SoftBank's Masa Son: We've already invested $70B in Vision Fund

mahsa thank you it's a pleasure to see you yes been a long time you look well you know I did a lot of reading as you might expect of many of the stories about you and Softbank of late and the vision fund somebody was quoted as saying there is no one on the planet in a better position to influence the next wave of Technology than you not Bezos not Musk but you in part because of the risk you're willing to take the money you have at your disposal and a lot of other things do you agree with that no no I'm just a small start-up we're over a hundred billion dollars at your disposal you're not a small startup you don't think that you have an ability to influence significantly sort of where technology is going no I'm excited to be part of it things are happening without me but still I would like to support entrepreneurs with who has dreams and passion technology is evolving very quickly so if I can be a good facilitator or supporter I will be very excited to do so you know when you talk about technology evolving quickly you've been at this for some time since the early 1980s death give me a sense as to how much or more quickly things were evolving than they had 10 15 20 years ago you know last 30 years three things matter in our industry the computing CPU power the size of memory and communication speed those three things has improved a million times million times each of them so it's a huge impact in technology and lifestyle Society but I say from here on what would be the speed of improvements another million times another million times in computing power another medium the size of memory and communication speed so it's not slowing down at all I think the power of computing would make artificial intelligence really come to truth and many of the forecasting prediction manipulation of robotics with smart intelligence all those things are coming right and that's been a focus of yours I know in terms of where you're investing I think you've said AI will be the biggest revolution in human history yes bigger than anything we've seen much much bigger and why because you know on the earth there are many living beings but mankind had been the best most smart and powerful affect everything on the earth with the premise that mankind had the smartest intelligence but finally mankind has invented by ourselves something could be smarter than ourself in many aspects so you know mankind invented tools the truth made cultivation for the farming and so on but there was a premise that mankind brains always smarter than the truth that we controls that's why we were controlling them finally the tool may be becoming smarter than ourselves so that means whatever we have been using tool for industrial society part of them big paradigm shift is happening everything should be redefined the way we have been using the tools the way we have been living productivities all those things every industry will be redefined so we're in the early stages still of that beginning just the beginning we're moving more believing we had and to the point about a million times if AI is gonna become a million times more powerful than it is right now I can only well it's hard to imagine how do you see or what what do you see when you look forward twenty or thirty years I know you have a 300 year vision but even just 20 or 30 years from now when it comes to this you have well within 30 years definitely things will be flying things will be running much faster with that accident we would be living much longer much healthier so the the disease that we could not solve in the past would be cured and that would be thanks to a yes of course definitely so the disease there are lot of many disease like cancer and so on which we could not help millions of people's life the cancer would no longer become the disease that we should be afraid of because of the artificial intelligence it was solve the issues that we could not solve you believe that I believe totally believe that's within our lifetimes yes yes definitely I don't know whose life but in the next thirty years I definitely think that that is happening the we have the mobility with automobiles and so on but there were lots of accident millions of people died because of the accident that would no longer be the case autonomous driving autonomous flying distribution of goods and food all those things today we are driving ourselves that would no longer be the case so that so that AI would make the transportation to close zero accident at the at the end all right but so this world that were that you think a great deal about where people are no longer getting sick and they're no longer dying in car accidents so they're conceivably living far longer but what are they doing all day what is work going to be in this world if the machines are smarter than the people there will be always a new job new excitement people can still come up people would be having you know art music entertainment creative jobs talking like we are doing right now and communicating among among the people we're helping each other we discuss each other we we get culet creation by other people saying hey this is nice food to have let's go eat you know all those things would be exciting more human-like more human-like job though that will always come up you believe that I totally because you know of course that there is a debate about AI know I mean Elon Musk for example is very concerned that it will be used not for good but for perhaps evil or that will get to a point where the machines control us our robot overlords you don't think that I'm optimistic okay there will always be a issue they always