Ben Thompson is, predictably, the most level-headed take on WeWork: https://stratechery.com/2019/the-wework-ipo/ … I'm curious: what other massively capital consuming opportunities are uniquely plausible because of Soft^H^H^H^H an environment in which capital is abundantly available at large sizes?
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Replying to @patio11
Or, look at it in reverse: the capital glut is due to a lack of good opportunities. Technology slowing down, infrastructure and real estate burdened by NIMBY-ism, govt.s already borrowing record amounts. If you had $billion burning a hole in your pocket, where would you put it?
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Replying to @tompccs
I don't think "Lack of good opportunities" is a parsimonious explanation for why Softbank has a zillion dollars to deploy, relative to: * founder preference * a mature business which spits off cash * a geopolitical opportunity to wash oil money * massive printing spree worldwide
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Structurally I think any of AppAmaGooBookSoft could have pulled off the Vision Fund, plausibly much better than the Vision Fund actually did, but the obvious choices weren't willing to step down from running really interesting businesses.
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Softbank has an advantage here in that their core business is the tech industry equivalent of watching paint dry over very, very long infrastructure cycles while collecting the Internet tax from a large, effectively static portion of the 3rd richest country in the world.
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