SoftBank’s thumpingly strong third quarter is no surprise. The tech-focused investment company has done what investment companies do and ridden the wave of a terrific bull run. Its Vision Funds almost doubled gains in the past quarter. Overall, SoftBank reported investment gains of ￥3,799.5bn ($36bn) in nine months.
Don’t get carried away. SoftBank’s equity is still worth little more than its stake in China’s Alibaba. Its shares have lagged Scottish Mortgage, a far less showy investment trust run out of sedate Edinburgh that also bets on tech.
Gutted of almost any operational business, SoftBank reports like the fund it is: investment gains rather than operating profits. But self-awareness only goes so far.
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