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2021-02-16

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The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>

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One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.<blockquote>在首次公开募股热潮中，新上市公司的估值飙升，导致一些人认为存在IPO泡沫。这种潜在泡沫的一部分是特殊目的收购公司或SPAC的崛起。</blockquote> More than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?<blockquote>2020年超过一半的IPO是通过SPAC完成的，SPAC是为了与另一家公司合并而创建的空白支票公司，并在此过程中将其上市。那么目前的市场是可持续的，还是确实存在会在某个时候破裂的泡沫？</blockquote> Many hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.<blockquote>许多对冲基金在最近致投资者的信中都写到了SPAC倾向，但大多数都是看涨的。Sabrepoint采取了相反的观点，因为投资组合经理George Baxter认为存在泡沫。他在该基金第四季度的信中表示，他们在SPAC中发现了许多空头机会。</blockquote> Baxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"<blockquote>百特指出，许多在2020年举行IPO的SPAC都受到禁售期的限制，这些禁售期将从下个月开始加速到期。他认为，这种突然的股票供应将压倒投资者对SPAC的热情，创造他认为“自我们成立以来最好的空头机会之一”。</blockquote> In a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.<blockquote>在最近的一份报告中，高盛分析师Allison Nathan和她的团队权衡了围绕SPAC的问题，并考虑了它们是否确实处于泡沫区域。他们研究了整个IPO市场是否存在泡沫，以及IPO市场中是否只有SPAC部分存在泡沫。</blockquote> Are SPACs In A Bubble?<blockquote>SPAC处于泡沫中吗？</blockquote> Nathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.<blockquote>内森与几位SPAC专家进行了交谈，包括佛罗里达大学教授杰伊·里特和斯坦福大学法学院教授迈克尔·克劳斯纳。他们一致认为，SPAC是否是好的投资这个问题的答案取决于你谈论的是合并前还是合并后的投资者。</blockquote> Pre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.<blockquote>合并前的投资者通常会在几乎没有风险的情况下获得强劲的正回报，而合并后的投资者通常会看到负回报，并承担与SPAC相关的所有风险。克劳斯纳认为，SPAC结构需要大幅稀释，并且几乎完全由合并后的股东承担相当大的成本。</blockquote> He doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.<blockquote>他不认为这样的结构是可持续的，并预测除非SPAC发展，否则它们最终会消亡。克劳斯纳还认为，SPAC市场是一个可能会破裂的泡沫。他指出，SPAC股价仅因交易传闻而上涨。此外，他指出，一些交易公告会出现大幅价格上涨，但他认为这不是基于基本面。</blockquote> The Year Of The SPAC<blockquote>特殊目的收购公司之年</blockquote> Nathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.<blockquote>内森问里特，最近的IPO热潮与过去的周期相比如何。他表示，这种比较取决于IPO的定义。在20世纪90年代的典型年份，有300多家公司上市，但去年有165家公司上市，这还不包括SPAC和使用ADR的外国公司。上世纪90年代，SPAC几乎闻所未闻，但2020年，SPAC IPO数量达到248起。包括SPAC在内，去年有400多起IPO，这是二十年来的最高数字。</blockquote> Another big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.<blockquote>20世纪90年代与当前IPO热潮之间的另一个巨大区别是，许多科技公司一直在等待上市，而是依赖风险投资。然而，这种趋势可能正在改变，里特表示，由于IPO市场吸引了高估值，许多公司更有动力上市。</blockquote> David Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.<blockquote>高盛的David Kostin和Cormac Conners也谈到2020年是SPAC年。他们强调了SPAC去年如此火爆的另一个原因，即SPAC发起人将重点从价值转向增长。2010年至2019年间，超过一半的SPAC收购发生在工业、金融和能源领域，但去年，60%完成的SPAC合并发生在科技、非必需消费品和医疗保健领域。</blockquote> The&nbsp;SPAC market&nbsp;doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.<blockquote>SPAC市场没有任何放缓的迹象，因此如果它处于泡沫之中，它还没有达到破裂点。高盛指出，今年前三周，有56家SPAC在美国上市。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nBenzinga \n2021-02-16 13:40\n</div>\n</div>\n</h4>\n</header>\n<article>\nThe soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.<blockquote>在首次公开募股热潮中，新上市公司的估值飙升，导致一些人认为存在IPO泡沫。这种潜在泡沫的一部分是特殊目的收购公司或SPAC的崛起。</blockquote> More than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?<blockquote>2020年超过一半的IPO是通过SPAC完成的，SPAC是为了与另一家公司合并而创建的空白支票公司，并在此过程中将其上市。