I write to you this fall in confusing times. Politically we are surrounded by dysfunction and disunity unlike anything we may ever have seen. Similarly the economy and the markets are confusing at best. While the public markets have performed well for most of the year, recent months have seen a dramatic pullback. With regard to IPOs and SPAC IPOs, the markets continue to be somewhat tepid although there are signs of life on the traditional IPO side. Bill Ackman’s SPARC, a creative alternative to the traditional SPAC, has recently received SEC approval, so perhaps that will trigger the SPAC market as well. Stay tuned.