We read success stories all the time. We try hard to learn lessons from these stories. But we rarely read failure stories that are equally valuable.

Recently, I read "Bad Blood" - the story of how Theranos went from being valued at $10 billion to bankruptcy and facing federal charges. This is one of the few books that you just can't put down.

What fascinated me the most was that Theranos' had all the elements of success that are usually quoted in popular biographies, and business books - perseverance, hard work, hiring top talent and demanding absolute devotion to work from them, throwing money and smart people at difficult problems, partnering with people who have enormous political and financial power, creating excitement around product, believing you can do it, etc. The founder, Elizabeth Holmes, read the same great books that we find in other successful people's reading lists - Meditations by Marcus Aurelius, The story of civilization by Will Durant, etc. Yet, they were a major threat to public health, defrauded investors, employees, partners, and the public, and eventually went bankrupt. Elizabeth may face up to 20 years in prison.

Reading great books, or working hard doesn't automatically make you great or virtuous. Conduct does. You could read Stoicism and Buddhism all day and then act exactly the opposite. Pursuit of success at all costs can be dangerous - to you and to society. Don't fake it until you make it. Just make it.