The Vision Fund is a classic case of buying high and then not having anywhere to go. wsj.com/articles/what-…
The original idea for the Vision Fund was for $30 billion. Only last minute did Masa Son change the investor presentation to reflect $100 billion ahead of a meeting with Arab investors, which became the most successful fundraise ever.
Vision Fund launched in May 2017 and has already invested $85 billion across 82 companies. Which begs the question, how does one go from wanting just $30 billion to investing nearly three times that amount in only two years, well ahead of the original five-year schedule?
As one Vision Fund executive said to me, “Hedge funds look to ride the wave. Technology investing is going to change the wave.” As I sat listening, I evoked Warren Buffett’s wisdom, “When you combine ignorance and leverage, you get some pretty interesting results.”
