Who becomes a life coach? Jane talks to Patrick Sheehan, a researcher who has found a surprising answer: many coaches couldn’t find success elsewhere. Why do people who can’t do teach? We also learn more about Jane’s life coach, her bona fides, and what sets her apart from the scammers. See omnystudio.com/listener for privacy information.

S3 E7: The Inmates Running the Asylum

From Little Everywhere and Pushkin Industries, and hosted by Jane Marie, comes the third season of The Dream. Past seasons of this award-winning investigative podcast looked at pyramid schemes and the world of wellness. This season we're getting to know the gurus and life coaches who claim they know the secret to living our best lives. Is it all in our mindset? Or our privilege? Or are we all under a spell? Find out this September.

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Sam Israel had a problem. The investors in his hedge fund, Bayou Capital, were expecting spectacular returns. Sam himself had spent years proclaiming the fund's brilliant results. In reality, Sam had been marking his own homework, publishing fraudulent accounts and using these to lure in new investors. 

What to do? Well, the logical thing of course: wait around for an extraordinary profitable streak, and in the meantime keep up the ruse...

We're bringing you an episode of Cautionary Tales with Tim Harford. This episode was recorded live at the Bristol Festival of Economics and studies three incredible investment scams. How do pyramid and ponzi schemes snowball out of control, flattening victim and fraudster alike?

For a full list of sources, see the show notes at timharford.com. See omnystudio.com/listener for privacy information.

From Cautionary Tales: The Fraudster's Guide to Magic Money

A chapter from Jane Marie’s forthcoming book. Preorder at jane-marie.com. See omnystudio.com/listener for privacy information.

Selling the Dream

The Dream listeners called in to share their own experiences with life coaches: the good, the bad and the absurd. See omnystudio.com/listener for privacy information.

Bonus 2: Caller Episode

Sarah Edmonson publicly left NXIVM, a life coaching MLM made famous by the HBO documentary, The Vow, in 2017 shortly after being branded with the founder's initials. Jane and Sarah sit down to discuss the fine line between coaching and culting. Sarah and her husband, Nippy Ames, host the podcast A Little Bit Culty. See omnystudio.com/listener for privacy information.

Bonus 1: Coaching or Culting?

Days after the debut of this season, Jessie Lee Ward, who was featured in episodes one and nine, passed away after a short battle with cancer. Jane reconnects with Erin Bies to discuss her former friend’s legacy and talks with Death Coach, Megan Carmichael, about what to make of death when you had a complicated relationship with the person who has passed on.  See omnystudio.com/listener for privacy information.

S3 E7: The Inmates Running the Asylum

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