have been an issue but we mankind is smart enough we always try to adapt to the new situation you know only 100 years old just 100 years ago the occupation the job 90% of the workers job was farming and today in advanced countries like us define it's only 5% only 5% of the people's job is farming today but just hundred years ago 90% of the job of the human was farming and even as of today I was amazed just last year I was talking chatting with the Indian people and in India as of today still 90 percent of the job of the people is a worker I mean the farmers so today 90% of the job in some country is still farmer hundred years ago ninety percent of job in u.s. Japan some of the countries in Europe were still farmers ninety percent now became five percent but when it becomes five percent what happens in the job people still have many other exciting job creative job so I think that would would be always you know yes but but the world you're describing is one in which as you said earlier the human brain was still superior the world that you're seeing in the not-too-distant future that's no longer be the case so how can we know well we can still you know create things we can still enjoy we can still try to sell something try to design something try to communicate with other people just a sweating job you know that people do not that much enjoy but we had to do it just to live just to earn the income to eat food and live in the house and and wear the clothes we had to have some income just to live and for that purpose many of the people were doing the sweating job not necessarily enjoying it they had to work to live and those have to work to live would be many of them would be replaced by more efficient solution which is a smart robot robot with intelligence okay so that we can we can shift to more you know exciting things you know in you know man Empire Roman citizens they were so rich so rich that they didn't have to do primitive jobs because they had sovereigns they had many other you know people to support the Roman citizens what did the Roman citizens do did the Roman citizen became all sad they lost job and they lost things and did they have a sad life no they enjoyed because they they got the free wine free abyssal plains and free entertainment in Colosio free music free bath water so the society became so rich that they provide those basic income things that they they need it and what did they do they stood discuss they still debate they talk about politics they don't do the education entertainment you know they they talk about what next you know a new frontier that they should go after so there are still they were still enjoying they were still excited and they were still increasing their success so when AI is ascendant and its intelligence exceeds our own and robots are all over the place yeah you and I are gonna be relaxing and having a good time goodbye great time and and still discussing many things yes and interview yes definitely definitely and this is an important job that you do do you think we'll ever merge with machines much we singularity the idea that yes you sort of will become you know will will kind of our consciousness will merge with a with a robot in a sense and AI will almost sort of be part of our our brains definitely I think you do I think so so even today you know we don't have to memorize so many things because you can google it so it is like a part of extension of your brain so that we don't have to do some primitive stuff we can use our brain for more thinking more thinking creative things you know even part of the use of the brain is no longer the memorizing you know what number of the year what has happened where is you know the what is this shape and this look of this plant and roots because we can very quickly google it right so but our brain is still functioning in many ways part of things it becomes easier but the other side of the brain is still being very active on thinking communicating and so on it's the same thing it's the extension of play become seamless between the virtual reality and the reality it's it's extension of life which is that something you would want to do yeah it'd be happy to merge with sort of a sort of yes non-human entity yes I will I will be happy to have robot companion in the family you know that we created paper we can talk to them we can have fun together just to I want to move on but this world do you see people having a unit uniform income you know there's been some discussion about that in this country that we're going to have to pay people who no longer have the jobs that are taken by AI and robotics I think basic income concept could be interesting so there will be a basic income that people can have to make living but then on top of that there would be still be a competition to get more richer life competition to get more excitement and so on which will be a driving engine for innovation and evolutions but you know simple stuff like creating the meat and creating the vegetables you know catching fish all those simple stuff would be bound by smart robots by machines my machine smart robots okay they would be helping us so that basic income stuff will be provided you know because there will be renewable energy cost of electricity become almost nothing almost as cheap as the air or you know sunshine hopefully then we've conquered climate change - for all renewables but running at a time we should do that we should definitely do that our company is becoming like the second largest or largest renewable energy provider so I am seeing I am seeing a decline of cost of electricity dramatically exponentially and it will almost become like a cost of water you