SPACs have shifted from an exciting investment opportunity to another efficient corner of the capital markets. When I wrote SPACs: Croupiers and Incentives, Don't Just Do Something, Sit There, Air Out of the SPAC Balloon, Follow the SPAC Upside, and Concentration vs. Diversification, I saw lots of value to capture in SPACs. Since the last piece in April, not so much. The current state of play alongside the recent sale of celebrity podcast Smartless to Amazon for $80 million led to the title of this piece.