Most of you are probably acquainted with the name Chamath Palihapitiya, although I seriously doubt any of us could spell it correctly without at least a few tries. He is the billionaire financier who is considered the King of SPAC. SPACs, of course, have become the laughingstock or the financial universe, because they were obviously just a scammy way for undeserving companies to come to the public markets without the scrutiny of a normal initial public offering.....
I'm A SPAC Cowboy....
Bet you weren't ready for that.
Because shorting stocks based on valuation (vs fraud) in a bull market is so dangerous, we don't talk about it all that much. There have been a few, the Great Kinder Morgan short of '14* being a wonderful memory, along with a few tactical i.e. quick shorts of Tesla over the years (in direct violation of the decade-long "Don't short TSLA" admonition), but as a general rule, on the blog we only short frauds in a bull. In a bear, "Short 'em all" as one of my mentors used to say.
The fact we don't put every last thought that pops into our collective heads out in public actually benefits our readers as a couple of things that hurt results in 2020 never made it to the blog.
But I don't like blind pools.
And I especially don't like SPAC's with PIPES
And with that confessional we'll turn the narrative over to the professional.
From FT Alphaville:....
"The short-term, dopamine-driven feedback loops we've created are destroying how society works. No civil discourse, no cooperation; misinformation, mistruth. And it's not an American problem — this is not about Russians ads. This is a global problem."
—Former Facebook Vice Presidentfor Addicting Users, Chamath Palihapitiya
I think we're good on the "giving pixels to a SPACMEISTER" front.
