The thing about spacs isnt that the product itself is a scam, it can be, but it does not need to be. The problem is that its a product wrapped in two scam wrapp

The thing about spacs isnt that the product itself is a scam, it can be, but it does not need to be. The problem is that its a product wrapped in two scam wrapping papers. The first which is extracted the instant the deal goes through is typically 5% - 20% of the ipo value, the second is unbounded but historically an additional 30-80% which is value lost over the next year. Its also the case that the latter will trend upwards over time. The actual product can be fine, but its a bit like buying something after being told its great but you cant actually look at it, and we say it costs x, but dont mention that 80% of that is the optional wrapping paper that you didnt want or need to buy.