{"id":59431,"date":"2017-09-19T13:39:57","date_gmt":"2017-09-19T20:39:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=59431"},"modified":"2025-07-01T05:52:19","modified_gmt":"2025-07-01T12:52:19","slug":"a-word-of-thanks","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/a-word-of-thanks\/","title":{"rendered":"A Word of Thanks"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Coming into Redfin\u2019s public offering, I\u2019d concluded that we live in a post-truth society. Our society has sometimes relegated science to opinion, and unwelcome news as fake. When different people have access to different information, democracy operates like an inefficient market, with policy mistakes taking longer to correct. It may be that a few people on the right or left prefer it this way but most don\u2019t.<\/span><br \/>\n<span style=\"font-weight: 400;\">And it turns out that, the truth is still something our society is capable of producing, agreeing on, and avidly consuming. In the stock markets if not in the broader world, even the most ideological of hedge-fund kings insist on the most rigorous form of the truth: in a prospectus, in financial statements, in all the materials used to decide whether to buy a stock. Investments are the only realm where data can change people\u2019s opinions in the time it takes to make a put or call. It\u2019s just too clear-cut when you\u2019re wrong to be any other way, and too expensive.<\/span><br \/>\n<span style=\"font-weight: 400;\">The rigor involved in ensuring that a company tells the exact truth to investors is why the diligence of a public offering is often depicted as a grind. Entrepreneurs are supposed to roll our eyes at the lawyers who insist on corroborating every marketing claim, at the accountants who track down every penny.<\/span><br \/>\n<span style=\"font-weight: 400;\">But what I felt in preparing for Redfin\u2019s public offering was a slight sense of awe, at the rectitude and persnicketiness of Alan Smith\u2019s and Jamie Evans\u2019s Fenwick team, of Alan Hambelton\u2019s Cooley team, of Don Heisler\u2019s Deloitte team \u2014 and in some weird way, awe at the durability of civil society in America. No one ever said, \u201cclose enough,\u201d or, \u201cwho\u2019ll notice that.\u201d The drive to get it right was as much an issue of professional pride as of legal liability.<\/span><br \/>\n<span style=\"font-weight: 400;\">It should be hard to go public. You should pause a moment before signing financial statements. You should feel the weight of having to tell the whole truth. Redfin is very grateful for our friends at Fenwick &amp; West, Deloitte and Cooley for having helped us to do that.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It should be hard to go public. You should pause a moment before signing financial statements. 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