2020 was the year of the SPAC, or special purpose acquisition company. During the year, 248 of these so-called "blank check" companies went public, raising a total of $83 billion. This is more than in the previous 10 years combined.
To be clear, I don't think buying just any SPAC is a good investment, and the SPAC boom has been a little overdone. Many of the 248 SPACs that went public last year likely won't find acquisition targets. But there are some that looked so attractive to me that I decided to add them to my portfolio. Here's why I'm so excited to see what these SPACs can do with their capital.
Image credit: Getty Images.
Source Fool.com