Blinkered true believers and frauds differ only in one aspect: intent. I&#x27;ve met some &#x27;true believers&#x27; and the common element was that they believed enough to risk other people&#x27;s funds but not enough to risk their own. That makes it a very fine line between a true believer and a fraud, thin enough for me to bin them equally. It doesn&#x27;t matter to me because I can&#x27;t look into someone&#x27;s head to figure out which of the two it is, no matter what they say or do, true believers may very well be frauds and people who you think are frauds may end up being true believers.<p>In the end, the only thing that matters is results.