know it will become so accessible when the electricity cosmic energy cost becomes so cheap and that would provide the power to do to function the smart robots then harvesting things would be almost costless so the food that we have to eat become almost cost less ok and the house houses would become much much lower cost affordable for anyone to have nice living house very very low cost and those construction again will be done by smart robots okay so the basic stuff that we need become so lower-cost of anybody on the us can have basic you know much better standard oh yes much much better style of living for many people yes for most people so this world that you described and your ideas about how we're going to get there what of your investments whether it's Softbank or within the vision fund best encompasses sort of this view what what of the many names and companies that you own a piece of or all of do you feel sort of best reflects and benefits from the world that you see all of all of the 70 companies that we have invested in the last year and a half with a vision plan they're all AI centric okay they're all using the power of AI for the evolution and they're fantastic companies uber is having you know IP or maybe soon and pretty exciting but right the summer most likely it sounds like I wouldn't say when but very soon seems to be and the garden has already had a IPO a few months ago many many companies going to have IPO in the next two three years but what links the companies across the vision furnace is a I that's the only work either developing and or going to benefit from or although that's the only one thing that's the only one thing I'm focused now so we are investing hundred billion dollars just on one thing AI even though it's across many different industries but maybe autonomous driving yes and construction with a power of AI hotel with a power of AI many miracles with the power of AI you know communication with the power of AI and as we work how does we work fit into that with the power of AI yeah so many people still think it's just a real estate one of the sharing office yeah that's why babe I've really reset out and that's that's not that my view okay my view it's it's a working community okay so Facebook when Facebook came people distill did not understand the power of Facebook people's thought it's just a bunch of photo and text and introducing people that's not the case it is a community it's a graph the relationship of friends and families and additional friend that you have never met okay become friends through the the power of Internet but now in the office space they were not that kind of the graph of the workers in the office if you if you are different company people but now with the we work with almost half a million members right now they have the community graph so if you are if you're a startup company for example and have wish to provide a new product you need the designing of the product you need the packaging pack also packaging needed designing and you need accountant when you start shipping product units lawyer for patent application so you need many things that's outside of your own employees expertise that you want to get but throughout we work membership they can help each other they can come in the same of a share from New York from Boston and meet and help each other among we work members and with the power of AI can recommend hey by the way you have if you're looking for design of the package there's another member in in the wework office next building and you may want to have a meeting after next beer party on Friday night so that kind of recommendation can be done like Amazon is giving you recommendation next product to do a shopping with your shopping history and with your interest it gives the recommendation with the power of AI so if the recommendation of the product can be done with the power a I the recommendation of meeting the other people within there we work membership can be done and so it will be much more productive much more enjoyable so even the be a party become more productive and fun so it's it's about the community and the growth of that community this is gonna be the key to their revenue growth I guess because they'll somehow participate or take a piece of those transactions I would assume yes and why are you are increasing productivity and excitement at the same time cost of the office expense goes down on the average strike 40% so from CFO point of view as CEO point of view it's great to have 40% reduction in cost and at the same time employees satisfaction of the workplace increased dramatically like 30 percent increase in happiness of working working place its beauty in both sides but right now they're losing money o accounting-wise okay because they're growing so quickly and they're investing into the capex right yeah but it's a recording level it's an ongoing recurring level it's like a subscription you know the subscription of magazine newspaper and now Netflix next freaks is still losing money but the value of the company's tremendous compared to other media companies Don the ability to continue to attract subscribers this yes subscriber growing and you know recurring and so the initial investment is just an initial investment and Facebook was losing money even post IPO for a while once they start making money it's dramatical because the basic cost of the customer acquisition or innovation is not that growing exponent it's almost flat so initial cost is high and almost but the revenue from the recurring subscription goes exponentially well beyond what it costs to lease all that space for the schools I mean they're already the largest I think tenant in