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A good home inspector never trusts a fresh coat of paint.

He walks through the open kitchen, admires the granite, nods at the staged furniture, and then heads straight for the crawl space. The reality is always in the joists, the wiring, the bones that the stagers miss for the open house.

A house can look like a million bucks and still be rotting underneath. And a house with peeling wallpaper and a sagging porch can have a foundation poured to outlast the next three owners.

Wall Street, we’ve found, behaves a lot like a nonchalant homebuyer…