Perhaps overly cynical but my take is that there’s little relationship between fundamentals and valuations of “exciting” public companies at the moment, and so acting on any grand theory about underlying value is acting in the face of an unfortunate reality: you could be right… and still lose money.

You can find example after example of company that is either vastly overvalued, or vastly undervalued, according to any reasonable measure. I have no confidence that I can effectively predict the stock price of one of these companies, and SPACs fit squarely into that category. If I was looking for high-risk high-reward, I’d rather take riskier bets on known quantities.