Even without SPACs, California is where narratives are made and stories are written (think Hollywood's music and movie industry). If profitability is not found

Even without SPACs, California is where narratives are made and stories are written (think Hollywood's music and movie industry). If profitability is not found along the way (spoiler alert: almost never happens) then California fires up the afterburners as it pertains to narrative and storytelling and the company IPOs selling into those who buy the narrative , which is mostly the East Coast Asset Management Industry. Those at the helm of the East Coast Asset Management Industry will never buy the IPO with their own money, they'd do their due diligence and look under the hood and beyond the narrative, but for pensioneers and insurance policies holders the narrative more than suffices. If anything happens they can turn around and point at the narrative and say "we were told a story".