In fact, a certain amount of investment in frauds is acceptable and desirable; if you give £10m to 9 frauds who spunk it straight up the wall and to 1 true visionary who builds a unicorn, that's money well spent. Plus of course you can always hope that the fraudster is good enough to sucker the next guy so you can get out.

Per Matt Levine, the optimum amount of fraud is non-zero. Tune your detector too loosely or too tightly and you'll miss out.