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Why is a deliberately misleading object called a “red herring”?

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Why is a deliberately misleading object called a “red herring”?

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We were familiar with the business technology magazine Red Herring and figured their web site might offer the origin of the peculiar term. After a bit of searching, we did manage to uncover an explanation. According to the site, British fugitives in the 1800s would rub a herring across their trail, thereby diverting the bloodhounds that were hot in pursuit. In the 1920s, American investment bankers started calling preliminary prospectuses “red herrings” as a warning to investors that the documents were not complete or final and could be misleading. We liked the explanation, but wondered if there was more to the story. We spent some time searching and uncovered an alternate explanation, centered on hunting. The Word Detective explains that the curing process turns the fish a red color and lends it a distinctive sm

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