Seriously, there had to be some amazing drama or systemic failure tale here. It's only a matter of time before some developer talks or leaks what really happened.
>Erik Spoelstra says Heat were in constant contact with NBA when forced to play with only eight twice in Philadelphia.
Says forcing Tyler Herro into such action might have exacerbated Herro's neck spasms.
I currently work for my local government in their communications department making videos, fliers, social media posts, and pretty much everything else they need. Part of the job involves putting in placeholder text and links since I'll be told "We need a link to this resource but it's not available".
There's an unspoken agreement that if I'm not given an actual link, I will link to random things; sometimes it's a viral video, sometimes it's an anime meme, and sometimes it's music videos to what I'm listening to. This is just for the draft so it doesn't matter and usually just gives me something fun to add on. For the past few months, I've been working on a large campaign of flyers to promote a program to my neighboring area of half a million people and at the time. At the time, I was listneing to a lot of 80s new wave and decided to see if anyone is actually testing that the QR codes and shorteners work that I directed everything to go to Rick Astley; figured if anyoned checked it, I'd get an email commenting on it.
Time goes by, the official links are the last to be given to me so I add them in, send everything to my supervisor to approve before going to the printer to have 5,000 copies printed of each variation. My work with the project is done and now it's up to others to start putting them while I move on to the next project; that was two weeks ago. This morning, I get pulled into a zoom meeting with the other department heads and their bosses. They ask me about the link and I tell them I checked the QR code and shortener before sending it for review and if there's a error to look at the printer. I even pull up the finalized versions and verified it works. They get more serious and say that the printer wouldn't replace the links with a music video, thinking I screwed up or just did it on purpose. Turns out that the posters and fliers had been put around the county in local businesses, bus stops, out lobbies, etc and emails started to come in. I'm more surprised that anyone actually used the QR codes or links to begin with.
After getting grilled, thinking I was going to get fired, I forwarded the email I sent to my supervisor with the final versions of the graphics and they went to the correct links. The best we can figure out is that since there had been dozens of versions over a few months that someone along the chain of command mixed up an earlier version that included the Rickroll link when placing the order; no one wants to take blame for it. W... keep reading on reddit ➡
SPACs are a great way to make money in the current environment, but I really want to caution people, especially new SPAC investors, to tread lightly with your investments. With the frothy conditions it would be easy to convince oneself to go all-in on SPACs under the expectations of doubling or tripling your money, but it's important to remember not to lose track of reality, because there are many very real dangers out there:
1.) Buying units at IPO is not as advantageous for retail investors anymore.
Before the SPACs all went sky high, you could often buy units at $10 (sometimes less) in good SPACs upon their IPO. While there were opportunity costs given the potential wait times, there was hardly any real downside at all, making it an excellent cash preservation technique. The costs of paying your brokerage to split the warrants were offset by the ability to get into warrants as cheaply as possible.
With the market conditions pushing both commons and warrants higher than their intrinsic values in most cases, institutions are scooping up SPACs at IPO before most retail investors can get in, reselling them at markup that has some downside in addition to the opportunity costs of having to wait indefinitely (vs. investing in known assets) and having to pay/wait to split the units. Everything is inflated, so maybe you can still profit as long as inflation continues, but you're betting there is no correction resetting the market to what it was and leaving you in the red.
2.) "NAV" is being overestimated
NAV is (trust value / number of shares) plus interest. Usually the value starts at $10 per unit issued. What people are forgetting is 2Y treasury bond rates currently yield 0.13%, and most of these SPACs are pretty new so haven't even accrued much interest. Most SPACs' NAV is closer to $10 than $10.30 people like to pencil into their minds, and even after two years at the point of liquidation if current rates continue may be closer to $10.13.
3.) Pre-LOI warrants are trading at a dangerous premium.
In this market, $2 is considered "cheap" for good 1:1 pre-LOI warrants. $2 warrants need a commons stock price of $13.50 to justify it's existence (price + strike). $4 warrants need a commons price of $15.50. If the SPAC announces and the commons falls to around NAV, your warrants price could very well halve or more. You are essentially betting the current market will continue without correction. Sure, you can hold for years waiting for the price to... keep reading on reddit ➡
Sad Nurk Alert 😔
Herro 34 PTS (career high), Duncan 26 PTS (season high), Vincent 24 PTS (career high)
Embiid becomes unstoppable late in the game