This podcast episode explores the development and potential benefits of SPACs (Special Purpose Acquisition Companies) as a new method for businesses to raise money. It discusses how SPACs allow companies to access a wider pool of investors and can be more efficient than traditional methods of raising money. However, there are concerns about conflicts of interest and dilution of shares for small investors. The episode also highlights the role of SPACs and PIPEs (Private Investment in Public Equity) in addressing search and confirmation problems in the investment market. While SPACs offer potential returns, investors need to be aware of the risks involved, especially for small investors. The episode concludes by discussing the potential regulation of SPACs and suggesting that requiring targets to disclose the number of SPACs that have approached them could provide valuable insights for investors.