"When we’re told up front “there will be 12 agencies in round one, then we’ll cut to 3 that will be invited to make formal presentations,” we base our decision to invest on that information. When we later learn that 20 agencies were invited to the first round and six were invited to make in-person presentations, it’s analogous to placing a bet and having the spread changed in the middle of the game."

The Ad Contrarian: Bozos de Zappos