Masayoshi Son's SoftBank Group long ago established its reputation as a visionary, value-creating investor. Perhaps it’s best known deal was its savvy backing of a then-nascent Alibaba now a worldwide internet titan in 2000. But its labyrinthine structure, leverage and lack of disclosure on the how it collects fees for managing its $93 billion Vision fund are own goals that detract from its value.
Apparently investors think SoftBank Group itself is worth less than half the sum of its total assets, even before taking into account its extensive holdings in unlisted entities. Although stock markets often value a diversified group of businesses and assets at less than the...
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