London New York and Washington DC yes so we we also said that we work Japan in in Japan in just one year already profitable already profitable it's amazing right did you want to invest more in we work of course of course were you disappointed you were not able to or that some of your investors this has been reported tried or succeeded perhaps and saying don't invest as much as you want well no I still want to invest more and I want to increase some of my investors as massage sure you get too excited and too much concentration into one company don't go too far too much but I still you know I'm so excited and if I could increase I would like to increase you would yes I think you're over eight billion dollars how important is the relationship between and the conversation that goes on between you and your largest investors in the vision fund pif and Saudi Arabia I think it's Abu Dhabi do they have influence over you in terms of what you choose or your team chooses to but basically we make the investment decision okay we we had 100% of the investment committee members so we have a contraction right and we are exercising that but of course they they would believe of my first vision and a dream we have to respect that okay so we communicate wisdom quite often they support us very well we are very happy and satisfied with the relationship I would like to honor that but action investment decisions and activities with the companies by also but in the case of we work and this has been reported you seem to indicate they did have a voice in saying slow down to some extent there is a contractual limit the beyond three billion dollars per pot for your company there is a consent that we have to get I see okay so up to three billion dollars okay we have 100 percent rights to have sole decision making between our investment committee which is a hundred percent of our members and you've spoken about starting another vision fund well it's too early we still have money a lot of money then yeah where are you in terms of the investment of the I figure a hundred or ninety eight point six billion how much has been invested we've invested probably seventeen billion dollars or so sixty five seventy billion dollar around that range but we have the banks who are wishing to support us for extending you know leverage because the value of our asset has grown and many of them are having IPO with a mature the barrier so that the bank's willing to support us so you'll have even you conceivably you'll have access to even more capital beyond a hundred billion is that kind of financing based on the asset yes exactly when do you see being done I mean do you have a sense as to when you sort of will have finished investing from whatever capital well we have to see you know we have to see how many more exciting opportunity comes at what pace but whenever the fun one investment is done there are lots of interest that I am receiving that they would like to invest into our next investment you think you could do it again there's another one hundred billion dollar fund I wasn't say what is the size but I'm getting a lot of inbound call that they they would like to come into our new investor into us and and what about those who say well what really you've you've inflated the value of a lot of companies that has been one of the key sort of things that's occurred as a result of having this enormous pool of capital what do you say to those who argue that well at least our return on investment is very very good I'm very excited with the very successful successful return on investment so some people may say well Martha you paid too much but still our company's value is growing very quickly after our investment we've already realized some returns I mean the Nvidia trade was a very good one it was a trade though not really an investment you didn't know it very long but Flipkart got sold to Walmart yes we have to serve some to harvest when they get maturity but then we reinvest to the new opportunities that's how the investment any investment company after function and what are you seeing out there I mean you we're in California now you're nearby and Woodside I know you a lot of companies that come through and present to you are you seeing a lot of opportunities right now very very exciting opportunity every day new opportunities are coming to us and management teams you feel like could get it done I mean what's the most important thing for you when you make a decision about a business is it is it the person running the business the founder or is it the business plan itself it's a mixture of total okay so the business model have to be exciting model you know disruptive new models make people say wow that's definitely important and the total accessible market for that product or service have to be big enough the track record of growing the the customer base the user base have to be growing exponentially we're not investing into the early stage vision fund is investing only our size above hundred million dollars is typically later stage yes later size so most of the venture capitals prepare for us and they invest ahead of us at the early stage mid stage we are focused on later stage that we we are supported to to their growth right so at our stage we already have enough data of the actual customer I mean the customers increasing and business model is getting proved that it is a successful model and they're growing to absolute number ones so those are the one that we have focused to put turbocharged mm-hmm around the world of course I've asked you about a couple of what our US companies at this point but in China you've been very active yeah just did a deal this week with