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Liquidity doesn't begin to explain the valuation question. SoftBank's market cap was once 110bn vs their stake in Ali Baba at 150bn [0] . Even if you marked all the Vision Fund nonsense to 0, SoftBank is still a real company that does stuff outside of being a bad PE/VC/HF firm.

[0] https://www.reuters.com/article/us-softbank-group-alibaba/a-...

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I think the market was factoring in SoftBank's 160B of debt. Even if their Alibaba stake is 150b, if it's tied to the company holding 160B in debt, it's actually only offsetting a huge debt load...

I.e. I can incorporate a company, borrow 100m, and buy 100m of Alibaba. It doesn't mean my company is worth anywhere close to 100m...

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