Excessive caution is the real risk here, because the idea of a logical opposition between the presumption of market fraud and negative fraud tactics is an oversimplification that ignores the complexity of market dynamics.
This static approach does not reflect reality where manipulations, such as spreading false negative information prior to a share buyback, exploit precisely the flaws of this supposed integrity.
For institutional investors like us, ignoring that these tactics can coexist, for example in the case of coordinated short sales based on rumors, is depriving ourselves of a crucial understanding of asymmetric risks and upward value strategies.