grab I think it was yes I mean these are enormous numbers you're putting out there yeah even deedy along we reinvest in 1.6 billion dollars or something as the additional investment to our ally around so we could maybe twice and this is maybe the third round that we are investing and if just for additional you know injection of capital ourselves one ticket is 1.6 billion dollars or something but they're consuming a lot of capital because they're not making money yet I mean the right handling industry is not problems oh but they're growing so quickly so they're the margin take rate is 20% or more so it's actually very reasonable very profitable business it's just that they are growing so rapidly that a customer initial customer acquisition cost the creating infrastructure those are the initial investments but the the margin take rate is proven very very healthy uh no burr do you think that the rise of autonomous is going to make the business even more profitable I'm talking obviously many years so now but I'm still curious as to your thoughts given our earlier conversation does uber become a more profitable company when it no longer has a driver even though somebody's gonna have to own the car yeah yeah I definitely think so the as I said autonomous driving is coming no matter what okay that's a technology that's a destiny of where technology is going to drive us when the autonomous driving comes the cost cost of providing the service dramatically get you know more efficient so it will provide a network of service which people would have much lower cost and no accident what tremendously reduced accident I shouldn't say zero accidents for a while but it was dramatically reduced the rate of accident compared to human accident rioting accident I think that would be definitely coming very very soon and so lower rate of accident and lower cost and more reliable you know timing of coming and arriving although things will be coming and the network effect that you have a scale of cars so that the cars comes to pick you up as quickly as possible when you have so many cars in the network the reaching to yourself becomes short quicker right so that kind of network effect is needed that means you have to have a scare you have to have a big market share and that that's why we have the mobile market share company in every countries around the world and do you see yourself wanting to be a long-term shareholder uber I mean you mentioned an IPO is coming there will be an opportunity there for to monetize some of your stake in the public markets will the vision fund do that I would like to all as long as possible of course it's all depends on the share price sometimes share price go too high too quickly then we have to harvest a little bit but it's all depends on the market conditions but do I believe the company is going to grow exponentially I definitely believe so and you're happy with the management now I would assume I I'm very respectful to dialogue with a new management he's very very small very well balanced what do you mean by well balanced no he can he can be very offensive to to increase the business and he can also be very you know cost efficient the employees you know morals and so on so I respect Allah but at the same time I also have to you know mention I respect Travis tremendously he's one of the best in entrepreneur he's a pioneer you know when you have to pioneer a new new frontier you have to have a energy the passion and out-of-the-box thinking his aggressive is one of the best ok would you see supporting him and in some of his new potential new ventures I would love to it's all depend on the price but I I tremendous respect him also I want to talk a bit about Softbank itself which we haven't really gotten to how much time are you spending running Softbank versus thinking just about the investments for the vision fund or even for for Softbank itself well so what is Softbank ok until just a year and a half ago I have been a CEO of running operating company operating company main operating company was telecom okay mobile telecom company selling iPhone and Android phones and connecting network servicing customers so I was a CEO dialect C of operating company so I spent 97% of my mind and the time into running operation 3% I kept investing but now I am opposite 97% just purely running investments and 3% taking care the rest of the operations so so hardly any well you made the point of your last in your last investor call or video that Softbank is not as complex people seem to think or as it might once have been you kept talking bad this showed that big board of equations but then you came back to e equals mc-squared this and you also except talking about 25 minus 4 yes shouldn't equal 9 it's an equal 21 are you frustrated with the way the market has been valuing soft banking the underlying assets well I'm not frustrated people need some time to digest what the true value of soft Bank I'm not the set up our share in fact we are by our own share I got you now my back this is well received and so I I'm not frustrated it's an opportunity for me as I have a big smile when we when I can buy back shares at the price attractive in my view right but but you also made a point of going through the debt level because a lot of people look at soft Bank it seems and say Massa is the biggest risk taker he always has been he almost went belly-up in 2000 when the news calm exploded and it could happen again because of how much debt you have on your balance sheet what do you say when you hear that say thank you for worrying about me worrying about our company I have a confidence in running in balance that's why I explained in my last quarterly