Social media had only really started to take off some time in 2009.

In the 2020 TV documentary The Social Dilemma, the show talks about how creators of social media encourage and nurture the addictions of users to help companies make money. But the impact of social media went beyond commercial exploits. Over the years, it also subtly cultivated a deep and unhealthy sense of emptiness.

Luke Burgis talks about this using the story of a man with his martini in his book, Wanting:

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Social media has successfully connected strangers across geographical boundaries and re-connecting friends who have lost touch with each other over decades.

It has also allowed us to keep up to date with what is going on around the world such as receiving breaking news about something happening halfway around the world, or browsing someone else's holiday pictures on Facebook, or reading about a friend closing a multi-million dollar deal with several well-known investors.

We have had the privilege of more information but on the flip side, this has also amplified any feelings of envy, insecurity and greed.

By understanding what drives these feelings could help us better appreciate why so many companies and founders choose to believe that they read, to inflate their corporate identities and "social circles" in hope that some investor will come along and take the bait.

This is manifested in keywords across corporate websites, chasing social media endorsements, snagging a high-profile media interview, or participation in heavyweight conferences.

As such, we have been led to believe that if something is sensational and disseminated widely enough, it often the "truth" - even better if someone seemingly important says something about it. Curating a healthy media presence is one thing, bullshitting to feed your ego is another (as in the case of BN Group).

Celebrity endorsement is one of the most time-tested and effective ways to endorse a product.

"It’s easy for someone to become an overnight expert on 'productivity' merely because they got published in the right place" - Excerpt from 'Wanting'

Remember the reality TV show Shark Tank? Kevin O' Leary, aka Mr Wonderful, recently revealed taking a $15 million 'deal' from FTX to be its spokesperson.

Never mind whether or not Mr Wonderful was a cryptocurrency-skeptic-turned-ambassador. In today's world, it seems that at the right price, people are willing to say enough bullshit to endorse a product or a company, regardless of whether they believe in it or not.

This strategy has been effective in the business and investment world. Social media just made it better.

People who consume bullshit will believe in bullshit. Feelings of envy and FOMO often drive people (and investors) to make foolish decisions.

One of the biggest fears of any VC is to be left out in a multi-bagger deal. Some compensate for this through 'diversifying' their portfolios. Those who have staked their money have a vested interest. They want to make sure they don't look bad doing the deal, and therefore will do anything to ensure that the equity story holds up, at least long enough until they exit.

This is the state of fundraising in the world today. This is the reason why we have so many asset bubbles.

In light of the many recent frauds, scandals and apparent lapses in due diligence, investors have started to increasingly become more discerning about who they deal with, what they read in the media, the kind of information they are fed with, and perhaps even more importantly, where they put their money. If they haven't, they should.

The era of bullshitting is over.

Companies and people need to wake up to reality and stop the proverbial fake it till you make it, "over-packaging" their products and services, and start getting real about talking about fundamentals and their numbers.