Who's at risk if the SPAC frenzy spins out of control

CNN Business2021-03-24

London (CNN Business) - Exactly one year ago, with the world in the grip of a deadly pandemic, Wall Street put its Covid-19 fears aside. That jumpstarted a wave of market euphoria that has since fed a...

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精彩评论

Genekun
2021-03-25
Genekun
Where is the risk? All stocks are hammered during this selldown
armypanda90
2021-03-25
armypanda90
Seems like the new normal
Jinkachu
2021-03-25
Jinkachu
Like and share
- Pecktian78:
  Gg
hoa
2021-03-25
hoa
Spac hyped too much too fast recently
JFK
2021-03-25
JFK
Good.
schipperde
2021-03-25
schipperde
Can help like n comment?
- FuLong:
  ok
- SSVC:
  [强][握手]
- JFK:
  Ok

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That jumpstarted a wave of market euphoria that has since fed a...</p>\n\n<a href=\"https://edition.cnn.com/2021/03/24/investing/premarket-stocks-trading/index.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://edition.cnn.com/2021/03/24/investing/premarket-stocks-trading/index.html","article_id":"1146861973","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1146861973","pubTimestamp":1616599584,"sourceInfo":null,"weMediaInfo":null,"summary":"London (CNN Business) - Exactly one year ago, with the world in the grip of a deadly pandemic, Wall ","collect":0,"end_time":0,"defaultTopTitle":"cnn.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"translate_title":"如果SPAC狂乱失控，谁会有危险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"London (CNN Business) - Exactly one year ago, with the world in the grip of a deadly pandemic, Wall Street put its Covid-19 fears aside. That jumpstarted a wave of market euphoria that has since fed a boom in unusual activity, from the irrational hype around GameStop shares to a huge bitcoin rally.\nSign of the times: Among the most notable indicators of market mania has been the explosion of special-purpose acquisition companies, or SPACs. So-called \"blank check\" firms, which allow investors to back sponsors that then hunt for a private entity to take public, have raised tens of billions of dollars in 2021, an increase of more than 2,000% compared to 2020.\nThe rich and famous have rushed to get involved, from finance types like Bill Ackman to athletes and celebrities such as Colin Kaepernick and Jay-Z.\n\"Anybody who's anybody has one,\" said Peter Atwater, an adjunct professor of economics at William & Mary. He compared SPACs to another hot accessory in the world of finance — a Patagonia vest.\nMore and more people are sounding the alarm. US regulators have warned that investors shouldn't back SPACs just because there are celebrities attached. Meanwhile, short seller interest in SPACs has jumped, according to data from S3 Partners, indicating that a growing number of traders think the excitement is overblown and share prices are destined to fall.\nStep back: If the SPAC frenzy has gotten out of hand, who pays the price? Experts caution that not everyone will emerge a winner — and some retail investors swept up in the madness could get hurt.\n\"The time for quick money feels like it's now behind us,\" Atwater said.\nOne concern is that there's simply too much SPAC money chasing a limited number of solid takeover targets. That could force owners to consider acquiring less mature companies that may not meet lofty expectations for growth, or to enter into agreements that are less profitable.\n\"There is a tremendous number of SPACs being created every day,\" Will Braeutigam, a partner and SPAC leader at Deloitte, told me. \"With so many SPAC sponsors out there bidding on the same companies, the upside value that you think may be there may not be there.\"\nGuillermo Baygual, co-head of mergers and acquisitions for Europe, the Middle East and Africa at JPMorgan Chase, notes that not all SPACs are created equal. He believes this corner of the market will \"become a more professional asset class over time,\" as investors distinguish between firms with a proven track records and those created just to take advantage of the moment.\nIn the meantime, everyday investors that haven't been discerning could be left holding the bag, according to Atwater. He pointed to a rush to buy shares of SPACs before takeover targets are even announced.\n\"You would think investors would wait to see what [they] buy,\" Atwater said.\nIf a target isn't identified, initial investors will get their standard $10 per share back, Atwater explained. But eager investors that want to get in ahead of a deal and pay $20, $30 or $40 per share on the open market are making bets that are purely speculative.\nSome SPACs will end up as success stories. But Baygual cautioned that they're not all a sure bet. \"Investors should make their investment decisions on fundamentals,\" he said.