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2021-03-16

The Tesla bubble: Bets on electric cars and the rise of SPACs have led to a new version of the dot-com boom<blockquote>特斯拉泡沫：对电动汽车的押注和 SPAC 的兴起导致了新版本的互联网繁荣</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":325384329,"tweetId":"325384329","gmtCreate":1615865247461,"gmtModify":1703494180621,"author":{"id":3573746332455410,"idStr":"3573746332455410","authorId":3573746332455410,"authorIdStr":"3573746332455410","name":"Maronas7","avatar":"https://static.tigerbbs.com/28f0f69f916dd3e8177e2326d20e1b39","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>ok</body></html>","htmlText":"<html><head></head><body>ok</body></html>","text":"ok","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/325384329","repostId":1104334279,"repostType":4,"repost":{"id":"1104334279","kind":"news","pubTimestamp":1615865048,"share":"https://www.laohunote.com/m/news/1104334279?lang=zh_CN&edition=full","pubTime":"2021-03-16 11:24","market":"us","language":"en","title":"The Tesla bubble: Bets on electric cars and the rise of SPACs have led to a new version of the dot-com boom<blockquote>特斯拉泡沫：对电动汽车的押注和 SPAC 的兴起导致了新版本的互联网繁荣</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104334279","media":"MarketWatch","summary":"Investors take on the role of venture capitalists as they look for the next big thing, overvaluing y","content":"Investors take on the role of venture capitalists as they look for the next big thing, overvaluing young companies years before they could even begin to show the type of returns that would validate the valuation — sound familiar?<blockquote>投资者在寻找下一件大事时扮演了风险资本家的角色，在年轻公司开始显示出验证估值的回报之前几年就高估了它们的估值——听起来很熟悉吗？</blockquote> <img src=\"https://static.tigerbbs.com/3f34bbf738000822f7553253aaaa88b3\" tg-width=\"1260\" tg-height=\"876\">MARKETWATCH ILLUSTRATION/ISTOCKPHOTO<blockquote>MARKETWATCH 插图/ISTOCKPHOTO</blockquote> In the 1990s, after seeing young tech stocks surge, investors wildly bet on young companies with little to no revenue on promises that a huge sea change was on the horizon for the global economy.<blockquote>20 世纪 90 年代，在看到年轻科技股飙升后，投资者疯狂地押注那些收入很少甚至没有收入的年轻公司，因为他们承诺全球经济即将发生巨大变化。</blockquote> In the 2020s,something similar is happening: Young electric-vehicle and autonomous-vehicle stocks have been surging following the meteoric rise of Tesla Inc.&nbsp;and Chinese rivals like Nio Inc.,even though a fully electrified future for the automotive industry is years, or even decades, away.<blockquote>在 2020 年代，类似的事情正在发生：随着特斯拉公司和蔚来等中国竞争对手的迅速崛起，年轻的电动汽车和自动驾驶汽车股票一直在飙升，尽管汽车行业的全面电气化未来还需要几年甚至几十年。</blockquote> This current unique bubble has been forming from a combination of a lot of cash looking for a home; the record number of special-purpose acquisition companies, or SPACs, going public; and investors looking for the next Tesla. The most crucial ingredient in that recipe is blank-check companies focused on buying electric-vehicle makers, which give both seasoned institutional and individual investors the chance to role-play as venture capitalists.<blockquote>当前这个独特的泡沫是由大量现金寻找住所的组合形成的；特殊目的收购公司（SPAC）上市数量创历史新高；以及寻找下一个特斯拉的投资者。这一配方中最关键的成分是专注于收购电动汽车制造商的空白支票公司，这让经验丰富的机构和个人投资者都有机会扮演风险投资家的角色。</blockquote> “SPAC investors have been much more willing to speculate with the aim of buying ‘the next Tesla,'” said Matt Kennedy, senior IPO market strategist at Renaissance Capital, adding that the soaring returns in SPAC-land&nbsp;have attracted institutional buyers as well.<blockquote>“文艺复兴资本（Renaissance Capital）高级IPO市场策略师马特-肯尼迪（Matt Kennedy）说：”SPAC投资者更愿意以购买'下一个特斯拉'为目的进行投机，并补充说，SPAC土地的回报率飙升也吸引了机构买家。</blockquote> Some air may be leaking from the bubble, though. Tesla’s shares succumbed to the law of gravity in late February and early March, tumbling from their stratospheric heights and&nbsp;losing a stunning $277 billion in market value in a month. Those losses reversed, however, and as of Monday Tesla was worth basically the same as at the end of 2020 — eight times its valuation at the beginning of last year. Chinese rivals such as Nio, Li Auto Inc.&nbsp;and Xpeng Inc.&nbsp;were still down on the year, but had also bounced back from lows.<blockquote>不过，气泡中可能会漏出一些空气。特斯拉的股价在 2 月底和 3 月初屈服于万有引力定律，从高位暴跌，一个月内市值蒸发了惊人的 2770 亿美元。然而，这些损失发生了逆转，截至周一，特斯拉的价值与 2020 年底基本相同，是去年初估值的八倍。蔚来、理想汽车和小鹏汽车等中国竞争对手今年仍处于下滑状态，但也已从低点反弹。</blockquote> SPACs have continued to show rampant speculation throughout, as investors looked for the types of gains those stocks enjoyed in 2020.<blockquote>SPAC 自始至终继续表现出猖獗的投机，因为投资者正在寻找这些股票在 2020 年享受的收益类型。</blockquote> “I think the electric-vehicle space is something where investors are chasing past returns,” said University of Florida Professor Jay Ritter, who has both invested in SPACs and shorted Tesla shares of late. “As with all bubbles, it’s hard to know where the turning point is going to be.”<blockquote>“佛罗里达大学教授 Jay Ritter 说：”我认为电动汽车领域是投资者追逐过去回报的领域。“和所有泡沫一样，很难知道转折点会在哪里。”</blockquote> Two cautionary examples of EV hype<blockquote>电动汽车炒作的两个警示例子</blockquote> Two EV companies are good examples of the caution needed by investors and the problems that exist in these early-stage ventures. Nikola Corp.&nbsp;was one of the early EV makers to get swept up and purchased by a SPAC, which then attracted an army of investors who drove prices sky high. But a short seller, Hindenburg Research, helped deflate that bubble.In September, Hindenburg published a detailed report, calling Nikola an “intricate fraud”&nbsp;and pointed out the company staged a deceiving video of a truck running on its hydrogen fuel-cell technology, when it was actually filmed slowly rolling down a hill, not running on its own power.<blockquote>两家电动汽车公司很好地说明了投资者需要谨慎以及这些早期企业中存在的问题。尼古拉公司 (Nikola Corp.) 是最早被 SPAC 收购的电动汽车制造商之一，SPAC 随后吸引了大批投资者，将价格推高。但卖空者兴登堡研究公司帮助挤压了泡沫。今年 9 月，兴登堡发布了一份详细报告，称尼古拉是一个 “复杂的骗局”，并指出该公司上演了一段欺骗性视频，视频中一辆卡车使用其氢燃料电池技术行驶，而实际上拍摄到的是卡车缓慢滚下山坡，而不是依靠自身动力行驶。</blockquote> Nikola, which surged to a peak of around $66 last July, before Hindenburg’s report, closed at $15.85 Tuesday.<blockquote>在兴登堡报告发布之前，Nikola 在去年 7 月飙升至 66 美元左右的峰值，周二收于 15.85 美元。</blockquote> While Nikola could be in the vaporware camp, Lucid Motors Inc., is another story. It is seen as a legitimate potential Tesla rival, based in Newark, Calif., not far from Tesla’s Silicon Valley manufacturing site in Fremont. Lucid was founded by Peter Rawlinson, the chief engineer of the Tesla Model S, and is developing an electric luxury sedan that is expected to launch this year, as well as an electric SUV.<blockquote>虽然尼古拉可能属于vaporware阵营，但Lucid Motors Inc.则是另一回事。该公司被视为特斯拉的合法潜在竞争对手，总部位于加州纽瓦克，距离特斯拉位于弗里蒙特的硅谷制造基地不远。Lucid 由特斯拉 Model S 总工程师 Peter Rawlinson 创立，正在开发一款电动豪华轿车，预计将于今年推出，以及一款电动 SUV。</blockquote> The mania around SPACs struck Lucid as well. After news leaked in January that Lucid was about to be acquired by a SPAC called Churchill Capital Group,shares in the SPAC surged to unreasonable levels as speculators jumped in. When the merger was actually announced in late February, it included an investment from Wall Street that valued the company far less than the public had,and its shares plunged.<blockquote>围绕 SPAC 的狂热也让 Lucid 感到震惊。一月份有消息称 Lucid 即将被一家名为 Churchill Capital Group 的特殊目的收购公司收购，随着投机者的加入，该特殊目的收购公司的股价飙升至不合理的水平。当合并实际上在二月底宣布时，其中包括来自华尔街的一项投资，该投资对该公司的估值远低于公众的估值，其股价暴跌。</blockquote> There could be plenty more pain for speculators looking to get in on EV companies. In January alone, according to Dealogic, 90 SPACs filed to go public. While only a handful of those companies actually said they plan to focus on electric vehicles or batteries, many did not identify a target industry or market for acquisitions but did mention a sustainable focus — for example, Switchback II&nbsp;of Dallas, which raised $275 million in its January IPO, said it intends to focus on companies in the “broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.”