It

was called a poor man's IPO.

And that's one of the most attractive things about a SPAC, right? It lets the average person have a piece of an IPO, which never was before.

And for me, the guys that did it back then, even though they didn't have great returns, they were actually trailblazers because they were looking for these deals that were too small for the institutional investors to look at.

They had quirky deals and stuff, but they were looking for deals that had positive EBITDA.

Now, when you talk about cycles today, the reference point is 2020, 21.

And back then you had 613 SPACs, they raised $162 billion.

And three, a CFO that can speak English.