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Sự lạc lối của tỷ phú Masayoshi Son
03 Dec, 2023
áp dụng mô hình của amazon, định giá thấp quá đáng so với các đối thủ trong ngành bán lẻ và cuối cùng kiểm soát thị trường,
tỷ phú son cũng đổ tiền vào các công ty khởi nghiệp công nghệ, ra sức đốt tiền, nhằm hy vọng sẽ có lợi nhuận khi là "người chơi cuối cùng trên thị trường" (độc quyền), -> lỗ sặc gạch,
"chủ nghĩa tư bản giả mạo", những hành vi như vậy thật ra bị cấm, bởi luật clayton, vì trái ngược hẳn với tinh thần của chủ nghĩa tư bản: công ty phát triển do sử dụng đầu vào hiệu quả hơn và tạo ra hàng hóa và dịch vụ tốt hơn, chứ ko phải có "tiền rẻ"...
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Son is a more interesting character. He’s a venture capitalist/empire builder who had been able to raise hundreds of billions of dollars to restructure industries globally (tái cấu trúc các ngành công nghiệp trên toàn cầu). Son built his reputation (danh tiếng) in the first dot com boom with a lucky investment (khoản đầu tư may mắn) in Yahoo! and Alibaba. He has since restructured ride-sharing with large investments in Uber and its foreign counterparts. Like most major financiers, Son is a powerful and connected political operator. For instance, he’s an owner of Sprint, and he’s currently trying to force an illegal merger of Sprint with T-Mobile, hoping his political connections to Donald Trump can get it through merger review.
Generally speaking, Softbank’s model is to manipulate private capital markets as a way of drowning out competitors with cash (dùng tiền "nhận chìm"/"đập chết ăn thịt"). For instance, there were several ‘rounds’ of WeWork investment where Softbank was buying more shares at higher valuations. WeWork ostensibly became more valuable because Son said it was more valuable, and bought shares for higher prices. And since there was no public market for these shares, the pricing of the shares was totally arbitrary. WeWork then used this cash to underprice competitors in the co-working space market, hoping to be able to profit later once it had a strong market position in real estate subletting or ancillary businesses.
Counterfeit Capitalism
This is of course Amazon’s model, which underpriced competitors in retail and eventually came to control the whole market. And Amazon has spawned a host of imitators, including WeWork. It has also reshaped venture investing. The goal of Son, and increasingly most large financiers in private equity and venture capital, is to find big markets and then dump capital into one player in such a market who can underprice until he becomes the dominant remaining actor. In this manner, financiers can help kill all competition, with the idea of profiting later on via the surviving monopoly.
Engaging in such a strategy used to be illegal, and was known as predatory pricing (đẩy giá xuống tới mức không thể có lãi trong một thời kỳ để nhằm làm suy yếu hoặc loại trừ các đối thủ cạnh tranh; định giá ăn cướp). There are laws, like Robinson-Patman and the Clayton Act, which, if read properly and enforced, prohibit such conduct. The reason is very basic to capitalism. Capitalism works because companies that thrive take a bunch of inputs and create a product that is more valuable than the sum of its parts. That creates additional value, and in such a model companies have to compete by making better goods and services.
Bài trước: Sai lầm của Jamie Dimon
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