Why SoftBank must make hard choices to unlock value

The listing of its domestic telco could shrink its huge conglomerate discount. But the Japanese firm also needs to consider fee transparency for its Vision Fund and share buybacks to please investors.

Why SoftBank must make hard choices to unlock value

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...

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