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SPACs Catch the Attention of Short-Seller Spruce Point Capital

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    A stock market that sometimes seems bulletproof in the face of adversity can make it challenging for hedge funds looking for companies to sell short in anticipation of share-price declines. Ben Axler of the activist fund Spruce Point Capital Management joins this week’s “What Goes Up” podcast to discuss where he’s looking for opportunities, including in special-purpose acquisition companies.

    Some highlights of the conversation:

    “I would say the opportunities currently that we’re seeing are very immature, very poorly diligenced  companies coming public, probably prematurely. You’ve probably heard a lot about the ebullience and froth in the SPAC market, special-purpose acquisition corporations, raising money, some with very limited defined purposes, going out buying companies and helping them accelerate their IPO process quicker than the traditional route. That certainly has caught our attention. Because those companies, as we believe, are a little bit less diligenced, and a little premature. So those are good opportunities, the SPACs, and even the traditional IPOs that are coming public now.”

    Mentioned in this podcast: 
    The Tiny Activist Fund That Reaped 24% Return by ‘Unearthing Cockroaches’
    Blistering IPO Market Is Rekindling Dot-Com Era Froth Fears

     

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