Big Data, Plainly Spoken (aka Numbers Rule Your World)

New Facebook data breach, and the importance of Business Intelligence

 

On Friday, Facebook announced that hackers have gained access to personal data of at least 50 million users (see here for example). Analysts immediately connected this incident to the Cambridge Analytica scandal. How is this data breach different from the Cambridge scandal?

How the data was breached

One should take any announcement of how a data breach occurred with a grain of salt: it's obvious that companies will not publish anything that attracts lawsuits; plus, it's unclear that there is a penalty for lying about the real reasons for a data breach. There is no external auditing, and the companies control the narratives and statistics surrounding these events.

Based on what Facebook told us, the Cambridge Analytica scandal involves Facebook partners gaming the system to obtain data about Facebook users. At worst, it is a violation of community standards, i.e. claiming to be doing academic research. The research firm uses tools provided by Facebook to obtain the data. (The firm maintains that it disclosed to users that it was using the data for non-research purposes.)

In the present case, Facebook claims that a combination of coding bugs (i.e. unintended features) enabled unknown partners to gain access to the user's entire account. Not even that, but any accounts on third-party apps or websites that the user signs on to using Facebook.

 

How the breach was discovered

The current scandal demonstrates the value of the business intelligence/business analytics functions within companies. We were told that Facebook first realized that certain metrics were showing unusual trends, and upon investigation, they discovered the bugs.

This is entirely believable. That's what happens when you have good data reports. They surface anomalies. These then have to be investigated. These investigations are extremely tricky because all you know is the trends are different. There are a thousand reasons for the shift. The analyst's job is to establish a cause-effect. Especially since the development community adopted "agile" practices, all kinds of self-imposed changes are occurring all the time with no warnings. For a site as large and complex as Facebook, it takes a huge effort just to get a list of all site changes within some specified time window!

What complicates this situation more is that the vulnerability was traced to multiple bugs, not just one. I could imagine the twists and turns and the false alarms that were generated during the investigation.

The nature of this problem is no different from an investigator trying to chase down an e-coli outbreak, which is detailed in Chapter 2 of Numbers Rule Your World (link).

The data science community is guilty of talking down on the business intelligence function. There is a misperception that BI is for less skilled people doing boring things. The reality is there is more science in BI than in so-called data science (defined here as software engineering). Science, after all, is about figuring out why things are as they are. Engineers, by contrast, use our understanding of science to change the way things are.

 

You've been warned

In my debut Youtube video, released a few weeks ago, I explain how Facebook collects data about you. My biggest tip about protecting yourself is to not use Facebook to log onto other websites. Convenience is the drug that lures you into the trap.

Think about those one-password services. Instead of hundreds of password, you have one. So the thief needs only one password to assess hundreds of sites. Using Facebook to log onto other websites makes Facebook the centralized point of attack by the bad players.

Note that this is not limited to Facebook. Using Google, Yahoo, Amazon, etc. to log onto other services is no different!

If it's more convenient for you, it's also more convenient for your enemies. Remember that.

Also in the video, you will learn

• why did Facebook invent the Like button
• how do Facebook know what you are doing outside Facebook
• why not clicking doesn't mean you're not being tracked
• why you shouldn't use Facebook to log into other services

See the video here, and send me ideas for future episodes!

The most famous calendar in America right now

In the leadup to today’s hearing, U.S. Supreme Court judge nominee Brett Kavanaugh produced what he claimed to be calendar entries from the summer of 1982 as evidence that he did not attend a specific party, and therefore he could not have committed the unsavory acts alleged of him.

This story perked my interest from the data perspective. What kind of information is contained in calendar datasets? And how can such data be used to support or invalidate hypotheses?

This discussion is of great relevance beyond the Kavanaugh case because the majority of the data being collected today - surveillance data, transaction data, clickstream, etc. - are all event data: they record when someone did something.

