No!

Over at the Financial Times, they ask the question, "Doesn’t anyone do due diligence any more?"

It's all a pump and dump game now for investors:

It’s been a lousy month for the reputation of professional investing.

No, it's just a revelation of the truth.

The collapse of FTX revealed that everyone from racy hedge funds to staid pension and sovereign wealth funds had been throwing money at a cryptocurrency exchange with weaker financial controls than Enron.

Elizabeth Holmes was sentenced to 11 years in prison for Theranos, a fraudulent blood-testing scheme that deceived Oracle founder Larry Ellison and media mogul Rupert Murdoch.

Shares in tech companies that went public during the 2020-21 Spac frenzy are down sharply, and many crypto firms are teetering. BlockFi declared bankruptcy on Monday despite its claim of being “backed by the best” including SoFi, Tiger Global and Peter Thiel.

Doesn’t anyone do due diligence any more? The boring process of checking that potential investments can live up to their promises has fallen completely by the wayside. Due diligence once meant sending bankers to check that a mining company really had a working gold mine, hiring accountants to scour the books and asking lawyers to identify contracts that could prove troublesome in a bankruptcy.

These investment firms are interested in getting in early, pumping up the price, and then finding idiots that they can unload their stakes to before the house of cards collapses. 

It's all a scam now.