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2021-10-28
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SPACs could repeat the worst of the dot-com bubble — here’s how finance insiders are trying to stop that<blockquote>SPAC可能会重演互联网泡沫最糟糕的时期——以下是金融内部人士试图阻止这种情况的方法</blockquote>
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Thanks","highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/855425948","repostId":1104374435,"repostType":4,"repost":{"id":"1104374435","kind":"news","pubTimestamp":1635390919,"share":"https://www.laohu8.com/m/news/1104374435?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:15","market":"us","language":"en","title":"SPACs could repeat the worst of the dot-com bubble — here’s how finance insiders are trying to stop that<blockquote>SPAC可能会重演互联网泡沫最糟糕的时期——以下是金融内部人士试图阻止这种情况的方法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104374435","media":"MarketWatch","summary":"CFA Institute is worried about the damage SPACS could do to investors’ confidence in the stock marke","content":"<p>CFA Institute is worried about the damage SPACS could do to investors’ confidence in the stock market </p><p><blockquote>CFA协会担心SPAC可能损害投资者对股市的信心</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e4b8c2aaca1bd32f1d3d5e737c22425f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> The dot-com bubble did not end well for stock markets or investors. Further, it precipitated a range of unethical and manipulative practices that stained Wall Street and financial analysts for years.</p><p><blockquote>对于股市或投资者来说，互联网泡沫的结局并不好。此外，它催生了一系列不道德和操纵行为，多年来玷污了华尔街和金融分析师。</blockquote></p><p> Fast forward to the fall of 2021, and the long-dormant SPAC, or special-purpose acquisition company, structure for taking companies public appears to be provoking a similar dynamic in terms of unethical and manipulative practices and/or unwarranted speculation detached from any fundamental data or analysis.</p><p><blockquote>快进到2021年秋季，长期休眠的特殊目的收购公司（SPAC）或特殊目的收购公司（Special Purpose Acquisition Company）上市结构似乎正在引发类似的动态，涉及不道德和操纵行为和/或脱离任何基本面数据或分析的毫无根据的猜测。</blockquote></p><p> As most of the money being raised via initial public offerings is now dominated by this SPAC structure, it can’t be ignored. We at CFA Institute, a global professional group that promotes ethics, education and professional excellence in the global investment industry, are particularly worried about the damage that SPACs could do to investor confidence in the stock market over the long run. Rather than encouraging Americans to invest for building long-term wealth, some SPACs promote a get-rich-quick mentality and could expose individual investors to unreasonable risks.</p><p><blockquote>由于通过首次公开募股筹集的大部分资金现在都由这种特殊目的收购公司结构主导，因此不容忽视。CFA Institute是一个致力于促进全球投资行业道德、教育和专业卓越的全球专业团体，我们特别担心SPAC从长远来看可能会对投资者对股市的信心造成损害。一些SPAC非但没有鼓励美国人投资积累长期财富，反而助长了快速致富的心态，并可能使个人投资者面临不合理的风险。</blockquote></p><p> The SPAC Working Group at CFA Institute is examining a range of market-integrity issues as they relate to the SPAC structure for IPOs. Generally, IPOs are highly speculative for any investor, tend to proliferate at market highs, and have a spotty record of performance in the short and long terms regardless of structure.</p><p><blockquote>CFA协会的特殊目的收购公司工作组正在研究一系列与IPO的特殊目的收购公司结构相关的市场诚信问题。一般来说，IPO对任何投资者来说都是高度投机性的，往往在市场高点激增，并且无论结构如何，短期和长期的表现记录都参差不齐。</blockquote></p><p> Even still, the SPAC version of an IPO has introduced several twists into the analysis of market fairness and investor protection. Never has the structure been so dominant, nor have IPOs been as extensively hyped via celebrity sponsorship and unregulated social-media chatter. These highly complex structures are being touted as a private-equity opportunity with private-equity returns for the individual investor with very little evidence to support those declarations.</p><p><blockquote>尽管如此，SPAC版本的IPO在市场公平性和投资者保护的分析中引入了一些曲折。