hedge fund giant marshall wace is ringing alarm bells about the booming spac market after building up long and short bets on blankcheck companies that total more than 1 billion the life cycle of spacs or special purpose acquisition companies is riddled with “perverse incentives” for investors sponsors and the companies using the shortcut route to come to market paul marshall cofounder of the investment firm told his investors in a newsletter spacs have delivered “awful returns” and most recent issuances will be no different he said