[Gpetrium]

At some point, people realize that they are underestimating their projections and that leads them to re-calibrate expectations with stakeholders. In this case, there is no re-calibration, which leads "non-believers" to think he is a serial liar. The answer is likely in-between, he knows he underestimates it and he is aware that if he doesn't do so, there wont be enough pressure on the employees and the money would likely dry up fast.

[LiquidSky]

>The answer is likely in-between, he knows he underestimates it and he is aware that if he doesn't do so, there wont be enough pressure on the employees and the money would likely dry up fast.

But that's the point, isn't it? We have a word for intentionally providing falsehoods to investors to get them to keep giving you more money.