Christmas decorations used to be a sign that winter had begun. It now means that stock market forecasts are imminent.

Two-third of the IPO proceeds this year have been spacs (special purpose acquisition companies). More money has been raised in spac IPOs this year than ever before.

Next year may be the year that sanity returns to the spac market. The frauds might be exposed while the genuine backdoor listings could surge. Investors in spacs should be guided by Leo Koretz, an American swindler who died in 1923. He seems to have risen from the dead. Koretz’s sins may be reappearing as spacs.

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