Mohamed A. El-Erian , Columnist

The Tale of Theranos’ Downfall Highlights the Perils of Blind Faith

“Bad Blood” chronicles the journey of a medical startup that grew to be valued at about $9 billion only to collapse in disgrace.

December 21, 2018 at 10:30 AM UTC

By Mohamed A. El-Erian

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

In better times.
Photographer: David Paul Morris/Bloomberg

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Looking for a book that reads like a thriller yet provides insights into a number of topical market and investment issues? How about a narrative that is exciting because of — rather than despite — an ending that is known to most readers well before they pick up the book? Or a cautionary lesson about startups, unicorns, venture capital and high-brow boards?

If you have answered yes to any of these questions, then “Bad Blood: Secrets and Lies in a Silicon Valley Startup” is for you. This extraordinarily engaging tale by the Wall Street Journal reporter John Carreyrou is my pick for most interesting read of 2018. It has accumulated accolades, including this year’s award for the Financial Times and McKinsey Business Book of the Year. (Full disclosure: I have served on the jury for this award since 2014.)