Hydraulic Spacking
In this month’s note, we look first at the SPAC capital raising boom. Our main focus: returns to date for SPAC sponsors and investors, and the large wealth transfers taking place among SPAC participants. Second topic: Biden’s early stage energy policies (ban on new oil a gas leases on Federal lands, Keystone XL pipeline termination and conversion of Federal fleet to EVs) will probably end up increasing US oil a gas imports more than they reduce emissions.