The Library of Mistakes EP 32: Gambling Man (with Lionel Barber)
Nov 28, 2024
Lionel Barber, former Financial Times editor and author of "Gambling Man," dives into the life of Masayoshi Son, a pivotal yet underappreciated investor. He discusses Son's rise from a Korean slum to global wealth and influence. Barber reveals Son's bold investment strategies, comparing them to those of Warren Buffett. The conversation also touches on the balance between ambition and eccentricity in leadership, and the complexities behind major investments like the Vision Fund and beneficial tech mergers. It's a fascinating look at the highs and lows of a financial giant.
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Survival and Institutional Support
- Masayoshi Son survived near financial ruin multiple times, even with a 96% drop in personal wealth.
- The support of financial institutions, who saw him as a necessary catalyst, was key to his survival.
Early Support from Dr. Sasaki
- At 24, Son secured backing from Dr. Sasaki, a respected figure in Japan.
- Sasaki even offered to mortgage his home to finance Son's early business.
Yen Leverage and Currency Arbitrage
- SoftBank used yen for purchases, even dollar-denominated ones, benefiting from the yen's rise.
- This unconventional move was a form of currency arbitrage.
