I'll ignore your insults and pretend that you are able to debate in a civil manner. As it happens, I do understand how Enron's financing worked, but that was not the point. The point of my article was to highlight the difference between MARKET perceptions and underlying reality to illustrate how difficult it can be to swim against the tide. What we see and read in public media is often incorrect and when the public perception is shaped by influential people and media parroting and repetition, it can be hard for an investor to deviate from that conventional wisdom either due to social proof or fear of some form of retribution. Your point that some bankers and analysts close to Enron understood the financing scheme only buttresses my point that honest investors and analysts should maintain skepticism because there are financial incentives for unethical executives and bankers and analysts to be deceitful. The proof that I am right that the MARKET misperceived Enron can be found in the article where I illustrate that just 8 months before its collapse Enron was trading at 55x earnings. Maybe you should read the article again.