<blockquote>对于希望进入电动汽车公司的投机者来说，可能会面临更多痛苦。根据 Dealogic 的数据，仅在 1 月份，就有 90 家 SPAC 申请上市。虽然这些公司中只有少数几家表示计划专注于电动汽车或电池，但许多公司没有确定收购的目标行业或市场，但确实提到了可持续发展的重点--例如，达拉斯的 Switchback II 公司在 1 月份的首次公开募股中筹集了 2.75 亿美元，该公司表示打算重点关注 “广泛的能源转型或可持续发展领域的公司，这些公司的目标是需要创新解决方案来脱碳以实现关键减排目标的行业 ”。</blockquote> “Never underestimate the market’s ability to find products for people who have money. The market has more money than product right now. The shelf of near-ready IPOs was pretty bare, and laid more barren with COVID-19,” said Scott Galloway, a professor of marketing at New York University’s Stern School of Business, in an interview late last year. “So all of a sudden, there is good money looking for public companies. It’s incredible how fast this submarket has reformed around SPACS.”<blockquote>纽约大学斯特恩商学院市场营销学教授斯科特-加洛韦（Scott Galloway）在去年年底接受采访时说：“永远不要低估市场为有钱人找到产品的能力。现在，市场的钱多于产品。即将准备就绪的首次公开募股（IPO）的货架相当空旷，而 COVID-19 更是雪上加霜。”“因此，突然间，大量资金开始寻找上市公司。这个子市场围绕 SPAC 的改革之快令人难以置信。”</blockquote> Typical IPO buyers like Fidelity and Franklin Templeton are making large investments in SPACs through private investment in public equities, or PIPEs, the type of investment that pumped into Lucid as its SPAC traded much higher.<blockquote>富达 (Fidelity) 和富兰克林邓普顿 (Franklin Templeton) 等典型的 IPO 买家正在通过对公共股权或 PIPEs 的私人投资对 SPAC 进行大量投资，这种投资在 Lucid 的 SPAC 股价大幅上涨时被注入。</blockquote> SPACs represent an unusual investment opportunity, because they take place in two phases. In the first phase, the blank-check company raises money in its IPO, the pre-acquisition phase, which can offer investors a good return. They also offer investors the ability to exit, with original funds intact, if a proposed acquisition is not to the liking of the investors.<blockquote>SPAC代表了一个不寻常的投资机会，因为它们分两个阶段进行。在第一阶段，空白支票公司在其IPO，即收购前阶段筹集资金，这可以为投资者提供良好的回报。如果投资者不喜欢拟议的收购，他们还为投资者提供在原始资金完好无损的情况下退出的能力。</blockquote> So far investors have had an excellent run in SPACs in general, especially hedge funds, or the SPAC mafia, Ritter said. According to Dealogic, a total of 262 blank-check companies went public in U.S. markets in 2020, with a current average performance of 21.3% for those 2020 deals. So far for 2021 IPO SPACs, though, the current average performance is 1.95%.<blockquote>里特表示，到目前为止，投资者在 SPAC 方面总体上表现良好，尤其是对冲基金或 SPAC 黑手党。根据Dealogic的数据，2020年共有262家空白支票公司在美国市场上市，目前这些2020年交易的平均表现为21.3%。不过，到目前为止，对于2021年IPO SPAC，目前的平均表现为1.95%。</blockquote> Ritter was so impressed with the returns that he invested in a few SPACs himself in the aftermarket, after seeing his funds in an investment account earn barely anything in interest.<blockquote>里特对回报印象深刻，在看到自己投资账户中的资金几乎没有赚取任何利息后，他自己在售后市场上投资了几个 SPAC。</blockquote> “There is investor enthusiasm. Even though supply has been exploding, investor demand has been growing even faster,” Ritter said, adding that most of the electric-vehicle companies have chosen to go public via a SPAC and not the standard, more costly, IPO process.<blockquote>“投资者热情高涨。尽管供应量呈爆炸式增长，但投资者的需求增长得更快，”里特说，并补充说，大多数电动汽车公司都选择通过 SPAC 上市，而不是标准的、成本更高的 IPO 程序。</blockquote> SPACs are typically a better investment in the pre-acquisition phase, which can go as long as two years, the time limit set for companies to make an acquisition. Only early investors, though, are often able to receive the biggest security for their investment in SPACs. They usually receive a warrant with each share of the IPO, that entitles them to buy a share at a prearranged price. Public investors in the aftermarket deal don’t get this option,which is why hedge funds have zeroed in on SPACs as a sure thing.<blockquote>SPAC 通常是收购前阶段的更好投资，收购前阶段可能长达两年，这是公司进行收购的期限。然而，只有早期投资者通常能够为他们在 SPAC 的投资获得最大的安全性。他们通常会收到每股 IPO 股票的认股权证，这使他们有权以预先安排的价格购买股票。售后交易中的公众投资者没有这种选择，这也是对冲基金将 SPAC 视为理所当然的原因。</blockquote> Ritter noted that even though he drives a Tesla himself, he has been short the stock.<blockquote>里特指出，尽管他自己开的是特斯拉，但他一直做空这只股票。</blockquote> “When it got added to the S&amp;P 500, I shorted more shares. So far it’s been a wealth-losing activity for me,” Ritter said, adding that he also believes many investors are hoping for a repeat performance of Tesla. “Investors tend to chase past returns. Fifteen years ago it was investing in real estate, which ended badly; 21 years ago the internet bubble was about to peak.”<blockquote>“当它被纳入标普500时，我做空了更多的股票。到目前为止，这对我来说是一次损失惨重的活动，”里特说，他还认为许多投资者都希望特斯拉能再次表现出色。“投资者倾向于追逐过去的回报。15 年前，投资者投资的是房地产，结果很糟糕；21 年前，互联网泡沫即将达到顶峰。”</blockquote> EV SPACs as the new dot-com bubble<blockquote>电动汽车 SPAC 成为新的互联网泡沫</blockquote> Just as the dot-com boom and bust of 1999-2000 was often compared with the tulip mania in the 17th century of the then-Dutch Republic, it is worth asking the same question about some of the different bubbles in the market today, from the GameStop Corp.&nbsp;insanity to the electric-vehicle hype.<blockquote>正如 1999-2000 年的互联网繁荣和萧条经常被比作当时荷兰共和国 17 世纪的郁金香狂热一样，值得对当今市场上的一些不同泡沫提出同样的问题，从游戏驿站公司的疯狂到电动汽车的炒作。</blockquote> During both the tulip boom and the dot-com boom, new and relatively unknown products were introduced, and prices (in futures contracts for tulips, stock prices for dot-com companies) reached staggering levels based on hype for potential demand that was not sustainable. Many companies like Pets.com and Webvan ultimately collapsed, with business ideas that were ahead of their time, while others took advantage of the market mania, such as WorldCom, which deceived investors with one of the biggest accounting frauds in history. Others survived and thrived, such as Amazon.com Inc.,which has soared to unbelievable heights of over $1.6 trillion in market value.<blockquote>在郁金香繁荣和互联网繁荣期间，新的和相对不为人知的产品被推出，价格（郁金香的期货合约，互联网公司的股票价格）达到了惊人的水平，这是基于对不可持续的潜在需求的炒作。Pets.com 和 Webvan 等许多公司最终倒闭，其商业理念超前于时代，而其他公司则利用市场狂热，例如 WorldCom，该公司用历史上最大的会计欺诈之一欺骗了投资者。其他公司幸存下来并蓬勃发展，例如亚马逊公司，其市值已飙升至超过 1.6 万亿美元的令人难以置信的高度。</blockquote> As the global automotive industry goes through a similar seismic shift, investors are banking on a similar phenomenon, but with electric cars, and autonomous vehicles replacing gas-fueled combustion engines. This includes companies in China, where another crop of EV companies seek to unseat Tesla in the most populated country in the world. Currently, though, electric cars currently make up only approximately 2% of global auto sales. Estimates for the future vary broadly, from a low-end forecast of 10% to 20% of cars sold by 2030 to as much as two-thirds of the market in the same time frame.<blockquote>随着全球汽车行业经历类似的巨大变化，投资者寄希望于类似的现象，但电动汽车和自动驾驶汽车将取代燃气内燃机。这包括中国的公司，中国的另一批电动汽车公司试图在这个世界上人口最多的国家取代特斯拉。不过，目前电动汽车仅占全球汽车销量的2%左右。对未来的预测差异很大，从到 2030 年汽车销量的 10% 至 20% 的低端预测，到同期市场份额的三分之二。</blockquote> With those predicted changes on the horizon, combined with Tesla’s gigantic stock gains in 2020, including its addition to the S&amp;P 500,have led to some crazy bets on unproven or early-stage technologies once again.<blockquote>随着这些预测的变化即将到来，再加上特斯拉在 2020 年的股价大幅上涨，包括被纳入标准普尔 500 指数，导致人们再次对未经证实或处于早期阶段的技术进行疯狂押注。</blockquote> In 2020, 15 private electric-vehicle companies were purchased by blank-check companies and are now publicly traded, according to Renaissance Capital, which tracks IPOS and has its own IPO ETF.But most of them don’t have a proven technology or business model, little or no revenue and no profits in sight.<blockquote>据追踪 IPO 并拥有自己的 IPO ETF 的 Renaissance Capital 称，2020 年，15 家私营电动汽车公司被空白支票公司收购，现已上市交易。但他们中的大多数都没有成熟的技术或商业模式，很少或没有收入，也看不到利润。</blockquote> “While this is an area with enormous potential, many of these companies are completely unproven,&nbsp;and investors have very little to go on in terms of their ability to win customers or scale manufacturing,” said Kennedy of Renaissance Capital.<blockquote>“文艺复兴资本（Renaissance Capital）的肯尼迪说：”虽然这是一个潜力巨大的领域，但其中许多公司完全未经证实，投资者在赢得客户或扩大生产规模的能力方面几乎无能为力。