***

When I started this post, no actual pictures of the most famous calendar right now has been published. USA Today did publish a few pictures yesterday. Here is one page to give us a visual:

This post is not about the specifics of Kavanaugh's youthful activities but about the nature of calendar datasets.

A calendar dataset consists of calendar entries. When converting the above image into a spreadsheet, one would create a row for each event (so multiple rows for multiple events on the same day). Each row should contain the following data, laid out in columns:

• The date and day of week of an event
• The time of the event
• The location of the event, address and/or directions to it
• Other people involved in the event
• Duration of the event
• Miscellaneous notes relevant and specific to the event
• Other notes unrelated to the event

In industry parlance, the above list is called a “data dictionary.” It describes the structure of the data. Any data analyst who has used such things realize that these definitions are imprecise. If one randomly selects any two calendar datasets, there will be variance in what one actually gets.

A lot depends on how the calendar owner uses the calendar! Here are some considerations:

Planner or diary. Most people I know use calendars for planning future events. Kavanaugh appeared to use it also as a diary of sorts. Some entries record past events, e.g. a basketball score. Other entries pertain to future events, e.g. going to a movie. This is a key issue in interpretation: if it’s used as a planner, then the data become frozen in time once the event is over but if it’s a diary, the analyst should assume that edits or appends may change the data even after the event date.

Planner entries are tricky because the information may not hold true beyond the date of the event – an event might get cancelled, the calendar owner might decide to skip the event, times or venues or attendees may shift, etc. To prevent mis-interpreting the data, the analyst should strive to annotate the data with whether a calendar entry is for planning or diary.

How changes are made. If the calendar is used as a diary, the owner may revise the information after the event happened, e.g. correct the list of attendees. Even if the calendar is purely used for planning, edits will be inevitable, e.g. the venue of an event might change before the event happens. How are such changes enacted? Some owners may erase and overwrite; other owners may black out and append; still others may strike out and append. In the first case, we have no trace of the change at all; in the second case, we know something has changed but not the specifics; in the third, we have both the old and the new versions of the information.

How complete is the data? A fallacy is to assume WYSIWYG. There is no guarantee that every event in someone’s life is recorded on the calendar. We can assume that every event that the calendar owner wants to record is found on the calendar. Even that assumption is not safe. It happens a few times a month when I forgot to put meetings down on my calendar (most of these I did attend, and then there are the ones that I forgot about because they are not recorded). Missing events appear as missing rows on the dataset.

Kavanaugh did not seem to care as much about the time of events. There are many entries that did not contain when he was supposed to do something. So his calendar dataset contains a large number of missing entries under the column of “time of event.”

How consistent is the data? An analyst can’t even assume that a specific person would follow strict guidelines in terms of filling out a specific item on the data dictionary. Take Kavanaugh’s calendar as an example. On many entries, he did not record the attendees of the event. But on some, he did. When the dataset shows no attendee names for a particular event, does that mean he was alone, or does that mean he chose not to list the attendees? Even if there is a list of attendees, the analyst is hard-pressed to know if the list is complete.

How reliable is the data? Some people are sloppy about details, others are meticulous. Some people correct the entries, other don’t. Some data elements might be deemed not important enough to correct.

How the data was generated. Most of the data will be transcribed (by hand or by optical character recognition software) from the paper calendar to a database. Note, however, some of the data must be inferred. A good example is item (a), the date and day of week of an event. When we read the calendar, we know by the location of the text which date the event is supposed to occur but there is no handwriting of the date! So, in order to generate that column, the analyst must extract (using my own calendar as an example) the year from the cover, the month from the page title and the day from the column name.

Wait – it gets more complicated. Imagine you fill out the space for a given day, so the additional entries are written in the margins with a guiding line to that entry. (Ouch!)

***

I can keep expanding the list of issues but you get the idea. Data is a dirty business. The worst thing that an analyst can do is to presume that the data in front of him/her is (a) complete and (b) accurate.

