i think softbank is allowing some of them to exit. the market has changed over the last five years, where much larger funds have prolonged the exit. they have been paying high prices. and they still expect pretty good returns. i think the vision fund fundamentally changed the landscape. typical funds expect 3x over a five-year period. what they are doing is going to entrepreneurs and saying i am still willing to bet long-term and i am going to write a bigger check so you can change the competition and beat the competition and i am going to stick with you longer. i think that is very appealing to entrepreneurs. based on the check size they write, they typically win the deals because of the late stage folks looking for a little bit more short-term and their check size is smaller. emily: it is great for early-stage vcs. and for entrepreneurs. is there a risk of -- with this much money flooding into the system, are companies being kept afloat that shouldn't be? >> absolutely. lots of money is not necessarily a good thing. the difference b

coming up, softbank holds first quarter results that beat estimates. masayoshi son's vision fund is shaping up to be a success. how it will impact the vc landscape. this is bloomberg. ♪ hey! i'm bill slowsky jr., i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. emily: welcome back to the best of "bloomberg technology." i'm emily chang. softbank posted first-quarter results on wednesday, mario she of the masayoshi son company has beat the highest analyst estimates. it owes that success to its first vision fund. companies like slack and doorda

coming up, softbank holds first quarter results that beat estimates. masayoshi son's vision fund is shaping up to be a success. how it will impact the vc landscape. this is bloomberg. ♪ ♪ from the 5am wakers, to the 6am sleepers. everyone uses their phone differently and in different places. that's why xfinity mobile created a wireless network that auto connects you to millions of secure wifi hot spots. and the best lte everywhere else. xfinity mobile is a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. click, call or visit a store today. emily: welcome back to the best of "bloomberg technology." i'm emily chang. softbank posted first-quarter results wednesday, masayoshi son's company reporting profit that beat the highest analyst estimates. it owes that success to its first vision fund. companies like slack and doordash managed to offset declines. the company is getting ready to launch its second vision fund this year. to discuss, we wer

softbank profit from the big in thend jumped quarter. now softbank is at it again with a second vision fund that will expand investment in enterprise technology and cloud computing. thank you for joining us. david, what is your take on world to? the will there be enough places for softbank to place all these big bets? >> i think there are. the first fund focused on the on-demand sharing economy, and i think they will now focus on cloud computing and enterprise software, which obviously has been growing quite well. in 2016, the multiples of revenue for their market cap. i think they are really trying to follow where the money is and where the multiples are higher. is there a lot of money to be made in enterprise startup investing? perhaps more than in consumer technology these days? >> i would say consumer gets all the headlines, but the reality is you cannot have any of those companies without computing, without enterprise software, development technology. my perspective would be if you are in the fortune 500, you cannot be in the fortun

i think softbank is allowing some of the early-stage vc's to exit. the market has changed over the last five years, where much larger, late stage funds have prolonged their exit because they have been paying high prices and they still expect pretty good returns. but i think the vision fund, fundamentally changed the landscape because typical late stage funds expect 2 to 3x over a three to five-year period, and whatnk what soft --'s samsung is doing is going to entrepreneurs and saying i am willing to bet long-term and i will write a bigger check so you can change the competition and beat the competition and i will stick with you longer. i think that is very appealing to entrepreneurs. based on the check size they write, they typically win the deal because the late stage folks are looking for a little bit more short-term and their check size is smaller. emily: it is great for early-stage vc's, great for entrepreneurs, but i wonder if there is a risk of companies being kept afloat that should not be kept afloat with this much money flowing into the sys

switching gears to softbank, specifically third-quarter results. the company reported profit that beat the highest estimates due to the success of the vision fund -- the first vision fund, that is. investments in companies like dash managed to losses. what are the biggest takeaways from these results? transformingally softbank away from this old line telecommunications company with a majority stake in sprint. it are that will get the approval it needs so they can offload spread off the balance sheet and position softbank as an investor in up and coming technology. as you point out, he has a 100 billion dollar vision fund. a lot of that has been deployed and he is starting to reap a return on it. now he is embarking on vision fund 2. that will be launched very soon. start to see new investments of $108 billion. he really wants to position softbank as a cutting-edge company that is a savvy investor, even though sometimes those investments do not go quite as well as hoped, over -- uber being a case in point. emily: still many of those freshens have no

