The Billionaire Stock Trader newsletter warned against investing in Special Purpose Acquisition Companies(SPACs) in 2021, citing structural issues that favor sponsors andintermediaries over public investors. The newsletter highlighted how SPAC sponsors often receive a significant portion of the equity for minimal investment, creating misaligned incentives and potential for overpaying inacquisitions. Specific examples, including Richard Branson's VG Acquisition Corp., illustrate the substantial dilution faced by retail investors. The newsletter emphasizes the importance of independent investment decisions and acknowledges inherent risks in stock trading. Despite the SPAC boom'spopularity, the newsletter maintained its cautionary stance.