Now, let’s get to the logic of the Kavanaugh defense. The basic premise is that the calendar did not contain an entry showing that he was at the same party as the accuser, and therefore he was not at such a party, and therefore he could not have committed those alleged acts.

For that logic to hold, we have to believe a further set of assumptions that are not proven by the calendar dataset:

1. That the calendar contained every party that Kavanaugh attended during those months
2. That Kavanaugh primarily used the calendar as a diary recording past events, rather than as a planner for future events, that is to say, information related to the event is true or corrected after the event
3. That for the specific event in question, he was in “diary” mode rather than “planning” mode so that the absence of the party can be inferred to mean he wasn't there.
4. That when he revised entries in his calendar, he never erased past writing.
5. That none of the blacked-out entries contained relevant information to the current situation.
6. That he always listed all attendees of parties he went to.

It’s really hard to use data to prove “absence,” and this is no exception.

***

Be careful next time you interpret your event dataset!

 

2017 Review and 2018 Outlook on Cybersecurity

Another key recurring news item in 2017 was cybersecurity. This issue gets tied up with data because data, particularly personal data collected by businesses and organizations, have value, and criminals are using stolen data as ransom.

What happened in 2017

Throughout 2017, high-profile companies admitted to losing huge piles of private customer data. Yahoo! led off the parade, disclosing that billions of account data were stolen. At the time, the wayward Internet pioneer was selling itself to Verizon, which shrewdly used the negative publicity about the data breach to re-negotiate the acquisition price. In a matter of months, Verizon itself copped up to losing data of millions of customers. The next ground-breaking leak ensnared Equifax, one of several corporate giants making a business out of compiling and selling profiles on every American. This data theft is egregious as it involves much more private data than usual, such as driver’s license numbers and social security numbers. Not to be outdone, the Republican National Committee left the cyber-door open on voter data of all 200 million voters in the U.S. By year’s end, the bad kid on the block, Uber, revealed that it had paid off hackers to hide the theft of data on close to 60 million customers.

And those were just the big ones, the ones we are told about. The known incidents are the tip of the iceberg (this site has a long list of 2017 data breaches) as there appears to be no legal jeopardy for the screw-ups. Government regulators are absent from the crime scenes. Businesses and the cybersecurity industry are shaping the entire narrative.

Also worth mentioning is the cover-up and profiteering in the aftermath of data breaches. In several cases, executives are suspected of personally profiting from these mishaps by selling shares prior to the public announcements. If the allegations are true, the executives violated insider-trading laws but don’t count on law enforcement.

 

What to expect in 2018

Some first questions might be:

• Will our cybersecurity improve in 2018?
• Will there be fewer data breaches?
• Will businesses win the war against cyber-criminals?

These questions are too easy -- the answers are no, no and no. A better question is: Will 2018 be the year in which businesses finally get serious about cybersecurity?

Truth be told, I did not write much about cybersecurity on this blog in 2017 but I will be covering the topic in 2018. To give you a taste of what’s to come, I see cybersecurity as a problem created by the tech industry, therefore unsolvable from a technological standpoint, thus the demand for cybersecurity solutions is bottomless. No company can get serious about cybersecurity because it’s not a solvable problem.

Here’s a useful analogy: they are selling you flood abatement solutions all the while they are clearing the vegetation, which causes more flooding. They say that the devegetation is for the greater good, as it makes space for building new homes, which relieves over-crowding. They sell you a dam, which you build. Subsequently, as the flooding gets worse, you have to reinforce the dam, over and over again.

Long time ago, the technology industry decided that our cybersecurity is secondary to their other objectives such as convenience, automation, speed, utility, profits. Many technological decisions involve a trade-off between cybersecurity and one or more of those other objectives.

One of the biggest digital infrastructure trends in recent years is the migration of data to “cloud” storage. Instead of businesses storing our data in proprietary computers they own and maintain, they upload the data to huge networks of shared computers run by third parties such as Amazon, Microsoft and Google.

