National Student Marketing Corporation

These were companies that possessed incredible futuristic narratives, but had deeply flawed or even fraudulent underlying financials.

They bought heavily into companies like National Student Marketing, which promised to revolutionize youth demographics, or Four Seasons Nursing Centers, which promised explosive growth in health care real estate.

So they bought the story, not the balance sheet.

And how did dynamic conservatism perform when the illusion broke and the market finally crashed?