The rise and acceptance of SPACs is the clearest sign we're in a bubble. I hope we don't look back at 2021 the way we do at 1999...
Or do you mean to say the number of companies going public indicates a bubble?
More companies are going public, and there are even some undervalued SPACs.
The key issue is overinflated asset prices, not SPACs.
It's a blank cheque company, common in bubbles, from the first one 300 years ago to today, along with inexplicable valuations (highest in history), a lack of distinction between speculation and investment, ordinary people getting involved, the capitulation of shorts (everyone is long). There are so many signs.
I don't disagree that we're in a bubble, but I don't understand much about SPACs and wonder what they indicate more precisely.
Most of the time investors are investing based on a rumor, and on top of that they are investing before they have access to the company's fundamentals/disclosures available after companies go public.
Lots of speculative energy is often considered an indication of a market bubble.