This paradigm shift yields a wide array of benefits to consumers. For example, the data are located closer to the end-user, reducing time we spend waiting for things to load (equivalently, computations to finish). Tasks can be split up among several computers, and run in parallel, accelerating computations, and thus decisions. It is also much easier to exchange data between companies since these cloud services have open interface protocols, unlike proprietary computers that have heavily guarded access points. The cloud also supports a high degree of automation – computers can communicate via bots without humans intervening.

But those same features create opportunities for cyber-criminals. If it’s easy and convenient for the good bots, it is easy and convenient for the bad bots as well. Cloud services require data to be replicated and stored on multiple computers, and they make the data travel. The more copies there are, the more trips they take, the higher chance of data being stolen.

Cloud services are not the sole cause of data breaches. I am just using it as an illustration of the two-sidedness of technological decisions. The tech industry has made a bet that consumers will accept those benefits at the expense of cybersecurity.

So, in 2018, we should see more data breaches, and an expanding cybersecurity industry. Don’t hold your breath for the ultimate solution. The Wall Street Journal recently reports that governments might lay down the law - it sounds like Europe might have to take the lead. Governments, though, are compromised by their own desire to get a hand on that data.

 

Visible and invisible errors, and the nefarious power of suggestion

In Chapter 4 of Numbers Rule Your World (link), I explain how predictive models make errors. One of the key ideas in the chapter is the visibility of errors. Modelers are much more likely to care about visible errors than invisible errors. Most classic discussion of predictive accuracy ignores this important issue, and assumes that all errors, and all types of errors, are visible. In real life, many errors are invisible, or can be deliberately hidden from users.

Consider the failed child-abuse prediction model used by Chicago and described in a previous post. The errors made by this model are highly visible, and frustrating to case workers. This is why this scam was exposed. Case workers have had to work through thousands of cases of false positives. False negatives are equally visible, in the form of at-risk children who were not flagged for investigation.

Errors by auto-correction software are visible and offensive like mosquito bites. But we mostly react to the false positive errors, when a perfectly fine word has been changed to the wrong word. It's less noticeable if the software misses a wrong word or a typo. Not surprisingly, such software gets a bad rep.

***

By contrast, lots of predictive algorithms generate errors of prediction that are invisible to users.

For example, many drivers use Google's Waze for navigation. Waze gives predictions of how much time the driver will save by following its route. There is no way for the driver to measure whether that prediction is accurate.

I highlighted in my book - anti-doping tests to catch cheating athletes. If the test commits a false negative error, you bet the cheating athlete will not call a press conference to taunt the testing labs for their big mistake. If the test gives a false positive, however, the pleas of innocence would be deafening.

***

Sometimes, it takes expertise to notice the errors. Take Google Translate. If the target language is completely unknown to the user, the user can't tell if the translation is good or not.

Rainfall forecasts usually come as probabilities - 30 percent chance of rain. It takes quite a bit of effort to validate the prediction of 30-percent chance; someone who's not a scientist is unlikely to have to tools to do it.

These errors can be visible but usually stay in the shadows.

***

Errors tend to feel worse if they are visible. Invisible errors present opportunities for mischief.

Take Waze for example. At the start of your journey, Waze will proudly announce "I have chosen the most optimal route for your trip. You will save 8.3 minutes by following this route." Drivers have no way of verifying whether (a) the route suggested is indeed the most optimal or (b) whether this route saved 8.3 minutes relative to some other route or 10.5 minutes, or 2.4 minutes, or any other number. But many drivers are convinced that they have saved time. The uncorroborated perception of time saving demonstrates the power of suggestion. By contrast, the old-school GPS such as TomTom or Garmin does not make claims - to their detriment.