这种结构从未如此占主导地位，IPO也从未通过名人赞助和不受监管的社交媒体聊天得到如此广泛的炒作。这些高度复杂的结构被吹捧为私募股权机会，为个人投资者带来私募股权回报，但几乎没有证据支持这些说法。</blockquote></p><p> While it may be true and investors of all sorts should be able to take advantage of free-market opportunities, the industry would be well-advised to protect against the misinformation and manipulation that plagued the <a href=\"http://dot.com/\" target=\"_blank\">dot-com</a> era.</p><p><blockquote>虽然这可能是真的，各种投资者都应该能够利用自由市场的机会，但该行业最好防范困扰市场的错误信息和操纵。<a href=\"http://dot.com/\" target=\"_blank\">dot-com</a>时代。</blockquote></p><p> The CFA Institute SPAC Working Group has empaneled a broad-based group including industry practitioners, stock exchanges, SPAC sponsors, academic experts and investor-protection advocates. The group is focused on:</p><p><blockquote>CFA协会SPAC工作组组建了一个基础广泛的团体，包括行业从业者、证券交易所、SPAC保荐人、学术专家和投资者保护倡导者。本集团专注于：</blockquote></p><p> <ul> <li>Various SPAC processes and structural issues including the issuance and trading of initial SPAC units.</li> <li>Trading around the announcement of the merger (known as the d-SPAC transactions) and the economics of what a public SPAC investor ends up with compared to other investors in the d-SPAC merger.</li> <li>The clarity and prominence of disclosures on structural issues as well as the risk factors and realistic prospect for investment returns of these highly speculative investments.</li> <li>The balance among conflicts of interest and investor protections that do not exist in traditional IPOs. Of immediate concern for investor protection is the dynamic posed by sponsors more focused on finding a merger candidate to avoid significant deal costs than the merits of the target company.</li> </ul> Free-market capitalism is on full display in the brave new SPAC world. The excitement of finding the next tech giant or biopharma game-changer can be intoxicating for individual investors normally foreclosed from private-equity-type opportunities.</p><p><blockquote><ul><li>各种特殊目的收购公司流程和结构问题，包括初始特殊目的收购公司单位的发行和交易。</li><li>围绕合并公告（称为d-SPAC交易）以及公共SPAC投资者与d-SPAC合并中其他投资者相比最终获得的经济效益进行交易。</li><li>结构性问题披露的清晰度和突出性，以及这些高度投机性投资的风险因素和投资回报的现实前景。</li><li>传统IPO中不存在的利益冲突和投资者保护之间的平衡。投资者保护的当务之急是发起人更关注寻找合并候选者以避免巨额交易成本而不是目标公司的优点所带来的动态。</li></ul>自由市场资本主义在美丽的新特殊目的收购公司世界中得到了充分展示。对于通常被排除在私募股权类型机会之外的个人投资者来说，寻找下一个科技巨头或生物制药游戏规则改变者的兴奋可能会令人陶醉。</blockquote></p><p> What worries us is whether this new structure is that it will lead to lack of investor confidence of the IPO market at large and among emerging-growth companies in particular. This could happen in one of two ways. The SPAC IPO structure may allow Wall Street to extract much more of the upside potential due to the complexity of deal structures and the fees inherent in, and unique to, the SPAC process. Alternatively, the way in which the SPAC structure mitigates “deal risk” would potentially result in mergers for companies completely unfit for public markets.</p><p><blockquote>我们担心的是，这种新结构是否会导致投资者对整个IPO市场，尤其是新兴成长型公司缺乏信心。这可能以两种方式之一发生。由于交易结构的复杂性以及SPAC流程固有和独特的费用，SPAC IPO结构可能会让华尔街提取更多的上行潜力。或者，SPAC结构减轻“交易风险”的方式可能会导致完全不适合公开市场的公司合并。</blockquote></p><p> If this new IPO juggernaut is honest and transparent about the risks, the likelihood of returns and can modulate the coming rush of mergers, this may well be a concrete step toward the democratization of private-equity opportunities. We have the opportunity to make sure the SPAC structure is not a dot-com encore. Let’s use it.</p><p><blockquote>如果这家新的IPO巨头对风险和回报的可能性诚实透明，并能够调节即将到来的合并热潮，这很可能是朝着私募股权机会民主化迈出的具体一步。我们有机会确保特殊目的收购公司的结构不是互联网公司的重演。让我们用它。