</blockquote> The U.S. EV targets of the blank check companies, such as Nikola, Lucid and Fisker Inc.,an electric-car startup in Los Angeles, have not manufactured a single electric vehicle for sale, or collected any revenue yet. But their market caps have soared, and&nbsp;the companies are promising huge gains in revenue in a short time period.<blockquote>空白支票公司的美国电动汽车目标，如 Nikola、Lucid 和洛杉矶电动汽车初创公司 Fisker Inc.，尚未生产一辆电动汽车进行销售，也尚未收取任何收入。但它们的市值已经飙升，这些公司承诺在短时间内实现巨大的收入增长。</blockquote> These stocks have not traded on profit or revenue, but on pure speculation. Fisker saw its shares soar nearly 40% after&nbsp;a memo of understanding with Foxconn Technology Group,the manufacturer of Apple Inc.’s&nbsp;iPhones, to jointly produce more than 250,000 electric SUVs, possibly at FoxConn’s new factory in Wisconsin. The deal is for Fisker’s second model, and manufacturing would begin at the end of 2023, as it adopts a sort of Uber-like approach to contracting out high costs.<blockquote>这些股票的交易不是为了利润或收入，而是纯粹的投机。Fisker 与苹果公司 iPhone 的制造商富士康科技集团签署谅解备忘录，将联合生产超过 25 万辆电动 SUV，可能在富士康位于威斯康星州的新工厂生产。这笔交易是菲斯克的第二款车型，生产将于 2023 年底开始，因为它采用了一种类似 Uber 的方法来承包高成本。</blockquote> The history of Fisker shows why investors should be concerned. The original company, Fisker Automotive, went bankrupt in 2013, and its assets were purchased by a Chinese auto-parts company that has retained some brand rights and started up Fisker Inc. while saying goodbye to the founder who gave the company its name. Fisker’s first product, an electric SUV called the Ocean, is expected to be launched in late 2022.<blockquote>菲斯克的历史表明了投资者应该担心的原因。原公司Fisker Automotive于2013年破产，其资产被一家中国汽车零部件公司收购，该公司保留了部分品牌权，并在告别为公司命名的创始人的同时成立了Fisker Inc.。菲斯克的首款产品是一款名为 the Ocean 的电动 SUV，预计将于 2022 年底上市。</blockquote> These are the types of investments that are more appropriate for venture capitalists, who are used to betting on companies without revenue or profits or even a product. The list of companies targeted by SPACs looking at the EV market or the sustainable-energy arena also includes companies making electric batteries, charging-station makers, and other components for EVs and AVs, such as Lidar.<blockquote>这些投资类型更适合风险投资家，他们习惯于押注没有收入或利润，甚至没有产品的公司。SPAC 瞄准电动汽车市场或可持续能源领域的公司名单还包括制造电动汽车、充电站制造商以及电动汽车和自动驾驶汽车其他组件（例如激光雷达）的公司。</blockquote> Velodyne Lidar Inc.,makes technology that is used as part of the vision system in autonomous vehicles, and is now in the middle of a post-SPAC war. David Hall, who founded the Morgan Hill, Calif.-based company, and his wife are sparring with the investors&nbsp;who purchased Velodyne Lidar,and took the company public via a SPAC late last year. But since then, the Halls and Velodyne’s acquirers had a falling out.<blockquote>Velodyne Lidar Inc. 生产的技术用作自动驾驶汽车视觉系统的一部分，目前正处于后特殊目的收购公司战争之中。大卫·霍尔 (David Hall) 是这家总部位于加利福尼亚州摩根山的公司的创始人，他和他的妻子正在与购买 Velodyne Lidar 的投资者争论，并于去年年底通过 SPAC 将该公司上市。但从那时起，霍尔斯和 Velodyne 的收购者就闹翻了。</blockquote> Last month, the company named a new chairman and chief marketing officer following an investigation into the conduct of David Hall and Marta Thoma Hall, who held those positions, respectively, and terminated Marta Hall’s employment.<blockquote>上个月，在对分别担任董事长和首席营销官的大卫-霍尔（David Hall）和玛尔塔-托马-霍尔（Marta Thoma Hall）的行为进行调查后，公司任命了新的董事长和首席营销官，并终止了玛尔塔-霍尔的雇佣关系。</blockquote> “The investigation concluded that Mr.&nbsp;Hall and Ms.&nbsp;Hall each behaved inappropriately with regard to board and company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with company officers and directors,”Velodyne said in a statement&nbsp;and regulatory filing in late February.<blockquote>“Velodyne 在 2 月底的一份声明和一份监管文件中说：”调查得出结论，霍尔先生和霍尔女士在董事会和公司流程方面都有不当行为，在与公司高管和董事打交道时，未能以尊重、诚实、正直和坦率的态度行事。</blockquote> The two remain directors of the company that ousted them, as well as majority owners, with a 58.4% ownership of common stock in Velodyne.<blockquote>两人仍然是驱逐他们的公司的董事，以及大股东，拥有 Velodyne 58.4% 的普通股所有权。</blockquote> “To be completely clear: I chose to resign from the board because I had numerous concerns about the strategic direction and current leadership of Velodyne Lidar,” David Hall said in a statement last week. “I firmly believe that the board has fostered an anti-stockholder culture and that Velodyne Lidar’s corporate governance is broken. Perhaps most unsettling was the board’s decision to rubber-stamp an increased compensation package for Mr. [Anand] Gopalan despite the Company releasing weak Q4 2020 earnings and missing year-end forecasts.”<blockquote>“大卫-霍尔（David Hall）在上周的一份声明中说：”我选择辞去董事会职务，是因为我对 Velodyne Lidar 的战略方向和现任领导层有很多担忧。“我坚信，董事会助长了一种反股东文化，Velodyne Lidar 的公司治理已经崩溃。也许最令人不安的是，尽管公司发布的 2020 年第四季度财报疲软，年终预测也未能达到，但董事会还是决定给 [Anand] Gopalan 先生增加薪酬方案。”</blockquote> Gopalan is Veloydyne’s chief executive.<blockquote>戈帕兰是 Veloydyne 的首席执行官。</blockquote> A few weeks ago, Hall told The Wall Street Journal that the moves were a “well-played-out plan to hijack the corporation by the SPAC guys.” The Halls were not immediately available for an interview, their spokesman said.<blockquote>几周前，霍尔告诉《华尔街日报》，这些举动是 “一个精心策划的计划，目的是让 SPAC 的人劫持公司”。他们的发言人说，这些大厅不能立即进行采访。</blockquote> The Velodyne saga is one that can often happen at startup companies that are not yet ready for prime time, when entrenched founders spar with their investors. One high-profile example that did made its way into the press in recent years was when VC investors&nbsp;pushed for the ouster of co-founder Travis Kalanick&nbsp;at Uber Technologies,long before the company went public.<blockquote>Velodyne 传奇故事经常发生在尚未准备好迎接黄金时间的初创公司身上，此时根深蒂固的创始人正在与投资者争论。近年来，一个备受瞩目的例子确实出现在媒体上，那就是风险投资家在优步科技公司上市之前很久就推动该公司联合创始人特拉维斯·卡兰尼克下台。</blockquote> So while SPACs may represent the democratization of venture-capital investing, where average retail investors have a more even playing field with Silicon Valley venture capitalists, getting in at the very early stages of young companies, it is also the democratizing the huge amounts of risk that are typically borne by professional investors. But unlike venture capitalists, who spread out their investments across a group of at least 10 various young or high-risk companies, knowing that most will fail as they hope to hit one big winner, individuals have a lot more to lose.<blockquote>因此，虽然SPAC可能代表了风险投资的民主化，普通散户投资者与硅谷风险投资家有了更公平的竞争环境，在年轻公司的早期阶段就进入，但它也是专业投资者通常承担的巨大风险的民主化。但与风险投资家不同的是，他们将投资分散在至少 10 家不同的年轻或高风险公司中，知道大多数公司都会失败，因为他们希望找到一家大赢家，但个人会失去更多。</blockquote> “The SPACs we are seeing now are focused on somewhat VC-like companies. Many of these companies don’t have revenue, they don’t have positive cash flow or earnings. It’s kind of like a VC in a liquid form, via a SPAC,” said Robert Davis, a partner and chief investment officer of Round Table Wealth Management. “Not all these SPACs are going to be great.”<blockquote>“我们现在看到的 SPAC 都集中在一些类似风险投资的公司身上。这些公司中有很多没有收入，没有正现金流或盈利。这有点像通过 SPAC 的流动性风险投资，”圆桌财富管理公司合伙人兼首席投资官罗伯特-戴维斯（Robert Davis）说。“并非所有这些 SPAC 都会很棒”。</blockquote> There is a lot of risk in many of these deals, especially in the “pre-revenue” bunch.<blockquote>其中许多交易都存在很大风险，尤其是 “收入前 ”交易。</blockquote> “This is a little bit like in the Middle Ages, alchemists would take base metal and turn it into gold,” said Sandeep Dahiya, associate professor of entrepreneurship at&nbsp;Georgetown’s McDonough School of Business.“SPACs are like that: ‘Here, give us your money and we will try to make you rich.’ Let’s see how that plays out.”<blockquote>“乔治敦大学麦克唐纳商学院（McDonough School of Business）创业学副教授桑迪普-达希亚（Sandeep Dahiya）说：”这有点像中世纪，炼金术士会把贱金属变成黄金。“SPAC 就是这样：'给我们你的钱，我们会努力让你致富。让我们看看结果如何。”</blockquote> For most investors, especially the average retail investor who did not get in early like the hedge funds, it will likely not end well in the short term. Anyone who is betting on long-term returns will need to choose wisely, and be wary of the SPAC flavor of the day.