Few names are as synonymous with frothy tech investing as the Japanese investment group SoftBank, led by the quasi-cult figure of Masayoshi Son. Releasing their results last month, the group detailed its most recent $10-billion (R170-billion) write-down...
Their results indeed read as a kind of who’s who of the most spectacular investment bungles of the last 10 years. If there was a chance to invest at a peak valuation in something which did not make any money, and was guaranteed to never make any money, SoftBank was there.
Coined in the aftermath of the Great Crash of 1929, it describes the temporary discrepancy between perceived asset values and their real longer-term value, which history suggests widens most during boom times and periods of irrational exuberance. Individuals, companies and entire economies can thrive for often surprisingly lengthy periods sustained by this illusory “psychic wealth”.
For example, a global bellwether like the world’s largest brewer, Anheuser-Busch InBev, shrugged off being barred from selling beer in World Cup stadiums and is up 21% since late October.
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