"Warn retail when informed buyers are locked out The speaker flags a specific structural risk that retail investors routinely overlook in emerging DAT companies: during SPAC, RTO, and PIPE transitions, "the most informed investors are not able to set the price" because they are locked up. This creates a window where retail buyers are setting prices without the anchor of sophisticated, informed capital — making apparent valuations unreliable. The practical rule: if a company's largest, most knowledgeable investors cannot yet trade freely, wait for "true price discovery" before treating market prices as meaningful signals. Source: Jeff, Crypto Podcast, Salt Conference Interview"