Such suggestions only work if the errors are invisible. When the developer of the child-abuse prediction model for Chicago tried the same trick as the developer of Waze, they ran into trouble. The Chicago Tribune reported that the predictive model generated alerts to social workers of the form: 

Please note that the two youngest children, ages 1 year and 4 years have been assigned a 99% probability by the Eckerd Rapid Safety Feedback metrics of serious harm or death in the next two years.

It's rather easy to disprove this statement because the errors are easy to spot. Eckerd has agreed to tone down the language.

 

Overselling predictive models (Hint: future performance matters)

Those who have read my books or taken my courses would be the least bit surprised by the news that just came out about the naked emperor of Chicago's much ballyhooed predictive algorithm for child abuse. Chicago Tribune has the story (link).

Key points:

• Data scientists (over-)sold an algorithm to predict children "at risk for serious injury or death."
• The director of the government agency that purchased this product concluded after two years that "[the model] isn't predicting much."
• At least $366K were spent i.e. wasted on this program. This number most likely does not account for the costs of support staff and infrastructure and the actual waste described below.
• "More than 4,100 Illinois children were assigned a 90 percent or greater probability of death or injury. And 369 youngsters, all under age 9, got a 100 percent chance of death or serious injury in the next two years" [a false positive problem - not to bring up a sore subject but several infamous outlets proclaimed that Hillary Clinton would win the Presidency with 90% or higher probability!]
• "high-profile child deaths kept cropping up with little warning from the predictive analytics software; Predictive analytics (wasn't) predicting any of the bad cases" [a false negative problem]
• Selling the dream: "If it is possible to use big data to spotlight a child in trouble and intervene before he or she is hurt, then doing so is government's moral obligation, advocates for the technology say."
• The algorithm, despite being paid for by public funds, is hidden from public view but the Tribune report pieces this together: "Eckerd [the vendor] retrospectively analyzes thousands of closed abuse cases and from them draws data points that are highly correlated with serious harm. The parents' ages could be a factor — or their previous criminal records, evidence of substance abuse in the home, or the presence of a new boyfriend or girlfriend."

The story does not invalidate the practice of predictive analytics but points out pervasive problems within the industry. Most importantly, we are over-hyping this technology. I cover the statistics of such models in depth in the marketing chapters of Numbersense (link). Predictive models are impressive in a relative sense (in marketing, we use the term "lift") but not usually in an absolute sense. Every social science based predictive model I have seen misses a sizeable number of targets while falsely labeling lots of "cases".

When a vendor does not report on accuracy metrics, or when such metrics are not interpretable in practice, or when the metrics are generated by third parties, or when metrics are computed purely from historical data, one has to be very careful about separating the good products from the scams.

***

It bears repeating that the "big data" used in this type of analysis has multiple complications which I collectively describe as OCCAM.

Observational - we cannot run an experiment and assign people to have criminal records, or other characteristics at random, so it is tough to get any read on causal mechanisms. Thus, there is a good chance to suffer from spurious correlations.

Seemingly Complete - but not really. Many cases are unreported and not in the training data. One of the excuses used by Eckerd when confronted with inaccuracy is that certain children are not even scored because they do not appear in the data. That is technically correct but does not change the fact that the model did not predict those deaths.

No Controls - many predictive algorithms do not use controls explicitly. Another issue is that the possible controls all come from cases reported to the authorities. Without a doubt, if we take the profiles of the at-risk children as determined by the algorithm, we will find many other children in the general population that do not show up in the database at all.

Adapted - the data collection process was not designed specifically to support predictive modeling.

Merged - various datasets get merged during the analysis, which introduces errors.

More discussion of OCCAM here and here.

***

While I appreciate that the Chicago Tribune wrote and published this article, this is yet another media report on predictive modeling using "big data" that does not contain any data or quantified metric of predictive accuracy.

The two chapters most relevant to this post are Chapter 4 in Numbers Rule Your World (link) and Chapter 5 in Numbersense (link).

 

Did web scraping just receive a legal boost?