result announcement people get confused when we consolidated accounting the debt of our portfolio family companies is considered as the debt of the parent it's actually not each of the company has independent accounting and independent balance sheet and independent ability to pay back their own that and if you are 50% owner 51% owner of that company the debt in accounting get consolidated into the parents but parents dead soft and group that is actually roughly four billion dollars our asset is twenty five billion dollars so twenty five billion dollar asset minus four billion dollar dead that's a healthy healthy situation and lots of excess value that we have right and but you're not frustrated that the market doesn't seem I'm smiling because because I am a buyer if I'm buyer I want to buy cheap so that's that's a great news for me were you I am I myself is the biggest shareholder socks off Bank right so that you know I can I can increase my ownership at the lower price then the actual underlying value so I'm a happy buyer and what will you keep doing that is there a level at which when twenty five minus four no longer equals nine if it equals fifteen or sixteen so to speak when the asset value is more recognized I guess by the market where you wouldn't buy back stock well we we already announced the our buy back row program we would full of fear our capacity sometime soon and it's progressing very well but underlying value of the asset I still think is growing very rapidly with the rate of success that we are doing on the pigeon fund so I mean extra vision fund is for is what is it like I had fun one in twenty or is that is a one-percent management fee and twenty percent of the profits how does its the fee structure yes something like that similar although you have forty percent of it or forty billion roughly is paying a seven percent preferred return yes and the sixty billion in equity of which you guys Softbank itself contributed what twenty eight billion or so yes so Softbank group owns close to 49% and of the equity right and the partners and the management owned the rest so we are extremely happy with the structure that we created you are but you have to come up with 7% on 40 billion every year right we are doing much better than 7% in return on investment so our return on equity is tremendously good you know much better than simple teens of the you know return of the SP even I mean you've said I believe that you've had a 44 percent IRR since 2000 is that accurate yeah something like that yes you think you can maintain that kind of rate of return with the vision plan so far so good so far so good I'm competing with my own track record so so far vision fund return is within that range why are you so willing to take a summit risk and have been even though you had what people would describe as a near-death experience so to speak 19 years ago because I'm a belieber I am a definitely a believer of the technology some people don't like technology as an investment thesis I love I believe in the technology I mean you've said that you want Softbank to be the company that makes the most contribution to human evolution yes it's a pretty big statement yes you believe you can actually fulfill that I would like to make it happen now by empowering the new forces coming you know these new young entrepreneurs in my view they are Jedi okay the young Jedi coming out of school and they they start you know learning how to fly and some of them already jumping to fly I enjoy having them create in a new lifestyle for and saving a lot of difficulties that mankind still facing like incurable disease that people are still dying today as of today what accident is still suffering as of today our young Jedi will save people from those things or unnecessarily hard work sweating work those would be you know no longer needed that kind of thing is coming with our family members that joining into our I mean I like the way you describe the future although I mean you are optimistic using it yourself yes before we sort of wrapped things up muscle back to to Softbank itself just a couple of questions there there's been some criticism that you buy things at Softbank and then transfer them to the vision fund at an inflated valuation how do you respond to people who say that that is not totally that is totally not the case there is a fact that that the group of the companies that we have incubated because the vision fund was took some you know eight months nine months to prepare during that time I warehouse and invest out of Softbank parish it and then transfer when the timing became ready the group of asset that we transferred after we transferred the value appreciation is tremendous so there may be one or two asset that we reduced the value of the fair market value of the company but the vast majority and that as a total package it is big return on investment and you ask to our investors they are extremely happy with the return on investment something like our my guess you still the vision fund on some of it and Softbank stolens as well correct these you own a hundred percent of it overall yes yes Softbank did hundred percent acquisition of arm and our LP partners investment partners they strongly insisted that they want to have at least 25 percent why because they believe the masa you have such a great looking candy share as some and I said no no this is I said we both hundred percent ourselves and that was already before vision fun I want to keep it and they say no no let us have some so they say they're gonna own 50% I said no no no no I cannot do that so I shared the 25 percent of arm and it was a public company babe you paid a forty-three