<blockquote>对于大多数投资者来说，尤其是不像对冲基金那样早早入场的普通散户投资者来说，短期内很可能不会有好结果。任何押注长期回报的人都需要明智地选择，并警惕当今的特殊目的收购公司（SPAC）风味。</blockquote>","source":"market_watch","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 Tesla bubble: Bets on electric cars and the rise of SPACs have led to a new version of the dot-com boom<blockquote>特斯拉泡沫：对电动汽车的押注和 SPAC 的兴起导致了新版本的互联网繁荣</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 Tesla bubble: Bets on electric cars and the rise of SPACs have led to a new version of the dot-com boom<blockquote>特斯拉泡沫：对电动汽车的押注和 SPAC 的兴起导致了新版本的互联网繁荣</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-03-16 11:24\n\n</h4>\n</header>\n<article>\nInvestors take on the role of venture capitalists as they look for the next big thing, overvaluing young companies years before they could even begin to show the type of returns that would validate the valuation — sound familiar?<blockquote>投资者在寻找下一件大事时扮演了风险资本家的角色，在年轻公司开始显示出验证估值的回报之前几年就高估了它们的估值——听起来很熟悉吗？</blockquote> <img src=\"https://static.tigerbbs.com/3f34bbf738000822f7553253aaaa88b3\" tg-width=\"1260\" tg-height=\"876\">MARKETWATCH ILLUSTRATION/ISTOCKPHOTO<blockquote>MARKETWATCH 插图/ISTOCKPHOTO</blockquote> In the 1990s, after seeing young tech stocks surge, investors wildly bet on young companies with little to no revenue on promises that a huge sea change was on the horizon for the global economy.<blockquote>20 世纪 90 年代，在看到年轻科技股飙升后，投资者疯狂地押注那些收入很少甚至没有收入的年轻公司，因为他们承诺全球经济即将发生巨大变化。</blockquote> In the 2020s,something similar is happening: Young electric-vehicle and autonomous-vehicle stocks have been surging following the meteoric rise of Tesla Inc.&nbsp;and Chinese rivals like Nio Inc.,even though a fully electrified future for the automotive industry is years, or even decades, away.<blockquote>在 2020 年代，类似的事情正在发生：随着特斯拉公司和蔚来等中国竞争对手的迅速崛起，年轻的电动汽车和自动驾驶汽车股票一直在飙升，尽管汽车行业的全面电气化未来还需要几年甚至几十年。</blockquote> This current unique bubble has been forming from a combination of a lot of cash looking for a home; the record number of special-purpose acquisition companies, or SPACs, going public; and investors looking for the next Tesla. The most crucial ingredient in that recipe is blank-check companies focused on buying electric-vehicle makers, which give both seasoned institutional and individual investors the chance to role-play as venture capitalists.<blockquote>当前这个独特的泡沫是由大量现金寻找住所的组合形成的；特殊目的收购公司（SPAC）上市数量创历史新高；以及寻找下一个特斯拉的投资者。这一配方中最关键的成分是专注于收购电动汽车制造商的空白支票公司，这让经验丰富的机构和个人投资者都有机会扮演风险投资家的角色。</blockquote> “SPAC investors have been much more willing to speculate with the aim of buying ‘the next Tesla,'” said Matt Kennedy, senior IPO market strategist at Renaissance Capital, adding that the soaring returns in SPAC-land&nbsp;have attracted institutional buyers as well.<blockquote>“文艺复兴资本（Renaissance Capital）高级IPO市场策略师马特-肯尼迪（Matt Kennedy）说：”SPAC投资者更愿意以购买'下一个特斯拉'为目的进行投机，并补充说，SPAC土地的回报率飙升也吸引了机构买家。</blockquote> Some air may be leaking from the bubble, though. Tesla’s shares succumbed to the law of gravity in late February and early March, tumbling from their stratospheric heights and&nbsp;losing a stunning $277 billion in market value in a month. Those losses reversed, however, and as of Monday Tesla was worth basically the same as at the end of 2020 — eight times its valuation at the beginning of last year. Chinese rivals such as Nio, Li Auto Inc.&nbsp;and Xpeng Inc.&nbsp;were still down on the year, but had also bounced back from lows.<blockquote>不过，气泡中可能会漏出一些空气。特斯拉的股价在 2 月底和 3 月初屈服于万有引力定律，从高位暴跌，一个月内市值蒸发了惊人的 2770 亿美元。然而，这些损失发生了逆转，截至周一，特斯拉的价值与 2020 年底基本相同，是去年初估值的八倍。蔚来、理想汽车和小鹏汽车等中国竞争对手今年仍处于下滑状态，但也已从低点反弹。</blockquote> SPACs have continued to show rampant speculation throughout, as investors looked for the types of gains those stocks enjoyed in 2020.<blockquote>SPAC 自始至终继续表现出猖獗的投机，因为投资者正在寻找这些股票在 2020 年享受的收益类型。</blockquote> “I think the electric-vehicle space is something where investors are chasing past returns,” said University of Florida Professor Jay Ritter, who has both invested in SPACs and shorted Tesla shares of late. “As with all bubbles, it’s hard to know where the turning point is going to be.”<blockquote>“佛罗里达大学教授 Jay Ritter 说：”我认为电动汽车领域是投资者追逐过去回报的领域。“和所有泡沫一样，很难知道转折点会在哪里。”</blockquote> Two cautionary examples of EV hype<blockquote>电动汽车炒作的两个警示例子</blockquote> Two EV companies are good examples of the caution needed by investors and the problems that exist in these early-stage ventures. Nikola Corp.&nbsp;was one of the early EV makers to get swept up and purchased by a SPAC, which then attracted an army of investors who drove prices sky high. But a short seller, Hindenburg Research, helped deflate that bubble.In September, Hindenburg published a detailed report, calling Nikola an “intricate fraud”&nbsp;and pointed out the company staged a deceiving video of a truck running on its hydrogen fuel-cell technology, when it was actually filmed slowly rolling down a hill, not running on its own power.<blockquote>两家电动汽车公司很好地说明了投资者需要谨慎以及这些早期企业中存在的问题。尼古拉公司 (Nikola Corp.) 是最早被 SPAC 收购的电动汽车制造商之一，SPAC 随后吸引了大批投资者，将价格推高。但卖空者兴登堡研究公司帮助挤压了泡沫。今年 9 月，兴登堡发布了一份详细报告，称尼古拉是一个 “复杂的骗局”，并指出该公司上演了一段欺骗性视频，视频中一辆卡车使用其氢燃料电池技术行驶，而实际上拍摄到的是卡车缓慢滚下山坡，而不是依靠自身动力行驶。</blockquote> Nikola, which surged to a peak of around $66 last July, before Hindenburg’s report, closed at $15.85 Tuesday.<blockquote>在兴登堡报告发布之前，Nikola 在去年 7 月飙升至 66 美元左右的峰值，周二收于 15.85 美元。</blockquote> While Nikola could be in the vaporware camp, Lucid Motors Inc., is another story. It is seen as a legitimate potential Tesla rival, based in Newark, Calif., not far from Tesla’s Silicon Valley manufacturing site in Fremont. Lucid was founded by Peter Rawlinson, the chief engineer of the Tesla Model S, and is developing an electric luxury sedan that is expected to launch this year, as well as an electric SUV.<blockquote>虽然尼古拉可能属于vaporware阵营，但Lucid Motors Inc.则是另一回事。该公司被视为特斯拉的合法潜在竞争对手，总部位于加州纽瓦克，距离特斯拉位于弗里蒙特的硅谷制造基地不远。Lucid 由特斯拉 Model S 总工程师 Peter Rawlinson 创立，正在开发一款电动豪华轿车，预计将于今年推出，以及一款电动 SUV。</blockquote> The mania around SPACs struck Lucid as well. After news leaked in January that Lucid was about to be acquired by a SPAC called Churchill Capital Group,shares in the SPAC surged to unreasonable levels as speculators jumped in. When the merger was actually announced in late February, it included an investment from Wall Street that valued the company far less than the public had,and its shares plunged.<blockquote>围绕 SPAC 的狂热也让 Lucid 感到震惊。一月份有消息称 Lucid 即将被一家名为 Churchill Capital Group 的特殊目的收购公司收购，随着投机者的加入，该特殊目的收购公司的股价飙升至不合理的水平。当合并实际上在二月底宣布时，其中包括来自华尔街的一项投资，该投资对该公司的估值远低于公众的估值，其股价暴跌。</blockquote> There could be plenty more pain for speculators looking to get in on EV companies. In January alone, according to Dealogic, 90 SPACs filed to go public. While only a handful of those companies actually said they plan to focus on electric vehicles or batteries, many did not identify a target industry or market for acquisitions but did mention a sustainable focus — for example, Switchback II&nbsp;of Dallas, which raised $275 million in its January IPO, said it intends to focus on companies in the “broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.”<blockquote>对于希望进入电动汽车公司的投机者来说，可能会面临更多痛苦。根据 Dealogic 的数据，仅在 1 月份，就有 90 家 SPAC 申请上市。虽然这些公司中只有少数几家表示计划专注于电动汽车或电池，但许多公司没有确定收购的目标行业或市场，但确实提到了可持续发展的重点--例如，达拉斯的 Switchback II 公司在 1 月份的首次公开募股中筹集了 2.75 亿美元，该公司表示打算重点关注 “广泛的能源转型或可持续发展领域的公司，这些公司的目标是需要创新解决方案来脱碳以实现关键减排目标的行业 ”。</blockquote> “Never underestimate the market’s ability to find products for people who have money. The market has more money than product right now. The shelf of near-ready IPOs was pretty bare, and laid more barren with COVID-19,” said Scott Galloway, a professor of marketing at New York University’s Stern School of Business, in an interview late last year. “So all of a sudden, there is good money looking for public companies. It’s incredible how fast this submarket has reformed around SPACS.”