The sun is strong in the late-afternoon air, but the shadows of a nearby grove of trees extend across the pavement of Silicon Valley.

Elizabeth Holmes, owner of Theranos, waits for you in her trademark all-black outfit.

She rises, and with a flash of her bright red lipstick, offers her hand. Her tone is polite and professional, but something about her smile is just a little off—almost forced—like she's not used to smiling genuinely.