那么目前的市场是可持续的，还是确实存在会在某个时候破裂的泡沫？</blockquote> Many hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.<blockquote>许多对冲基金在最近致投资者的信中都写到了SPAC倾向，但大多数都是看涨的。Sabrepoint采取了相反的观点，因为投资组合经理George Baxter认为存在泡沫。他在该基金第四季度的信中表示，他们在SPAC中发现了许多空头机会。</blockquote> Baxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"<blockquote>百特指出，许多在2020年举行IPO的SPAC都受到禁售期的限制，这些禁售期将从下个月开始加速到期。他认为，这种突然的股票供应将压倒投资者对SPAC的热情，创造他认为“自我们成立以来最好的空头机会之一”。</blockquote> In a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.<blockquote>在最近的一份报告中，高盛分析师Allison Nathan和她的团队权衡了围绕SPAC的问题，并考虑了它们是否确实处于泡沫区域。他们研究了整个IPO市场是否存在泡沫，以及IPO市场中是否只有SPAC部分存在泡沫。</blockquote> Are SPACs In A Bubble?<blockquote>SPAC处于泡沫中吗？</blockquote> Nathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.<blockquote>内森与几位SPAC专家进行了交谈，包括佛罗里达大学教授杰伊·里特和斯坦福大学法学院教授迈克尔·克劳斯纳。他们一致认为，SPAC是否是好的投资这个问题的答案取决于你谈论的是合并前还是合并后的投资者。</blockquote> Pre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.<blockquote>合并前的投资者通常会在几乎没有风险的情况下获得强劲的正回报，而合并后的投资者通常会看到负回报，并承担与SPAC相关的所有风险。克劳斯纳认为，SPAC结构需要大幅稀释，并且几乎完全由合并后的股东承担相当大的成本。</blockquote> He doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.<blockquote>他不认为这样的结构是可持续的，并预测除非SPAC发展，否则它们最终会消亡。克劳斯纳还认为，SPAC市场是一个可能会破裂的泡沫。他指出，SPAC股价仅因交易传闻而上涨。此外，他指出，一些交易公告会出现大幅价格上涨，但他认为这不是基于基本面。</blockquote> The Year Of The SPAC<blockquote>特殊目的收购公司之年</blockquote> Nathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.<blockquote>内森问里特，最近的IPO热潮与过去的周期相比如何。他表示，这种比较取决于IPO的定义。在20世纪90年代的典型年份，有300多家公司上市，但去年有165家公司上市，这还不包括SPAC和使用ADR的外国公司。上世纪90年代，SPAC几乎闻所未闻，但2020年，SPAC IPO数量达到248起。包括SPAC在内，去年有400多起IPO，这是二十年来的最高数字。</blockquote> Another big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.<blockquote>20世纪90年代与当前IPO热潮之间的另一个巨大区别是，许多科技公司一直在等待上市，而是依赖风险投资。然而，这种趋势可能正在改变，里特表示，由于IPO市场吸引了高估值，许多公司更有动力上市。</blockquote> David Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.<blockquote>高盛的David Kostin和Cormac Conners也谈到2020年是SPAC年。他们强调了SPAC去年如此火爆的另一个原因，即SPAC发起人将重点从价值转向增长。2010年至2019年间，超过一半的SPAC收购发生在工业、金融和能源领域，但去年，60%完成的SPAC合并发生在科技、非必需消费品和医疗保健领域。</blockquote> The&nbsp;SPAC market&nbsp;doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.<blockquote>SPAC市场没有任何放缓的迹象，因此如果它处于泡沫之中，它还没有达到破裂点。高盛指出，今年前三周，有56家SPAC在美国上市。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143750442","content_text":"The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.\nMore than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?\nMany hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.\nBaxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"\nIn a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.\nAre SPACs In A Bubble?\nNathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.\nPre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.\nHe doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.\nThe Year Of The SPAC\nNathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.\nAnother big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.\nDavid Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.\nThe SPAC market doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":243,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/382223302"}