<blockquote>纽约大学斯特恩商学院市场营销学教授斯科特-加洛韦（Scott Galloway）在去年年底接受采访时说：“永远不要低估市场为有钱人找到产品的能力。现在，市场的钱多于产品。即将准备就绪的首次公开募股（IPO）的货架相当空旷，而 COVID-19 更是雪上加霜。”“因此，突然间，大量资金开始寻找上市公司。这个子市场围绕 SPAC 的改革之快令人难以置信。”</blockquote> Typical IPO buyers like Fidelity and Franklin Templeton are making large investments in SPACs through private investment in public equities, or PIPEs, the type of investment that pumped into Lucid as its SPAC traded much higher.<blockquote>富达 (Fidelity) 和富兰克林邓普顿 (Franklin Templeton) 等典型的 IPO 买家正在通过对公共股权或 PIPEs 的私人投资对 SPAC 进行大量投资，这种投资在 Lucid 的 SPAC 股价大幅上涨时被注入。</blockquote> SPACs represent an unusual investment opportunity, because they take place in two phases. In the first phase, the blank-check company raises money in its IPO, the pre-acquisition phase, which can offer investors a good return. They also offer investors the ability to exit, with original funds intact, if a proposed acquisition is not to the liking of the investors.<blockquote>SPAC代表了一个不寻常的投资机会，因为它们分两个阶段进行。在第一阶段，空白支票公司在其IPO，即收购前阶段筹集资金，这可以为投资者提供良好的回报。如果投资者不喜欢拟议的收购，他们还为投资者提供在原始资金完好无损的情况下退出的能力。</blockquote> So far investors have had an excellent run in SPACs in general, especially hedge funds, or the SPAC mafia, Ritter said. According to Dealogic, a total of 262 blank-check companies went public in U.S. markets in 2020, with a current average performance of 21.3% for those 2020 deals. So far for 2021 IPO SPACs, though, the current average performance is 1.95%.<blockquote>里特表示，到目前为止，投资者在 SPAC 方面总体上表现良好，尤其是对冲基金或 SPAC 黑手党。根据Dealogic的数据，2020年共有262家空白支票公司在美国市场上市，目前这些2020年交易的平均表现为21.3%。不过，到目前为止，对于2021年IPO SPAC，目前的平均表现为1.95%。</blockquote> Ritter was so impressed with the returns that he invested in a few SPACs himself in the aftermarket, after seeing his funds in an investment account earn barely anything in interest.<blockquote>里特对回报印象深刻，在看到自己投资账户中的资金几乎没有赚取任何利息后，他自己在售后市场上投资了几个 SPAC。</blockquote> “There is investor enthusiasm. Even though supply has been exploding, investor demand has been growing even faster,” Ritter said, adding that most of the electric-vehicle companies have chosen to go public via a SPAC and not the standard, more costly, IPO process.<blockquote>“投资者热情高涨。尽管供应量呈爆炸式增长，但投资者的需求增长得更快，”里特说，并补充说，大多数电动汽车公司都选择通过 SPAC 上市，而不是标准的、成本更高的 IPO 程序。</blockquote> SPACs are typically a better investment in the pre-acquisition phase, which can go as long as two years, the time limit set for companies to make an acquisition. Only early investors, though, are often able to receive the biggest security for their investment in SPACs. They usually receive a warrant with each share of the IPO, that entitles them to buy a share at a prearranged price. Public investors in the aftermarket deal don’t get this option,which is why hedge funds have zeroed in on SPACs as a sure thing.<blockquote>SPAC 通常是收购前阶段的更好投资，收购前阶段可能长达两年，这是公司进行收购的期限。然而，只有早期投资者通常能够为他们在 SPAC 的投资获得最大的安全性。他们通常会收到每股 IPO 股票的认股权证，这使他们有权以预先安排的价格购买股票。售后交易中的公众投资者没有这种选择，这也是对冲基金将 SPAC 视为理所当然的原因。</blockquote> Ritter noted that even though he drives a Tesla himself, he has been short the stock.<blockquote>里特指出，尽管他自己开的是特斯拉，但他一直做空这只股票。</blockquote> “When it got added to the S&amp;P 500, I shorted more shares. So far it’s been a wealth-losing activity for me,” Ritter said, adding that he also believes many investors are hoping for a repeat performance of Tesla. “Investors tend to chase past returns. Fifteen years ago it was investing in real estate, which ended badly; 21 years ago the internet bubble was about to peak.”<blockquote>“当它被纳入标普500时，我做空了更多的股票。到目前为止，这对我来说是一次损失惨重的活动，”里特说，他还认为许多投资者都希望特斯拉能再次表现出色。“投资者倾向于追逐过去的回报。15 年前，投资者投资的是房地产，结果很糟糕；21 年前，互联网泡沫即将达到顶峰。”</blockquote> EV SPACs as the new dot-com bubble<blockquote>电动汽车 SPAC 成为新的互联网泡沫</blockquote> Just as the dot-com boom and bust of 1999-2000 was often compared with the tulip mania in the 17th century of the then-Dutch Republic, it is worth asking the same question about some of the different bubbles in the market today, from the GameStop Corp.&nbsp;insanity to the electric-vehicle hype.<blockquote>正如 1999-2000 年的互联网繁荣和萧条经常被比作当时荷兰共和国 17 世纪的郁金香狂热一样，值得对当今市场上的一些不同泡沫提出同样的问题，从游戏驿站公司的疯狂到电动汽车的炒作。</blockquote> During both the tulip boom and the dot-com boom, new and relatively unknown products were introduced, and prices (in futures contracts for tulips, stock prices for dot-com companies) reached staggering levels based on hype for potential demand that was not sustainable. Many companies like Pets.com and Webvan ultimately collapsed, with business ideas that were ahead of their time, while others took advantage of the market mania, such as WorldCom, which deceived investors with one of the biggest accounting frauds in history. Others survived and thrived, such as Amazon.com Inc.,which has soared to unbelievable heights of over $1.6 trillion in market value.<blockquote>在郁金香繁荣和互联网繁荣期间，新的和相对不为人知的产品被推出，价格（郁金香的期货合约，互联网公司的股票价格）达到了惊人的水平，这是基于对不可持续的潜在需求的炒作。Pets.com 和 Webvan 等许多公司最终倒闭，其商业理念超前于时代，而其他公司则利用市场狂热，例如 WorldCom，该公司用历史上最大的会计欺诈之一欺骗了投资者。其他公司幸存下来并蓬勃发展，例如亚马逊公司，其市值已飙升至超过 1.6 万亿美元的令人难以置信的高度。</blockquote> As the global automotive industry goes through a similar seismic shift, investors are banking on a similar phenomenon, but with electric cars, and autonomous vehicles replacing gas-fueled combustion engines. This includes companies in China, where another crop of EV companies seek to unseat Tesla in the most populated country in the world. Currently, though, electric cars currently make up only approximately 2% of global auto sales. Estimates for the future vary broadly, from a low-end forecast of 10% to 20% of cars sold by 2030 to as much as two-thirds of the market in the same time frame.<blockquote>随着全球汽车行业经历类似的巨大变化，投资者寄希望于类似的现象，但电动汽车和自动驾驶汽车将取代燃气内燃机。这包括中国的公司，中国的另一批电动汽车公司试图在这个世界上人口最多的国家取代特斯拉。不过，目前电动汽车仅占全球汽车销量的2%左右。对未来的预测差异很大，从到 2030 年汽车销量的 10% 至 20% 的低端预测，到同期市场份额的三分之二。</blockquote> With those predicted changes on the horizon, combined with Tesla’s gigantic stock gains in 2020, including its addition to the S&amp;P 500,have led to some crazy bets on unproven or early-stage technologies once again.<blockquote>随着这些预测的变化即将到来，再加上特斯拉在 2020 年的股价大幅上涨，包括被纳入标准普尔 500 指数，导致人们再次对未经证实或处于早期阶段的技术进行疯狂押注。</blockquote> In 2020, 15 private electric-vehicle companies were purchased by blank-check companies and are now publicly traded, according to Renaissance Capital, which tracks IPOS and has its own IPO ETF.But most of them don’t have a proven technology or business model, little or no revenue and no profits in sight.<blockquote>据追踪 IPO 并拥有自己的 IPO ETF 的 Renaissance Capital 称，2020 年，15 家私营电动汽车公司被空白支票公司收购，现已上市交易。但他们中的大多数都没有成熟的技术或商业模式，很少或没有收入，也看不到利润。</blockquote> “While this is an area with enormous potential, many of these companies are completely unproven,&nbsp;and investors have very little to go on in terms of their ability to win customers or scale manufacturing,” said Kennedy of Renaissance Capital.<blockquote>“文艺复兴资本（Renaissance Capital）的肯尼迪说：”虽然这是一个潜力巨大的领域，但其中许多公司完全未经证实，投资者在赢得客户或扩大生产规模的能力方面几乎无能为力。</blockquote> The U.S. EV targets of the blank check companies, such as Nikola, Lucid and Fisker Inc.,an electric-car startup in Los Angeles, have not manufactured a single electric vehicle for sale, or collected any revenue yet. But their market caps have soared, and&nbsp;the companies are promising huge gains in revenue in a short time period.<blockquote>空白支票公司的美国电动汽车目标，如 Nikola、Lucid 和洛杉矶电动汽车初创公司 Fisker Inc.，尚未生产一辆电动汽车进行销售，也尚未收取任何收入。但它们的市值已经飙升，这些公司承诺在短时间内实现巨大的收入增长。