</blockquote></p><p></p>","source":"lsy1603348471595","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>SPACs could repeat the worst of the dot-com bubble — here’s how finance insiders are trying to stop that<blockquote>SPAC可能会重演互联网泡沫最糟糕的时期——以下是金融内部人士试图阻止这种情况的方法</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\">\nSPACs could repeat the worst of the dot-com bubble — here’s how finance insiders are trying to stop that<blockquote>SPAC可能会重演互联网泡沫最糟糕的时期——以下是金融内部人士试图阻止这种情况的方法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-28 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>CFA Institute is worried about the damage SPACS could do to investors’ confidence in the stock market </p><p><blockquote>CFA协会担心SPAC可能损害投资者对股市的信心</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e4b8c2aaca1bd32f1d3d5e737c22425f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> The dot-com bubble did not end well for stock markets or investors. Further, it precipitated a range of unethical and manipulative practices that stained Wall Street and financial analysts for years.</p><p><blockquote>对于股市或投资者来说，互联网泡沫的结局并不好。此外，它催生了一系列不道德和操纵行为，多年来玷污了华尔街和金融分析师。</blockquote></p><p> Fast forward to the fall of 2021, and the long-dormant SPAC, or special-purpose acquisition company, structure for taking companies public appears to be provoking a similar dynamic in terms of unethical and manipulative practices and/or unwarranted speculation detached from any fundamental data or analysis.</p><p><blockquote>快进到2021年秋季，长期休眠的特殊目的收购公司（SPAC）或特殊目的收购公司（Special Purpose Acquisition Company）上市结构似乎正在引发类似的动态，涉及不道德和操纵行为和/或脱离任何基本面数据或分析的毫无根据的猜测。</blockquote></p><p> As most of the money being raised via initial public offerings is now dominated by this SPAC structure, it can’t be ignored. We at CFA Institute, a global professional group that promotes ethics, education and professional excellence in the global investment industry, are particularly worried about the damage that SPACs could do to investor confidence in the stock market over the long run. Rather than encouraging Americans to invest for building long-term wealth, some SPACs promote a get-rich-quick mentality and could expose individual investors to unreasonable risks.</p><p><blockquote>由于通过首次公开募股筹集的大部分资金现在都由这种特殊目的收购公司结构主导，因此不容忽视。CFA Institute是一个致力于促进全球投资行业道德、教育和专业卓越的全球专业团体，我们特别担心SPAC从长远来看可能会对投资者对股市的信心造成损害。一些SPAC非但没有鼓励美国人投资积累长期财富，反而助长了快速致富的心态，并可能使个人投资者面临不合理的风险。</blockquote></p><p> The SPAC Working Group at CFA Institute is examining a range of market-integrity issues as they relate to the SPAC structure for IPOs. Generally, IPOs are highly speculative for any investor, tend to proliferate at market highs, and have a spotty record of performance in the short and long terms regardless of structure.</p><p><blockquote>CFA协会的特殊目的收购公司工作组正在研究一系列与IPO的特殊目的收购公司结构相关的市场诚信问题。一般来说，IPO对任何投资者来说都是高度投机性的，往往在市场高点激增，并且无论结构如何，短期和长期的表现记录都参差不齐。</blockquote></p><p> Even still, the SPAC version of an IPO has introduced several twists into the analysis of market fairness and investor protection. Never has the structure been so dominant, nor have IPOs been as extensively hyped via celebrity sponsorship and unregulated social-media chatter. These highly complex structures are being touted as a private-equity opportunity with private-equity returns for the individual investor with very little evidence to support those declarations.</p><p><blockquote>尽管如此，SPAC版本的IPO在市场公平性和投资者保护的分析中引入了一些曲折。这种结构从未如此占主导地位，IPO也从未通过名人赞助和不受监管的社交媒体聊天得到如此广泛的炒作。这些高度复杂的结构被吹捧为私募股权机会，为个人投资者带来私募股权回报，但几乎没有证据支持这些说法。</blockquote></p><p> While it may be true and investors of all sorts should be able to take advantage of free-market opportunities, the industry would be well-advised to protect against the misinformation and manipulation that plagued the <a href=\"http://dot.com/\" target=\"_blank\">dot-com</a> era.</p><p><blockquote>虽然这可能是真的，各种投资者都应该能够利用自由市场的机会，但该行业最好防范困扰市场的错误信息和操纵。<a href=\"http://dot.com/\" target=\"_blank\">dot-com</a>时代。</blockquote></p><p> The CFA Institute SPAC Working Group has empaneled a broad-based group including industry practitioners, stock exchanges, SPAC sponsors, academic experts and investor-protection advocates. The group is focused on:</p><p><blockquote>CFA协会SPAC工作组组建了一个基础广泛的团体，包括行业从业者、证券交易所、SPAC保荐人、学术专家和投资者保护倡导者。