Something truly game-changing might have happened. According to TheNextWeb, a judge has told Linkedin (now owned by Microsoft) that it cannot stop people from using scripts to scrape public data off the Linkedin website.

I have mentioned this issue before - web scraping is in some kind of legal gray area. Web scrapers appear like human beings to a website, and these bots just exist to collect data off the website. It's clear that owners of many websites (Kayak, Linkedin, ESPN, etc.) do not like web scraping. They implement technologies to block such bots.

There are several legitimate business reasons for opposing web scraping. For example, a retailer like Amazon does not want competitors to know all of its pricing. The downside of convenience - 24/7 shopping - is that it reduces information asymmetry. In the pre-Internet days, a store can run special prices in certain locations without word spreading to other locations - but this is no longer the case. Information asymmetry allows profits to materialize.

Besides, the data might have been purchased for real money from some vendor. In this case, the vendor will forbid the buyer from publishing all the data, otherwise the vendor loses revenues when some potential customer scrapes it off the buyer's website. The buyer also has an incentive not to give way the data assets, say, to a potential competitor.

From the web scraper's perspective, the data are publicly displayed so why should there be a restriction on usage? For social-media sites, the data are shared by users, not generated by the site owners, and so ownership of the data is confused. When site owners include a prohibition on web scraping on their terms and conditions (knowing full well that most people do not bother reading them), this creates at minimum an ethical issue, and possibly a legal issue. However, with the Linkedin ruling, the cloud may be clearing.

 

 

Know your data 21: another example of data sleaze, straight from your home

I first mentioned "data sleaze" in reaction to the article disclosing that Uber was secretly collecting certain user data. In my previous post, I define data sleaze as:

Data sleaze is the data about one's own customers that are obtained secretly by businesses, and then sold to the highest bidders, also in secret transactions. The production of data sleaze is frequently justified by giving services away for "free." However, running a business as a "free service" fronting a profitable espionage operation is a choice made by management teams, not an inevitability. Indeed, many businesses that have a proper revenue model also produce data sleaze.

Data sleaze is going to explode with the introduction of so-called Internet of Things (in short, tech firms intend to have every device in your home beam data back to home base all day long). A warning of what's to come is in this Gizmo article about Roomba, the vacuum-cleaning robot. Gone are the days when customers cough up their data in exchange for some "free" service. Roomba's product is not free. The robot collects data about homes while it roams around performing its advertised function - cleaning the floors. The device creates a detailed map of the home of its user. Roomba then turns the data over to third parties for a fee - that was what the CEO told the investment community until it got some blowback and he seemingly backtracked, claiming that he has been misunderstood, and Roomba merely "share the maps for free with customer consent".

The CEO said the company will never sell the data but its privacy policy allows it to do so. Consumers cannot verify his statement because business contracts are not shared publicly. Some models of Roomba have a camera and the company states that "[the camera] is separated from any wireless or wired transmission." It did not say that video images or clips of people's homes are not transmitted beyond the device. Video files can still be transmitted even if the camera itself is not connected to a transmitter directly. The concept of "customer consent" has been irreparably compromised by the prevalence of forced consent ("if you don't want to consent, we won't serve you.")

The article confirms a few things about Roomba:

• The company has collections of maps about people's homes through cameras and other means. Such maps are beamed to the "cloud."
• The maps that Roomba possesses are more detailed than those that are shown to users via the Roomba app
• Roomba is talking to multiple third parties about selling or sharing data with them
• The data will survive the dissolution of Roomba - as it is free to sell the data to an acquiring firm

Another good article about this is in the San Francisco Chronicle (link).

Burglars and criminals everywhere are drooling uncontrollably.

Know your data 20: trust and distrust in our surveillance society

A very important article from the Times starts with the following sentence:

Want to invisibly spy on 10 iPhone owners without their knowledge? Gather their every keystroke, sound, message and location? That will cost you $650,000, plus a $500,000 setup fee with an Israeli outfit called the NSO Group.

