09/06/21

SPACs – Treat Them Like Themed Ponzi Schemes

“So, like savages before their gods, they worship facts. And in return, the facts hit them like hailstones. Investing is just one damned SPAC after another. They turn to collecting facts—laying them down—making “Outlines” of every real and fancied fact in the universe, until “truth” becomes an endless succession of stepping-stones that have a way of disappearing into the bog as soon as they are passed over. . .” [i]

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