[silexia]

A SPAC has no actual competitive edge in the market. They are literally all hype. As long as the stock market goes up, you probably will make money. But be very careful as if the market turns down, I think these will turn out to be worthless.

[plouffy]

Given that when a SPACS find a merger target you can chose either to invest in it or get your money back with interest, I'm not sure how the SPAC could ever be worthless.

[totalZero]

To take the other side of this perspective:

The edge is twofold. First, it's a way to pool funding using an exchange rather than getting some bank to underwrite an IPO. Second, many of the people who run SPACs are famous investors who have a track record of success and have greater information and access than most investors.