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":351777887,"gmtCreate":1616637143549,"gmtModify":1634524798941,"author":{"id":"3562062018050031","authorId":"3562062018050031","name":"Genekun","avatar":"https://static.tigerbbs.com/ffb91ce7286a4dd47ea48415366d485f","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3562062018050031","authorIdStr":"3562062018050031"},"htmlText":"Where is the risk? All stocks are hammered during this selldown","listText":"Where is the risk? All stocks are hammered during this selldown","text":"Where is the risk? All stocks are hammered during this selldown","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351777887","repostId":1146861973,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351712408,"gmtCreate":1616633034604,"gmtModify":1634524837390,"author":{"id":"3576729415516509","authorId":"3576729415516509","name":"armypanda90","avatar":"https://static.tigerbbs.com/9e4f2e0a614b36c8b5360e771c2deb6c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576729415516509","authorIdStr":"3576729415516509"},"htmlText":"Seems like the new normal&nbsp;","listText":"Seems like the new normal&nbsp;","text":"Seems like the new normal","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351712408","repostId":1146861973,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351790033,"gmtCreate":1616631500922,"gmtModify":1634524856497,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3569530406935035","authorIdStr":"3569530406935035"},"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351790033","repostId":1146861973,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3876074,"gmtCreate":1616631750973,"gmtModify":1635749653381,"authorId":3575932937315728,"author":{"id":3575932937315728,"idStr":"3575932937315728","authorId":3575932937315728,"name":"Pecktian78","avatar":"https://static.tigerbbs.com/8afb4149b569f2592b6f8cbc97605f98","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351790033,"type":1,"supId":0,"prevId":0,"content":"Gg","text":"Gg","html":"Gg"}],"langContent":"EN"},{"id":351704408,"gmtCreate":1616631369604,"gmtModify":1634524857218,"author":{"id":"3576020103442242","authorId":"3576020103442242","name":"hoa","avatar":"https://static.tigerbbs.com/0fde20263e39879236fafd316b76c363","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3576020103442242","authorIdStr":"3576020103442242"},"htmlText":"Spac hyped too much too fast recently","listText":"Spac hyped too much too fast recently","text":"Spac hyped too much too fast recently","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351704408","repostId":1146861973,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351702526,"gmtCreate":1616631214865,"gmtModify":1634524858838,"author":{"id":"3567221235003553","authorId":"3567221235003553","name":"JFK","avatar":"https://static.tigerbbs.com/d8cdaf8b81ae245f2f2ea5ff303a6722","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3567221235003553","authorIdStr":"3567221235003553"},"htmlText":"Good.&nbsp;","listText":"Good.&nbsp;","text":"Good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351702526","repostId":1146861973,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351477221,"gmtCreate":1616630816563,"gmtModify":1634524862750,"author":{"id":"3575256482663287","authorId":"3575256482663287","name":"schipperde","avatar":"https://static.tigerbbs.com/2a4e4121277bf6de1807fa76d4c1d390","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3575256482663287","authorIdStr":"3575256482663287"},"htmlText":"Can help like n comment?","listText":"Can help like n comment?","text":"Can help like n comment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/351477221","repostId":1146861973,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3875919,"gmtCreate":1616631044475,"gmtModify":1635749667028,"authorId":3570016243492689,"author":{"id":3570016243492689,"idStr":"3570016243492689","authorId":3570016243492689,"name":"FuLong","avatar":"https://static.tigerbbs.com/81ca80f2bb5557af545733b53fd23c09","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351477221,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"},{"id":3875941,"gmtCreate":1616631181554,"gmtModify":1635749665195,"authorId":3574906731000207,"author":{"id":3574906731000207,"idStr":"3574906731000207","authorId":3574906731000207,"name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351477221,"type":1,"supId":0,"prevId":0,"content":"[强][握手]","text":"[强][握手]","html":"[强][握手]"},{"id":3875950,"gmtCreate":1616631207633,"gmtModify":1635749664693,"authorId":3567221235003553,"author":{"id":3567221235003553,"idStr":"3567221235003553","authorId":3567221235003553,"name":"JFK","avatar":"https://static.tigerbbs.com/d8cdaf8b81ae245f2f2ea5ff303a6722","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351477221,"type":1,"supId":3875919,"prevId":0,"content":"<u>Ok</u>","text":"<u>Ok</u>","html":"<u>Ok</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":151,"commentSize":53,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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