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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Softbank posted record quarterly losses again ($23bn this time) after an aggressive writedown of private investments in the portfolio</li>
<li>Vision Fund's cumulative returns since FY17 are now less than $1bn and valuation losses for WeWork at the parent mean VF and related have lost money</li>
<li>The good news is Softbank valuations are more closely aligned with reality whilst a ¥400bn buyback takes some of the sting away but tech values (and ARM) remain a risk</li>
</ul>


Softbank posted record quarterly losses again ($23bn this time) after an aggressive writedown of private investments in the portfolio
Vision Fund's cumulative returns since FY17 are now less than $1bn and valuation losses for WeWork at the parent mean VF and related have lost money
The good news is Softbank valuations are more closely aligned with reality whilst a ¥400bn buyback takes some of the sting away but tech values (and ARM) remain a risk


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