</blockquote> These stocks have not traded on profit or revenue, but on pure speculation. Fisker saw its shares soar nearly 40% after&nbsp;a memo of understanding with Foxconn Technology Group,the manufacturer of Apple Inc.’s&nbsp;iPhones, to jointly produce more than 250,000 electric SUVs, possibly at FoxConn’s new factory in Wisconsin. The deal is for Fisker’s second model, and manufacturing would begin at the end of 2023, as it adopts a sort of Uber-like approach to contracting out high costs.<blockquote>这些股票的交易不是为了利润或收入，而是纯粹的投机。Fisker 与苹果公司 iPhone 的制造商富士康科技集团签署谅解备忘录，将联合生产超过 25 万辆电动 SUV，可能在富士康位于威斯康星州的新工厂生产。这笔交易是菲斯克的第二款车型，生产将于 2023 年底开始，因为它采用了一种类似 Uber 的方法来承包高成本。</blockquote> The history of Fisker shows why investors should be concerned. The original company, Fisker Automotive, went bankrupt in 2013, and its assets were purchased by a Chinese auto-parts company that has retained some brand rights and started up Fisker Inc. while saying goodbye to the founder who gave the company its name. Fisker’s first product, an electric SUV called the Ocean, is expected to be launched in late 2022.<blockquote>菲斯克的历史表明了投资者应该担心的原因。原公司Fisker Automotive于2013年破产，其资产被一家中国汽车零部件公司收购，该公司保留了部分品牌权，并在告别为公司命名的创始人的同时成立了Fisker Inc.。菲斯克的首款产品是一款名为 the Ocean 的电动 SUV，预计将于 2022 年底上市。</blockquote> These are the types of investments that are more appropriate for venture capitalists, who are used to betting on companies without revenue or profits or even a product. The list of companies targeted by SPACs looking at the EV market or the sustainable-energy arena also includes companies making electric batteries, charging-station makers, and other components for EVs and AVs, such as Lidar.<blockquote>这些投资类型更适合风险投资家，他们习惯于押注没有收入或利润，甚至没有产品的公司。SPAC 瞄准电动汽车市场或可持续能源领域的公司名单还包括制造电动汽车、充电站制造商以及电动汽车和自动驾驶汽车其他组件（例如激光雷达）的公司。</blockquote> Velodyne Lidar Inc.,makes technology that is used as part of the vision system in autonomous vehicles, and is now in the middle of a post-SPAC war. David Hall, who founded the Morgan Hill, Calif.-based company, and his wife are sparring with the investors&nbsp;who purchased Velodyne Lidar,and took the company public via a SPAC late last year. But since then, the Halls and Velodyne’s acquirers had a falling out.<blockquote>Velodyne Lidar Inc. 生产的技术用作自动驾驶汽车视觉系统的一部分，目前正处于后特殊目的收购公司战争之中。大卫·霍尔 (David Hall) 是这家总部位于加利福尼亚州摩根山的公司的创始人，他和他的妻子正在与购买 Velodyne Lidar 的投资者争论，并于去年年底通过 SPAC 将该公司上市。但从那时起，霍尔斯和 Velodyne 的收购者就闹翻了。</blockquote> Last month, the company named a new chairman and chief marketing officer following an investigation into the conduct of David Hall and Marta Thoma Hall, who held those positions, respectively, and terminated Marta Hall’s employment.<blockquote>上个月，在对分别担任董事长和首席营销官的大卫-霍尔（David Hall）和玛尔塔-托马-霍尔（Marta Thoma Hall）的行为进行调查后，公司任命了新的董事长和首席营销官，并终止了玛尔塔-霍尔的雇佣关系。</blockquote> “The investigation concluded that Mr.&nbsp;Hall and Ms.&nbsp;Hall each behaved inappropriately with regard to board and company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with company officers and directors,”Velodyne said in a statement&nbsp;and regulatory filing in late February.<blockquote>“Velodyne 在 2 月底的一份声明和一份监管文件中说：”调查得出结论，霍尔先生和霍尔女士在董事会和公司流程方面都有不当行为，在与公司高管和董事打交道时，未能以尊重、诚实、正直和坦率的态度行事。</blockquote> The two remain directors of the company that ousted them, as well as majority owners, with a 58.4% ownership of common stock in Velodyne.<blockquote>两人仍然是驱逐他们的公司的董事，以及大股东，拥有 Velodyne 58.4% 的普通股所有权。</blockquote> “To be completely clear: I chose to resign from the board because I had numerous concerns about the strategic direction and current leadership of Velodyne Lidar,” David Hall said in a statement last week. “I firmly believe that the board has fostered an anti-stockholder culture and that Velodyne Lidar’s corporate governance is broken. Perhaps most unsettling was the board’s decision to rubber-stamp an increased compensation package for Mr. [Anand] Gopalan despite the Company releasing weak Q4 2020 earnings and missing year-end forecasts.”<blockquote>“大卫-霍尔（David Hall）在上周的一份声明中说：”我选择辞去董事会职务，是因为我对 Velodyne Lidar 的战略方向和现任领导层有很多担忧。“我坚信，董事会助长了一种反股东文化，Velodyne Lidar 的公司治理已经崩溃。也许最令人不安的是，尽管公司发布的 2020 年第四季度财报疲软，年终预测也未能达到，但董事会还是决定给 [Anand] Gopalan 先生增加薪酬方案。”</blockquote> Gopalan is Veloydyne’s chief executive.<blockquote>戈帕兰是 Veloydyne 的首席执行官。</blockquote> A few weeks ago, Hall told The Wall Street Journal that the moves were a “well-played-out plan to hijack the corporation by the SPAC guys.” The Halls were not immediately available for an interview, their spokesman said.<blockquote>几周前，霍尔告诉《华尔街日报》，这些举动是 “一个精心策划的计划，目的是让 SPAC 的人劫持公司”。他们的发言人说，这些大厅不能立即进行采访。</blockquote> The Velodyne saga is one that can often happen at startup companies that are not yet ready for prime time, when entrenched founders spar with their investors. One high-profile example that did made its way into the press in recent years was when VC investors&nbsp;pushed for the ouster of co-founder Travis Kalanick&nbsp;at Uber Technologies,long before the company went public.<blockquote>Velodyne 传奇故事经常发生在尚未准备好迎接黄金时间的初创公司身上，此时根深蒂固的创始人正在与投资者争论。近年来，一个备受瞩目的例子确实出现在媒体上，那就是风险投资家在优步科技公司上市之前很久就推动该公司联合创始人特拉维斯·卡兰尼克下台。</blockquote> So while SPACs may represent the democratization of venture-capital investing, where average retail investors have a more even playing field with Silicon Valley venture capitalists, getting in at the very early stages of young companies, it is also the democratizing the huge amounts of risk that are typically borne by professional investors. But unlike venture capitalists, who spread out their investments across a group of at least 10 various young or high-risk companies, knowing that most will fail as they hope to hit one big winner, individuals have a lot more to lose.<blockquote>因此，虽然SPAC可能代表了风险投资的民主化，普通散户投资者与硅谷风险投资家有了更公平的竞争环境，在年轻公司的早期阶段就进入，但它也是专业投资者通常承担的巨大风险的民主化。但与风险投资家不同的是，他们将投资分散在至少 10 家不同的年轻或高风险公司中，知道大多数公司都会失败，因为他们希望找到一家大赢家，但个人会失去更多。</blockquote> “The SPACs we are seeing now are focused on somewhat VC-like companies. Many of these companies don’t have revenue, they don’t have positive cash flow or earnings. It’s kind of like a VC in a liquid form, via a SPAC,” said Robert Davis, a partner and chief investment officer of Round Table Wealth Management. “Not all these SPACs are going to be great.”<blockquote>“我们现在看到的 SPAC 都集中在一些类似风险投资的公司身上。这些公司中有很多没有收入，没有正现金流或盈利。这有点像通过 SPAC 的流动性风险投资，”圆桌财富管理公司合伙人兼首席投资官罗伯特-戴维斯（Robert Davis）说。“并非所有这些 SPAC 都会很棒”。</blockquote> There is a lot of risk in many of these deals, especially in the “pre-revenue” bunch.<blockquote>其中许多交易都存在很大风险，尤其是 “收入前 ”交易。</blockquote> “This is a little bit like in the Middle Ages, alchemists would take base metal and turn it into gold,” said Sandeep Dahiya, associate professor of entrepreneurship at&nbsp;Georgetown’s McDonough School of Business.“SPACs are like that: ‘Here, give us your money and we will try to make you rich.’ Let’s see how that plays out.”<blockquote>“乔治敦大学麦克唐纳商学院（McDonough School of Business）创业学副教授桑迪普-达希亚（Sandeep Dahiya）说：”这有点像中世纪，炼金术士会把贱金属变成黄金。“SPAC 就是这样：'给我们你的钱，我们会努力让你致富。让我们看看结果如何。”</blockquote> For most investors, especially the average retail investor who did not get in early like the hedge funds, it will likely not end well in the short term. Anyone who is betting on long-term returns will need to choose wisely, and be wary of the SPAC flavor of the day.<blockquote>对于大多数投资者来说，尤其是不像对冲基金那样早早入场的普通散户投资者来说，短期内很可能不会有好结果。任何押注长期回报的人都需要明智地选择，并警惕当今的特殊目的收购公司（SPAC）风味。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/the-tesla-bubble-bets-on-electric-cars-and-the-rise-of-spacs-have-led-to-a-new-version-of-the-dot-com-boom-11615836310?mod=mw_latestnews&mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","AMAT":"应用材料","NIO":"蔚来","XPEV":"小鹏集团","LRCX":"拉姆研究","LI":"理想汽车"},"source_url":"https://www.marketwatch.com/story/the-tesla-bubble-bets-on-electric-cars-and-the-rise-of-spacs-have-led-to-a-new-version-of-the-dot-com-boom-11615836310?mod=mw_latestnews&mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1104334279","content_text":"Investors take on the role of venture capitalists as they look for the next big thing, overvaluing young companies years before they could even begin to show the type of returns that would validate the valuation — sound familiar?