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Buffett says Berkshire “not competitive” with SPACs on deals

Warren Buffett on Saturday compared the buying frenzy by special purpose acquisition companies, or SPACs, to gambling with other people’s money and said their activity has made it tough for his company, Berkshire Hathaway Inc, to compete on deals. Berkshire Hathaway has $70 billion to $80 billion it would “love to put to work,” but has not been able to under the current conditions, Chairman and Chief Executive Officer Buffett said. The SPACs generally have to spend their money in two years, as I understand it.

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