The Immaculate Disinflation of the SPAC Market

SPACs grew to be the same size as the entire IPO market in 2020 and 2021, which is ridiculous since it barely existed before that. And if we take a look at the average returns on SPACs relative to the market, they've lost almost 60% for versus the stock. So I anticipate that there's going to be a permanent demise of this particular financing approach, save for a handful of these things every year.