Hedge Fund Giant Warns of SPAC Blowup After $1B Bet
Hedge fund giant
Marshall Wace is ringing alarm bells about the booming SPAC market after building up long and short bets on blank-check companies that total more than $1 billion.
Paul Marshall Photographer: Heidi Gutman/CNBC/NBCU Photo Bank/Getty Images
The life cycle of SPACs, or special purpose acquisition companies, is riddled with “perverse incentives” for investors, sponsors and the companies using the shortcut route to come to market,
Paul Marshall, co-founder of the investment firm, told his investors in a newsletter. SPACs have delivered “awful returns” and most recent issuances will be no different, he said.
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