Softbank would have to borrow tens of billions of dollars, despite owning only one cash-generating asset, Japan Telecom.

At first, our clients thought Softbank was a bank.

Even when we sold it, it was still trading at a significant discount to the fair value of its assets, even if Softbank’s share in Vision Fund 1 was worth zero. Mr. Son’s ambition for Vision Fund 2 appears to be larger than for Vision Fund 1.

I was profiled in Barron’s, and have been interviewed by Value Investor Insight, Welling@Weeden, BusinessWeek, BNN, CNBC, and countless radio shows. This quote by F. Scott Fitzgerald has been very useful to me lately: “The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function.” And hold opposing ideas I did. Even when we sold it, it was still trading at a significant discount to the fair value of its assets, even if Softbank’s share in Vision Fund 1 was worth zero.We have plenty of cash in our portfolios, so we did not sell it to buy something else.However, in light of recent developments we started to question the A few months ago, Masayoshi Son announced a new, even larger fund – Vision Fund 2. Finally, my biggest achievement – well actually second biggest; I count quitting smoking in 1992 as the biggest – I’ve authored the Little Book of Sideways Markets (Wiley, 2010) and Active Value Investing (Wiley, 2007).Dear friends,I'm delighted to announce that Jag Sriram has joined the fund as a Senior Vice President. It also runs Vision Fund, the world's largest technology-focused venture capital fund, with over $100 billion in capital.. Export Data However, a reseller will be given a trade discount of 20% from the catalog price, and will be charged $80.

Son had an incredible investment track record, and the gap between the value of Softbank’s assets and where the stock was trading had widened. The truth is that my firm is not as big a fan of WeWork as is Softbank’s CEO and Chairman, Masayoshi Son. (Alibaba’s stock and its earnings went up, and Japan Telecom went public at a higher valuation than we expected).In our models, even if we took down the value of Softbank’s equity investment in the Vision Fund from $25 billion to zero, the stock was still significantly undervalued.The truth is that my firm is not as big a fan of WeWork as is Softbank’s CEO and Chairman, Masayoshi Son.

Here is a slightly more detailed curriculum vitae: (Thus Softbank was a misunderstood, significantly undervalued company run by a phenomenal founder who owned 20% of the company – that is why we owned it.Enter Vision Fund 1, Mr. Son’s $100 billion bet on the Singularity – a version of the future where computer intelligence surpasses human intelligence. Though Softbank’s large discount to fair value could afford seeing the first fund do poorly, we won’t have that luxury if both funds collapse…I hoped that the WeWork debacle would cool down Mr. Son’s ambitions for Vision Fund 2. The discount frustrates executives at SoftBank. Jag will primarily work as an analyst, but will also be in... FPA U.S. Value Fund webcast audio, transcript & slides for the third quarter ended September 30, 2015.

My professional career is easily described in one sentence: I invest, I educate, I write, and I could not dream of doing anything else. I found that the university classroom was not big enough for me, so I started writing and, let’s be honest, I needed to let my genetically embedded Russian sarcasm out. (They included Alibaba and Yahoo! It was hard to tell at the time whether Sprint was going to survive, but Softbank’s stock was so cheap that even if Sprint went bankrupt, we’d still make money.

If WeWork is really worth $8 billion, I’d suggest that IWG management install beer fountains and ping pong tables and forgo profitability. I thought I’d own this stock for decades. I’ve written articles for the Financial Times, Barron’s, BusinessWeek, Christian Science Monitor, New York Post, Institutional Investor … and the list goes on.

The sceptic inside of me had some reservations about the sheer size of the fund, but Mr. After I received my graduate and undergraduate degrees in finance (cum laude, but who cares) from the University of Colorado at Denver, and finished my CFA designation (three years of my life that are a vague recollection at this point), I wanted to keep learning. Japan).And then there was also Masayoshi Son, Softbank’s charismatic founder, whom I described as a guy who embodied the investment prowess of Warren Buffett, Richard Branson’s daring and grit in competing against Goliaths, and Steve Jobs’ vision of the future.

Had the DotCom 2.0 bubble imploded, this gap would have afforded us a possible $25 billion write-down of Softbank’s equity stake in Vision Fund 1, which owned the bulk of WeWork.This brings us to the true point of this article: How do we make sell decisions? The sale of Sprint would not be enough to fund Vision Fund 2. Softbank has been a very successful investment for our firm. For advanced charting, view our full-featured Amazon eyes asset sale from bankrupt OneWeb - Telegraph SA Breaking News 05/03 02:33 ET. An error occurred. I met the Buddha and killed him, at least for now.To understand why we sold it, you need to understand why we bought it. Second, we find something more attractive with a better risk-adjusted return. Especially when it comes to discounts. WeWork is to us a real estate company that borrows long-term by buying office real estate or entering into office leases, and lends short-term by breaking large office spaces into small offices and leasing them out fully furnished for periods ranging from days to months.My firm spent a lot of time analyzing WeWork’s competitor IWG (which used to be known as Regus) a few years ago. I figured the best way to learn is to teach. This is one of the reasons why Softbank took Japan Telecom public.I hoped that the WeWork debacle would cool down Mr. Son’s ambitions for Vision Fund 2. "If you meet the Buddha on the road, kill him – this old Buddhist saying implies that we need to be able to destroy our most cherished beliefs. ""I don't know anyone else that writes like you, shares market points of view like you, and makes things seem personal and approachable!

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