\nMARKETWATCH ILLUSTRATION/ISTOCKPHOTO\nIn the 1990s, after seeing young tech stocks surge, investors wildly bet on young companies with little to no revenue on promises that a huge sea change was on the horizon for the global economy.\nIn the 2020s,something similar is happening: Young electric-vehicle and autonomous-vehicle stocks have been surging following the meteoric rise of Tesla Inc. and Chinese rivals like Nio Inc.,even though a fully electrified future for the automotive industry is years, or even decades, away.\nThis current unique bubble has been forming from a combination of a lot of cash looking for a home; the record number of special-purpose acquisition companies, or SPACs, going public; and investors looking for the next Tesla. The most crucial ingredient in that recipe is blank-check companies focused on buying electric-vehicle makers, which give both seasoned institutional and individual investors the chance to role-play as venture capitalists.\n“SPAC investors have been much more willing to speculate with the aim of buying ‘the next Tesla,'” said Matt Kennedy, senior IPO market strategist at Renaissance Capital, adding that the soaring returns in SPAC-land have attracted institutional buyers as well.\nSome air may be leaking from the bubble, though. Tesla’s shares succumbed to the law of gravity in late February and early March, tumbling from their stratospheric heights and losing a stunning $277 billion in market value in a month. Those losses reversed, however, and as of Monday Tesla was worth basically the same as at the end of 2020 — eight times its valuation at the beginning of last year. Chinese rivals such as Nio, Li Auto Inc. and Xpeng Inc. were still down on the year, but had also bounced back from lows.\nSPACs have continued to show rampant speculation throughout, as investors looked for the types of gains those stocks enjoyed in 2020.\n“I think the electric-vehicle space is something where investors are chasing past returns,” said University of Florida Professor Jay Ritter, who has both invested in SPACs and shorted Tesla shares of late. “As with all bubbles, it’s hard to know where the turning point is going to be.”\nTwo cautionary examples of EV hype\nTwo EV companies are good examples of the caution needed by investors and the problems that exist in these early-stage ventures. Nikola Corp. was one of the early EV makers to get swept up and purchased by a SPAC, which then attracted an army of investors who drove prices sky high. But a short seller, Hindenburg Research, helped deflate that bubble.In September, Hindenburg published a detailed report, calling Nikola an “intricate fraud” and pointed out the company staged a deceiving video of a truck running on its hydrogen fuel-cell technology, when it was actually filmed slowly rolling down a hill, not running on its own power.\nNikola, which surged to a peak of around $66 last July, before Hindenburg’s report, closed at $15.85 Tuesday.\nWhile Nikola could be in the vaporware camp, Lucid Motors Inc., is another story. It is seen as a legitimate potential Tesla rival, based in Newark, Calif., not far from Tesla’s Silicon Valley manufacturing site in Fremont. Lucid was founded by Peter Rawlinson, the chief engineer of the Tesla Model S, and is developing an electric luxury sedan that is expected to launch this year, as well as an electric SUV.\nThe mania around SPACs struck Lucid as well. After news leaked in January that Lucid was about to be acquired by a SPAC called Churchill Capital Group,shares in the SPAC surged to unreasonable levels as speculators jumped in. When the merger was actually announced in late February, it included an investment from Wall Street that valued the company far less than the public had,and its shares plunged.\nThere could be plenty more pain for speculators looking to get in on EV companies. In January alone, according to Dealogic, 90 SPACs filed to go public. While only a handful of those companies actually said they plan to focus on electric vehicles or batteries, many did not identify a target industry or market for acquisitions but did mention a sustainable focus — for example, Switchback II of Dallas, which raised $275 million in its January IPO, said it intends to focus on companies in the “broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.”\n“Never underestimate the market’s ability to find products for people who have money. The market has more money than product right now. The shelf of near-ready IPOs was pretty bare, and laid more barren with COVID-19,” said Scott Galloway, a professor of marketing at New York University’s Stern School of Business, in an interview late last year. “So all of a sudden, there is good money looking for public companies. It’s incredible how fast this submarket has reformed around SPACS.”\nTypical IPO buyers like Fidelity and Franklin Templeton are making large investments in SPACs through private investment in public equities, or PIPEs, the type of investment that pumped into Lucid as its SPAC traded much higher.\nSPACs represent an unusual investment opportunity, because they take place in two phases. In the first phase, the blank-check company raises money in its IPO, the pre-acquisition phase, which can offer investors a good return. They also offer investors the ability to exit, with original funds intact, if a proposed acquisition is not to the liking of the investors.\nSo far investors have had an excellent run in SPACs in general, especially hedge funds, or the SPAC mafia, Ritter said. According to Dealogic, a total of 262 blank-check companies went public in U.S. markets in 2020, with a current average performance of 21.3% for those 2020 deals. So far for 2021 IPO SPACs, though, the current average performance is 1.95%.\nRitter was so impressed with the returns that he invested in a few SPACs himself in the aftermarket, after seeing his funds in an investment account earn barely anything in interest.\n“There is investor enthusiasm. Even though supply has been exploding, investor demand has been growing even faster,” Ritter said, adding that most of the electric-vehicle companies have chosen to go public via a SPAC and not the standard, more costly, IPO process.\nSPACs are typically a better investment in the pre-acquisition phase, which can go as long as two years, the time limit set for companies to make an acquisition. Only early investors, though, are often able to receive the biggest security for their investment in SPACs. They usually receive a warrant with each share of the IPO, that entitles them to buy a share at a prearranged price. Public investors in the aftermarket deal don’t get this option,which is why hedge funds have zeroed in on SPACs as a sure thing.\nRitter noted that even though he drives a Tesla himself, he has been short the stock.\n“When it got added to the S&P 500, I shorted more shares. So far it’s been a wealth-losing activity for me,” Ritter said, adding that he also believes many investors are hoping for a repeat performance of Tesla. “Investors tend to chase past returns. Fifteen years ago it was investing in real estate, which ended badly; 21 years ago the internet bubble was about to peak.”\nEV SPACs as the new dot-com bubble\nJust as the dot-com boom and bust of 1999-2000 was often compared with the tulip mania in the 17th century of the then-Dutch Republic, it is worth asking the same question about some of the different bubbles in the market today, from the GameStop Corp. insanity to the electric-vehicle hype.