brenda rainey is with us now. thank you for being with us.ose numbers i wanted you to key into the forget into the conversation about spacs. there is a ton of dry powder out there. lots of potential money to flood ideal. that has valuations at levels we don't want to make a mistake. that is not a lot of room for error. characterize the market for us. brenda: there has been a tremendous amount of dry powder in the industry for a long time. it continues to build up. it now stands at about $3 trillion. that is capital waiting in the wings to be put to work. that is absolutely feeling competition for deals and pushing prices very high. matt: i have been going to the super return conferences in berlin for the last few years. that number keeps getting higher. how much money is out there that needs to be put to work in private equity. i heard this a couple of days ago, although it's from a 2016 paper. spacs are the poor man's private equity. it gives retail investors a chance to get into a pe-like investment without being considered sophisticated an