“The New York Times (3/19/21) reports that many SPACs collect money first and find something to invest in second, which has led to intense pressure to find investable uses for their stash”
Many SPACs do this? Nice reporting NYT... This is what you get when non-investment people are responsible for investment journalism. Try 100% of them raise money first and then invest it second. It’s a requirement to be a SPAC.