\nDuring both the tulip boom and the dot-com boom, new and relatively unknown products were introduced, and prices (in futures contracts for tulips, stock prices for dot-com companies) reached staggering levels based on hype for potential demand that was not sustainable. Many companies like Pets.com and Webvan ultimately collapsed, with business ideas that were ahead of their time, while others took advantage of the market mania, such as WorldCom, which deceived investors with one of the biggest accounting frauds in history. Others survived and thrived, such as Amazon.com Inc.,which has soared to unbelievable heights of over $1.6 trillion in market value.\nAs the global automotive industry goes through a similar seismic shift, investors are banking on a similar phenomenon, but with electric cars, and autonomous vehicles replacing gas-fueled combustion engines. This includes companies in China, where another crop of EV companies seek to unseat Tesla in the most populated country in the world. Currently, though, electric cars currently make up only approximately 2% of global auto sales. Estimates for the future vary broadly, from a low-end forecast of 10% to 20% of cars sold by 2030 to as much as two-thirds of the market in the same time frame.\nWith those predicted changes on the horizon, combined with Tesla’s gigantic stock gains in 2020, including its addition to the S&P 500,have led to some crazy bets on unproven or early-stage technologies once again.\nIn 2020, 15 private electric-vehicle companies were purchased by blank-check companies and are now publicly traded, according to Renaissance Capital, which tracks IPOS and has its own IPO ETF.But most of them don’t have a proven technology or business model, little or no revenue and no profits in sight.\n“While this is an area with enormous potential, many of these companies are completely unproven, and investors have very little to go on in terms of their ability to win customers or scale manufacturing,” said Kennedy of Renaissance Capital.\nThe U.S. EV targets of the blank check companies, such as Nikola, Lucid and Fisker Inc.,an electric-car startup in Los Angeles, have not manufactured a single electric vehicle for sale, or collected any revenue yet. But their market caps have soared, and the companies are promising huge gains in revenue in a short time period.\nThese stocks have not traded on profit or revenue, but on pure speculation. Fisker saw its shares soar nearly 40% after a memo of understanding with Foxconn Technology Group,the manufacturer of Apple Inc.’s iPhones, to jointly produce more than 250,000 electric SUVs, possibly at FoxConn’s new factory in Wisconsin. The deal is for Fisker’s second model, and manufacturing would begin at the end of 2023, as it adopts a sort of Uber-like approach to contracting out high costs.\nThe history of Fisker shows why investors should be concerned. The original company, Fisker Automotive, went bankrupt in 2013, and its assets were purchased by a Chinese auto-parts company that has retained some brand rights and started up Fisker Inc. while saying goodbye to the founder who gave the company its name. Fisker’s first product, an electric SUV called the Ocean, is expected to be launched in late 2022.\nThese are the types of investments that are more appropriate for venture capitalists, who are used to betting on companies without revenue or profits or even a product. The list of companies targeted by SPACs looking at the EV market or the sustainable-energy arena also includes companies making electric batteries, charging-station makers, and other components for EVs and AVs, such as Lidar.\nVelodyne Lidar Inc.,makes technology that is used as part of the vision system in autonomous vehicles, and is now in the middle of a post-SPAC war. David Hall, who founded the Morgan Hill, Calif.-based company, and his wife are sparring with the investors who purchased Velodyne Lidar,and took the company public via a SPAC late last year. But since then, the Halls and Velodyne’s acquirers had a falling out.\nLast month, the company named a new chairman and chief marketing officer following an investigation into the conduct of David Hall and Marta Thoma Hall, who held those positions, respectively, and terminated Marta Hall’s employment.\n“The investigation concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to board and company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with company officers and directors,”Velodyne said in a statement and regulatory filing in late February.\nThe two remain directors of the company that ousted them, as well as majority owners, with a 58.4% ownership of common stock in Velodyne.\n“To be completely clear: I chose to resign from the board because I had numerous concerns about the strategic direction and current leadership of Velodyne Lidar,” David Hall said in a statement last week. “I firmly believe that the board has fostered an anti-stockholder culture and that Velodyne Lidar’s corporate governance is broken. Perhaps most unsettling was the board’s decision to rubber-stamp an increased compensation package for Mr. [Anand] Gopalan despite the Company releasing weak Q4 2020 earnings and missing year-end forecasts.”\nGopalan is Veloydyne’s chief executive.\nA few weeks ago, Hall told The Wall Street Journal that the moves were a “well-played-out plan to hijack the corporation by the SPAC guys.” The Halls were not immediately available for an interview, their spokesman said.\nThe Velodyne saga is one that can often happen at startup companies that are not yet ready for prime time, when entrenched founders spar with their investors. One high-profile example that did made its way into the press in recent years was when VC investors pushed for the ouster of co-founder Travis Kalanick at Uber Technologies,long before the company went public.\nSo while SPACs may represent the democratization of venture-capital investing, where average retail investors have a more even playing field with Silicon Valley venture capitalists, getting in at the very early stages of young companies, it is also the democratizing the huge amounts of risk that are typically borne by professional investors. But unlike venture capitalists, who spread out their investments across a group of at least 10 various young or high-risk companies, knowing that most will fail as they hope to hit one big winner, individuals have a lot more to lose.\n“The SPACs we are seeing now are focused on somewhat VC-like companies. Many of these companies don’t have revenue, they don’t have positive cash flow or earnings. It’s kind of like a VC in a liquid form, via a SPAC,” said Robert Davis, a partner and chief investment officer of Round Table Wealth Management. “Not all these SPACs are going to be great.”\nThere is a lot of risk in many of these deals, especially in the “pre-revenue” bunch.\n“This is a little bit like in the Middle Ages, alchemists would take base metal and turn it into gold,” said Sandeep Dahiya, associate professor of entrepreneurship at Georgetown’s McDonough School of Business.“SPACs are like that: ‘Here, give us your money and we will try to make you rich.’ Let’s see how that plays out.”\nFor most investors, especially the average retail investor who did not get in early like the hedge funds, it will likely not end well in the short term. Anyone who is betting on long-term returns will need to choose wisely, and be wary of the SPAC flavor of the day.","news_type":1,"symbols_score_info":{"LI":0.9,"NIO":0.9,"TSLA":0.9,"CCIV":0.9,"LRCX":0.9,"XPEV":0.9,"NKLA":0.9,"AMAT":0.9}},"isVote":1,"tweetType":1,"viewCount":3721,"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":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/325384329"}