percent premium yeah I paid yeah over 40 percent premium which I am very happy that I still got it was able to acquire at that price so it's preparing IPO again in maybe next five years with the next five years my second public again yes yes that's the plan yes by that time I think the appreciation of value will be very substantial so if you know if there was an opportunity that I could get hung up stand back I'm a happy buyer you love that company you see because it fits your vision that everything will have chip and/or chips in it and be interconnected yes we haven't even gotten to sprint I was thinking then a 5g and sprint yes in the brief time we have you confident you're gonna get approval in the US for the t-mobile oh it is US government who decided not me of course I know you you could decide it would be done yes you've faced it before and it hasn't succeeded so I am hopeful and I am a believer that it will be approved and it should be approved because the merit to American consumers to the American Society is so large that there has been only two giant companies and almost duopoly and the other companies were very you know making money so not big enough good enough threat or competitor to the two big giant but having the third force which will be almost as equal rivalry would make a real real match and so that the price competition will emerge the real price competition would make consumers accessible to much lower cost much stronger service 5g right you think 5g is going to transform a lot of industries dramatically dramatically the average speed to the access sometimes we all face sometimes oh this is windmill spinning spinning with my peers ago that's what you were never taught yeah yeah yeah but no latency anymore right 5g will make effectively 100 100 times the speed and the capacity that we are facing on 4G against 4G it will be up to up to 100 times more speed so in the capacity that means we can access a beautiful video or pictures very quickly without waiting so that that would be an machine-to-machine communication with IO tea would be very fast the seamless and all those things fibrin becomes so essential yeah it's true the ^ United States okay and the world yes of course of course but the US shouldn't be lagged behind 5g network you know penetration my if Sprint is not allowed to merge with t-mobile will it still be able to forge its own way or is it become a lot more difficult it's tough it's tough it has been tough so I think this consolidation would Marja would make sprint better position and make the US citizens better better service access you're gonna have a very busy summer conceivably muscle between that deal finding out ruber if it goes public any number of other I guess slack also is another one in your portfolio that nice yes you don't lack for having very busy days well I'm having fun and you want to keep doing this I first for years to come yes it is the excitement it is excitement I would I would love to continue it's too good to stop and within Softbank itself just in terms of the leadership yes how do you see it you know there's been some reporting of clashes of personality between Marcelo and receive is that true and do you welcome that is that a positive thing in somewhere no no they they're good guys good friends and good partners of course once in a while there's a difference in opinion but about me and them between them or other management but I you know always good to have a little bit of a healthy competition or attention because that way we work harder you know it's for any organization any family members but they're both very good partners you know happy how you're happy with the team before having a place of course of course uh and finally let's end on the greatest investment maybe that was ever made you know what that is mmm Alibaba well fantastic I'd like to own as as long as possible it's still growing 40 percent a year in revenue and the profit will continue to you know sky skyrocket so you believe that you blame growth potential for Alibaba just continues unabated for years to come I am totally uppity ba and Jack's no longer being sort of at the helm and is that matter does Jack mozz kind of departure I mean from the company make a difference jack is will still remain as the the largest individual shareholder Softbank still remain the largest company holder and we good partner good friends Jack's too you know guide the Daniel and management the direction and Jack has been you know tutoring mentoring the team so I think that Jack will continue to be important digitally to help management whenever they need advice he's always be there but but Jack's for a long time he was telling me that you know his his style is to let the people and them young people arise and grow as quickly as possible so that he would not have to do day-to-day and he can still think philosophical in an election it was it was an educator yes likes that idea the two of you seem to have similar visions optimistic visions of where the world is going yes don't you I mean I would assume you have some interesting conversations yes he's fantastic fantastic friend fantastic partner I see him face to face almost every month even now you do yes just once a month yes once a month at least once two months we chat all the time not just business with good great friends and you can assure me that the AI future you see masters going to be a good one we're not going to just become slaves to the robots good ones well listen I appreciate you taking job thank you thank you very much you you

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Id: L53B2UZ9lpY

Length: 58min 11sec (3491 seconds)

Published: Fri Mar 08 2019