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“An economist says to a physicist: ‘Sure, this equation works in practice. But does it work in theory?’”

— Overheard in the faculty lounge

For those fortunate enough never to have learned the mechanics of special purpose acquisition vehicles, here’s all you really need to know: If you don’t like the company a SPAC finds to buy, you can get your money back. 

There are lots of important details, of course — PIPEs, warrants, fees, the price you paid — but the differentiating factor is the redemption mechanism.

SPACs raise capital by issuing shares at $10 and then…

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