you may be missing is the effect of compounding organizational incentives in big, old companies. I wonder - how much experience have you had in large legacy companies? (think "F100 company's subsidiary, based in Dubuque" type company) I once helped fix up a manufacturing co that materially overstated net income by >10% for a decade. And it was just a mix of honest mistakes, miscommunications, some incompetence, and a shockingly small amount of fraud (though not 0). I learned it's really easy for sr execs to run the company badly, one or two junior execs to push the limits, and a everyone else to just be a biiiit lazy - and bam, there's a big fraud. That said 0 stock is up 5% w/w, so this can't be THAT big