SoftBank Group Corp.

“SoftBank Group is a negative-value holding company wrapper around a single extraordinary asset (Arm Holdings). With 132% debt-to-equity, 90% NAV concentration in one stock, serial capital destruction through Vision Funds, and autocratic governance with no minority shareholder voice, the risk-reward is structurally unfavorable for long-term investors. The AI thesis is real, but investors can access it directly through Arm without the leverage, opacity, and key-man risk that SoftBank layers on top. At current prices, the stock is fairly priced at best — not cheap enough to compensate for the compounding risks.”