I’ve often heard that good investors are a bit like journalists: doggedly collecting evidence and building an understanding of how all the pieces of a company or investment fit together. My guest this week is one of my favorite writers and journalists, Bethany McLean. Across her career, Bethany has covered many of the most interesting stories in business and investing, including Enron (which became the famous book and documentary, the Smartest Guys in the Room), Valeant, Wells Fargo, SAC Capital, Fannie Mae and Freddie Mac, the great financial crisis, and most recently, fracking and the energy revolution. Given how deeply she has investigated all of these topics-- and thought about the common threads across them all--this was an amazing conversation. When talking to her, you can feel how much she cares and how diligent and fair she is when analyzing a topic. In addition to all of the great stories already listed, we discuss the art of persistence and other lessons she has learned about businesses and people gone bad. I especially loved her evolving take on housing in America. Please enjoy my conversation with Bethany McLean   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Links Referenced Mindsets: Optimism vs. Complacency vs. Pessimism Disgraced ex-BofA exec raises uncomfortable questions about #MeToo The Hunt for Steve Cohen   Books Referenced The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron” Free Radicals: The Secret Anarchy of Science Shaky Ground: The Strange Saga of the U.S. Mortgage Giants Saudi America: The Truth About Fracking and How It's Changing the World Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy All the Devils Are Here: The Hidden History of the Financial Crisis   Show Notes 2:22 - (First Question) – Differences and similarities between investors and journalists 3:19 – What has more of an impact on business practices, exposing negatives or reporting positive 4:57 – first story that got Bethany intrigued with finding bad behaviors 6:19 – The process of getting to know the people who know more than the market             7:43 – Mindsets: Optimism vs. Complacency vs. Pessimism 8:18 – First short seller that garnered her interest 8:57 – The process that led to The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron 10:36 – How to ask questions 12:18 – Importance of preparation 12:49 – Commonalities among the motivations for people who do bad things 14:20 – Difference between a visionary and a fraud             15:42 – Free Radicals: The Secret Anarchy of Science 16:23 – Any standout frauds that told a really compelling story 17:33 – Looking into Valient 19:32 –Writing about the #MeToo movement             19:34 - Disgraced ex-BofA exec raises uncomfortable questions about #MeToo 21:49 – Thoughts on the spectrum of chasing this story 23:26 – Ways journalist can fairly impact this movement 24:14 – The romance of owning a home in America and what it has meant for the market             24:34 – Shaky Ground: The Strange Saga of the U.S. Mortgage Giants 28:27 – What has changed on her thinking about housing 30:24 – What role does Fannie and Freddie have in the market today 31:13 – Her desire to look into energy             32:26 – Saudi America: The Truth About Fracking and How It's Changing the World 35:05 – What have been the changes in energy market in the US             34:40 – Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy 37