Michael Farr: SPACs are the new market bubble

Michael Farr: SPACs are the new market bubble

People wearing protective masks enter the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Sept. 14, 2020. U.S. stocks touched a more than one-week high amid a flurry of deal activity and signs of progress toward a coronavirus vaccine. The dollar weakened and Treasuries were little changed.Michael Nagle | Bloomberg via Getty ImagesMarket bubbles are always a surprise and always expected. They build in plain view, and ignoring them requires greater and greater effort as they inflate. Onlookers are shocked when they eventually burst, and the weird thing about these unnoticed air pockets is the way they sneak up on you from new and unanticipated areas. The dotcom bubble grew in a nascent area of technology that was exciting and magical. It reminded me of the rules