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Softbank Will Succeed Even If Its WeWork Investment Doesn’t Work Out

Listen on: iTunes | Google Podcasts | Online A client asked recently for my view on Japanese conglomerate SoftBank Group and its substantial investment in WeWork, whose CEO evidently has sold WeWork stock to buy properties in New York City and California that he has leased back to WeWork. The question on my client’s mind is whether this transaction is a […]

SoftBank’s Big Plan For A Smarter Internet Is Brilliant

Masayoshi Son doesn’t do anything small nor does he do things in a simple way. A few months ago SoftBank Group announced that it would be raising $100 billion to invest in Son’s vision of the singularity. (That is more than the capital of the entire venture capital industry.) Singularity is the point when computer intelligence […]

SoftBank CEO Masayoshi Son Banks on Exponential Growth

I am about to go out on very thin ice. I am a value investor, but I’ll probably get banned from the value community for what I am about to say: Current valuations don’t mean much for companies in industries that are entering an exponential growth phase. As I type this, I catch myself thinking […]

The Conn’s Paradox, or the Synergy of Awful

One plus one equals three: That is a business school definition of synergy. Two companies join forces, and the quality and profitability of the combined entity improves more than the arithmetical sum of the parts. On the other hand, when you combine two awful businesses you get the inverse synergy: Negative one plus negative one […]