Softbank

It’s blown all that easy money:

SoftBank reported its biggest loss in history, as it said in its presentation today, of ¥3.16 trillion, or about $23.5 billion, for the quarter through June (its fiscal Q1), mostly due to mega-losses in its Vision Fund segment, and some due to exchange-rate losses of the yen, after having already lost ¥2.1 trillion, or about $15.6 billion in the prior quarter, for a combined six-month loss of $39 billion

https://wolfstreet.com/2022/08/08/softbank-lost-39-billion-i…

Spread your cash around the banks and have some ‘under the mattress’ for emergencies. It won’t cost you anything and might save you a lot.

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<Spread your cash around the banks and have some ‘under the mattress’ for emergencies. It won’t cost you anything and might save you a lot. >

My grandparents taught me this.

In modern practice, never keep more at any bank than the FDIC insures. In 2008-9, some banks where I owned CDs failed and were taken over by the FDIC over the weekend. I didn’t lose any money, but they terminated the CDs (which had high interest rates) and returned cash.

Wendy

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Um, Softbank is a Japanese technology company which is involved in IT and AI (and not in banking).

Jeff
(Has an equity position in Softbank)

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Um, Softbank is a Japanese technology company which is involved in IT and AI (and not in banking).

I didn’t mention that it was a bank. It’s just part of a bigger picture.

I didn’t mention that it was a bank.

Yes, but you certainly implied it since your only comments to the linked story in your post were about banks.

Pete

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Actually, my comments were more directed at Wendy’s. The original post was ambiguous and, being familiar with the firm, I didn’t read it initially as banking related. Wendy apparently did and, not being familiar with the firm, answered as if the OP was about a bank. I’m not faulting her, but just explaining for others that she gave an exquisitely correct answer to the wrong question :slight_smile:

Softbank has, over the years hit some fantastic home-runs from a technology investment standpoint, but recently they seem to feel that they couldn’t do wrong and blew a pile on “growth” businesses.

I tend to wander around a bit and, being familiar with the firm for decades, I was impressed with some of the work they were doing in robotics a number of years ago and picked up a chunk to be a portion of the Japanese portion of my portfolio.

As a matter of fact, I also own Seven-11 (Seven & I Holdings), another Japanese company which, besides being a chain of convenience stores, also owns an eponymous bank :slight_smile:

The most disappointing company in this group that I own is Fanuc, an industrial robotics firm which has gone absolutely nowhere price-wise despite having a significant market presence. The star of the group has been Omron , which I bought for their robotics enablers, but makes all sorts of cool stuff (including a leading line of consumer blood presser testers).

Jeff

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Hi Pete

Yes, but you certainly implied it since your only comments to the linked story in your post were about banks.

IMHO it will be the banks, or more strictly, their depositors, who end up paying the bill for any upset in the economy no matter where this comes from.

Softbank are in decent company with write-downs.

A popular tech entity, Shopify (SHOP) took a multi-billion dollar write-down on some investments.

And even everyone’s popular investing grandpa, Warren Buffet, and Berkshire Hathaway (BRK-A/B), had a major investment hit in Q2 2022.

Self-managed port still working on its recovery