Portfolio, what you say is very true, in a general sense. A few...

Portfolio, what you say is very true, in a general sense. A few examples of errors of cognition right there.

That said, I remember the FRM exchanges quite well. You no doubt knew FRM was skating on thin ice. However, when you say "everyone knew" I think you are being overly kind to "everyone". If somone convinces themselves of an untruth due to an error in cognition (whether it is induced by a fear of tax, or anything else), then they are wrong. The fact that they wouldn't have been wrong if they hadn't deceived themselves, does not alter the fact that they were wrong.