With SPACs down as much as 90%, there are finally some good buys

With SPACs down as much as 90%, there are finally some good buys

It seems that all year I've been warning about valuations being out of whack with reality, especially in small-cap tech, which includes most SPACs.

SPACs are being slammed as former "diamond hands“ turn into weak-handed sellers who are (rightly, in most cases) trying to stop losses that are piling up in their portfolios.

Speaking of SPACs, the markets are still suffering from SPAChaustion and a Coinbase Overhype Top. Most, if not all, SPACs are down big from their recent highs, as evidenced by this chart:

Remember the past few weeks when I kept saying that Virgin Galactic

SPCE, -1.89%

should do a secondary to raise a half-billion dollars or more when the stock was up near $60? The company didn't, and instead we saw the chairman and then founder unload their bets on this stock.

Our other SPAC stocks, which we trimmed aggressively at much higher levels, are down big from their own highs. In fact, we are still up big on our remaining SPCE that we bought when the stock was at $8 or so. I'm going to hold those shares, but I don't plan on buying any more SPCE