That’s not the only difference between SPACs and earlier boom-bust obsessions. SPACs have the mysterious distinction of asking investors to hand over their money without knowing where it will go. No business plan. Nothing. With dot-coms, real estate, cryptocurrencies, and pot stocks, investors at least had an idea of what they were buying or had the opportunity to do some research and find out.
With SPACs that’s not possible. For the same reason you should never write a blank check with your own bank account, the same cautions should apply to SPACs. Only invest in things that you know and understand fully.
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