Duke and Vanderbilt universities, two of the most prestigious seats of learning in the US,

are among the biggest shareholders of a company that owns a single sandwich shop in New Jersey and has a stock market valuation of $100m despite recording just $13,976 in sales last year.

“[This] is a self-parody of a Spac,” said John Coffee, a professor at Columbia University’s law school who has written about hostile takeovers. “And that is what I would expect at the end of a bubble.”

FT 30 April 2021

https://www.ft.com/content/4a6d0864-eb26-4e54-8ab5-ffad2e8166ee