In the U.S., there is a disconnect between a populace whose distrust of government is at an all-time high and the same people whose trust of the same government's handling of their private data has apparently been unshaken.

***

NSO, the company being profiled, claims to have an "ethics" committee to determine whom they will sell (out) and whom they won't. It's not clear whether this "ethics" committee vets the methods used by NSO to collect data, such as "baiting targets to click unwittingly on texts containing malicious links".

***

This bit is also interesting:

Pegasus [the surveillance system] can use the camera to take snapshots or screen grabs. It can deny the phone access to certain websites and applications, and it can grab search histories or anything viewed with the phone’s web browser. And all of the data can be sent back to the agency’s server in real time.

What might make it easier for others to remote control your gadget life? More connected devices (e.g. internet of things), putting stuff in the cloud, simple user interfaces that hide inner functions, always-on connections, auto-updating, real-time anything, never logging out of accounts, etc. etc. Basically, anything that allows software to establish connections to remote servers without identifying itself.

 

 

Your emails are being read (though I also think this is a hoax)

CNBC reports that Goldman Sachs flags employee emails based on a long list of "offending" phrases. If an employee types a profanity, apparently a window pops up to confirm that the person really truly wants to say that word. The other objective given is to detect fraudulent behavior.

The list they published apparently came from 2008, so very aged, but I think it is a hoax. Many of the terms listed are so common that they would have to employ an army of people to sift through the false positives!

Here are a few of these supposedly flagged phrases:

a sure bet; a sure thing; are not responsive; are unresponsive; bad to worse; charged too much; charged excessively; cover your losses; didn't explain to us; don't you f*cking understand; found several errors; I am not a happy camper; I told you {days/weeks/months} ago; I demand; let me remind you; etc.

There will be many more innocent usage of these phrases than there are suspicious ones.

Further, such a list has a chilling effect on any whistle-blowing.

Finally, employees who want to say those things will simply migrate off the email platform, or use code words.

***

When you see these stories, you start to sympathize with the movement in Europe to establish a "right to be forgotten". If you know that all your emails to your employees or supervisors will be forever archived, you will begin to be careful about how you say anything.

 

 

Tip of the day: don't be Theranosed

Theranos (v): to spin stories that appeal to data while not presenting any data

To be Theranosed is to fall for scammers who tell stories appealing to data but do not present any actual data. This is worse than story time, in which the storyteller starts out with real data but veers off mid-stream into unsubstantiated froth, hoping you and I got carried away by the narrative flow.

Theranos (n): From 2003 to 2016, a company in Palo Alto, Ca., the epicenter of venture capital, founded by Elizabeth Holmes, a 19-year-old Stanford University dropout, raised over $70 million to develop and market a "revolutionary" technology for blood testing that is said to require only a finger-prick of blood. The company grew its valuation to $9 billion without ever publishing any scientific data in a peer-reviewed medical journal. It turned out that the new technology was used only in 12 out of 200 tests on its menu, meaning that the business has been based on selling old technology at bargain basement prices subsidized by the venture-capital money. Further, it emerged that the new technology was not accurate, that the new technology has been shelved since last year, and in some cases when old technology was used, the lab personnel improperly handled the machines--all of which eventually led to a blanket retraction of two full years worth of test results. The company claimed that these results have been "corrected" in the last few weeks. It is unclear what "correction" means when such blood was taken from patients up to two years ago. The company is still in business, and Walgreens, one of its most prominent partners, continues its commercial relations with the company. For many years, the business and technology press has issued countless glowing reviews of the company (see this epic list just covering 2013-2015.) Until 2014, the company board consists entirely of politicians, former cabinet members and military leaders. All these individuals have been Theranosed.

The Wall Street Journal has done an exemplary job following this case, and deserves a Pulitzer for this effort. The latest revelation relating to the full-scale retraction is here.