本集团专注于：</blockquote></p><p> <ul> <li>Various SPAC processes and structural issues including the issuance and trading of initial SPAC units.</li> <li>Trading around the announcement of the merger (known as the d-SPAC transactions) and the economics of what a public SPAC investor ends up with compared to other investors in the d-SPAC merger.</li> <li>The clarity and prominence of disclosures on structural issues as well as the risk factors and realistic prospect for investment returns of these highly speculative investments.</li> <li>The balance among conflicts of interest and investor protections that do not exist in traditional IPOs. Of immediate concern for investor protection is the dynamic posed by sponsors more focused on finding a merger candidate to avoid significant deal costs than the merits of the target company.</li> </ul> Free-market capitalism is on full display in the brave new SPAC world. The excitement of finding the next tech giant or biopharma game-changer can be intoxicating for individual investors normally foreclosed from private-equity-type opportunities.</p><p><blockquote><ul><li>各种特殊目的收购公司流程和结构问题，包括初始特殊目的收购公司单位的发行和交易。</li><li>围绕合并公告（称为d-SPAC交易）以及公共SPAC投资者与d-SPAC合并中其他投资者相比最终获得的经济效益进行交易。</li><li>结构性问题披露的清晰度和突出性，以及这些高度投机性投资的风险因素和投资回报的现实前景。</li><li>传统IPO中不存在的利益冲突和投资者保护之间的平衡。投资者保护的当务之急是发起人更关注寻找合并候选者以避免巨额交易成本而不是目标公司的优点所带来的动态。</li></ul>自由市场资本主义在美丽的新特殊目的收购公司世界中得到了充分展示。对于通常被排除在私募股权类型机会之外的个人投资者来说，寻找下一个科技巨头或生物制药游戏规则改变者的兴奋可能会令人陶醉。</blockquote></p><p> What worries us is whether this new structure is that it will lead to lack of investor confidence of the IPO market at large and among emerging-growth companies in particular. This could happen in one of two ways. The SPAC IPO structure may allow Wall Street to extract much more of the upside potential due to the complexity of deal structures and the fees inherent in, and unique to, the SPAC process. Alternatively, the way in which the SPAC structure mitigates “deal risk” would potentially result in mergers for companies completely unfit for public markets.</p><p><blockquote>我们担心的是，这种新结构是否会导致投资者对整个IPO市场，尤其是新兴成长型公司缺乏信心。这可能以两种方式之一发生。由于交易结构的复杂性以及SPAC流程固有和独特的费用，SPAC IPO结构可能会让华尔街提取更多的上行潜力。或者，SPAC结构减轻“交易风险”的方式可能会导致完全不适合公开市场的公司合并。</blockquote></p><p> If this new IPO juggernaut is honest and transparent about the risks, the likelihood of returns and can modulate the coming rush of mergers, this may well be a concrete step toward the democratization of private-equity opportunities. We have the opportunity to make sure the SPAC structure is not a dot-com encore. Let’s use it.</p><p><blockquote>如果这家新的IPO巨头对风险和回报的可能性诚实透明，并能够调节即将到来的合并热潮，这很可能是朝着私募股权机会民主化迈出的具体一步。我们有机会确保特殊目的收购公司的结构不是互联网公司的重演。让我们用它。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/spacs-could-repeat-the-worst-of-the-dot-com-bubble-heres-how-finance-insiders-are-trying-to-stop-that-11635352204?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/spacs-could-repeat-the-worst-of-the-dot-com-bubble-heres-how-finance-insiders-are-trying-to-stop-that-11635352204?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104374435","content_text":"CFA Institute is worried about the damage SPACS could do to investors’ confidence in the stock market \nGetty Images\n\nThe dot-com bubble did not end well for stock markets or investors. Further, it precipitated a range of unethical and manipulative practices that stained Wall Street and financial analysts for years.\nFast forward to the fall of 2021, and the long-dormant SPAC, or special-purpose acquisition company, structure for taking companies public appears to be provoking a similar dynamic in terms of unethical and manipulative practices and/or unwarranted speculation detached from any fundamental data or analysis.