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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Softbank reported record losses, as expected, including some writedowns in the private portfolio. That may not be enough to assuage concerns with valuations still in free fall</li>
<li>Management says tech's day will come again and it is best to be more defensive for now, including a slower pace of investing, which we think is positive</li>
<li>Concern on weak tech and high leverage likely keep the discount in the mid-50s range.  There was nothing today to signal an inflection is at hand</li>
</ul>


Softbank reported record losses, as expected, including some writedowns in the private portfolio. That may not be enough to assuage concerns with valuations still in free fall
Management says tech's day will come again and it is best to be more defensive for now, including a slower pace of investing, which we think is positive
Concern on weak tech and high leverage likely keep the discount in the mid-50s range.  There was nothing today to signal an inflection is at hand


Softbank Group Q4 21 Results Reaction: The Tech Winter Is Here