In July of 2017 I had an informative meeting with Tim Draper's DVN. A few weeks later news came out that he started a $50M SPAC called Draper Oakwood. The team he assembled to manage the SPAC had a strategy centered around finding modestly valued businesses and creating a repeatable process. A few month later Chamath Palihapitiya (@chamath) of Social Capital Hedosophia Holdings filed for a $600M SPAC with a much different approach that is not concerned with modest valuations and laser focused on long term capital appreciation. I was intrigued and started looking into how this type of investment vehicle is structured. What I came to realize is that every SPAC has one thing in common, the element of mystery.