\nAs most of the money being raised via initial public offerings is now dominated by this SPAC structure, it can’t be ignored. We at CFA Institute, a global professional group that promotes ethics, education and professional excellence in the global investment industry, are particularly worried about the damage that SPACs could do to investor confidence in the stock market over the long run. Rather than encouraging Americans to invest for building long-term wealth, some SPACs promote a get-rich-quick mentality and could expose individual investors to unreasonable risks.\nThe SPAC Working Group at CFA Institute is examining a range of market-integrity issues as they relate to the SPAC structure for IPOs. Generally, IPOs are highly speculative for any investor, tend to proliferate at market highs, and have a spotty record of performance in the short and long terms regardless of structure.\nEven still, the SPAC version of an IPO has introduced several twists into the analysis of market fairness and investor protection. Never has the structure been so dominant, nor have IPOs been as extensively hyped via celebrity sponsorship and unregulated social-media chatter. These highly complex structures are being touted as a private-equity opportunity with private-equity returns for the individual investor with very little evidence to support those declarations.\nWhile it may be true and investors of all sorts should be able to take advantage of free-market opportunities, the industry would be well-advised to protect against the misinformation and manipulation that plagued the dot-com era.\nThe CFA Institute SPAC Working Group has empaneled a broad-based group including industry practitioners, stock exchanges, SPAC sponsors, academic experts and investor-protection advocates. The group is focused on:\n\nVarious SPAC processes and structural issues including the issuance and trading of initial SPAC units.\nTrading around the announcement of the merger (known as the d-SPAC transactions) and the economics of what a public SPAC investor ends up with compared to other investors in the d-SPAC merger.\nThe clarity and prominence of disclosures on structural issues as well as the risk factors and realistic prospect for investment returns of these highly speculative investments.\nThe balance among conflicts of interest and investor protections that do not exist in traditional IPOs. Of immediate concern for investor protection is the dynamic posed by sponsors more focused on finding a merger candidate to avoid significant deal costs than the merits of the target company.\n\nFree-market capitalism is on full display in the brave new SPAC world. The excitement of finding the next tech giant or biopharma game-changer can be intoxicating for individual investors normally foreclosed from private-equity-type opportunities.\nWhat worries us is whether this new structure is that it will lead to lack of investor confidence of the IPO market at large and among emerging-growth companies in particular. This could happen in one of two ways. The SPAC IPO structure may allow Wall Street to extract much more of the upside potential due to the complexity of deal structures and the fees inherent in, and unique to, the SPAC process. Alternatively, the way in which the SPAC structure mitigates “deal risk” would potentially result in mergers for companies completely unfit for public markets.\nIf this new IPO juggernaut is honest and transparent about the risks, the likelihood of returns and can modulate the coming rush of mergers, this may well be a concrete step toward the democratization of private-equity opportunities. We have the opportunity to make sure the SPAC structure is not a dot-com encore. Let’s use it.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":365,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/855425948"}
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