softbank's expense costs in one fell swoop. much. thank you very markets are watching to see if the pboc will continue to support the currency. says the fixing but not deviate too far from what we saw yesterday. we crossed of singapore where mark cranfield, our mliv strategist joins us now. expect today? mark: if you look at the performance on the onshore yuan, it traded quietly against the u.s. dollar and never went low 7.01 against the dollar. you look at the performance and also at the last couple of fixings, how they have been done, yesterday's was just below 6.97. it gives the pboc reason to make a big change in the fixing today. it will probably be within a small amount of what we have seen the last couple of days, unlikely to the above 7. no reason for them to lower it too much, anyway. it should be a relatively quiet fixing. i think that pboc is steering the market towards getting used to a slightly higher trading range for the dollar yuan. it does it wanted to go crazy, but it also wants people to get used to the fact

he really wants to position softbank as a cutting edge company that is a savvy investor. even though sometimes those investments do not go quite as well as he had hoped. uber being a case in point. emily: many of the investments still have not come to for mission. -- fruition. can a vision fund be as successful as the first? excellent question. now there is a shadow hanging over the entire tech industry, which is the regulatory one you just discussed with your guests, mark and ben. there is questions about the global economy, questions about growth, the trade war is hanging over the entire industry. there are a lot of factors that will raise questions over whether new invest in its will work out, over the previous late of investments. will you get the return? not to mention that when softbank comes in, sometimes it comes in later when there is less upside for some of these investments. it has a tendency to inflate valuations be on what they actually should be, based on the soundness of the underlying business. , will it be as successful as vision fun 1? emily: what are th

well as subaru which last close down almost .8% for softbank and 2% for subaru. new stock ratings on those. softbank was rated a new hold at jefferies on the backs of recently some mixed earnings. we saw the vision fund better than expected, but a lot of lingering questions about the massive bet softbank is making on another $100 million on tech investment. there is a question of why there is not a big anchor investor. subura outperforming from at creditha suisse. we will be digging into them later this hour when it comes to the china bank earnings. there have been recent measures of china bank earnings on the downtrend. pressure on margins. we will also watch for bank of communications as well as fulsome international. a lot to watch out for later this hour. paul: thanks. areres show markets in asia going to open higher but the erratic trade narrative has investors on edge across. andreea papuc is here. how are investors never getting these often shifting waters? andreea: shifting waters indeed. one thing we can be certain about is we cannot be certain of anythi

emily: what do you think the draw is for softbank? robert: they share our vision for renewables and understand how important energy storage is to make renewables real and make renewables solve the problem of our reliance on fossil fuel. they own an energy company, so how important energy storage is they own an energy generation company, so they understood this beyond just being an investor. they share our passion to be -- to solve this problem. emily: so this system, as we saw there, relies on this giant automated system that has to work reliably outside in the elements year after year after year. it seems like a lot of moving parts. do you have concerns, or is there a risk that some parts might not function properly given all that exposure and throw the whole things off? robert: actually, that's one of the beauties of innovation. the technology we're leveraging fundamentally is proven physics. we're leveraging unique material science working with one of the largest materials companies in the world, so we're actually not using normal

softbank is the disruptor in the space. emily: uber with second results quarter results, including a $5.2 billion loss. sales, bookings, and monthly users all missing estimates. shares down to the lowest levels since may. what are your biggest takeaways? >> the bookings and wide growth look good. it was just a revenue miss and part of that was the use of subsidies in ridesharing and for deliveries. and their free delivery. that is where they have been using subsidies and seeing pricing pressure. food deliver is a fragmented market. on the core ridesharing side , they're doing fine. it is just the numbers are catching up and bookings are up 37%. to me it looks fine. caroline: shares of lyft fare higher after the company reported a second-quarter loss and sales better than what analysts expected. the overall numbers are good. is that impact the profitability? >> lyft wants to see moving towards the path of profitability. know, adjustedyou loss numbers are better than expected. what is really key here is that lyft is saying, w

that internet the upcoming $1 billion from softbank. is awe will look for company to have a founder heavy voting structure. have one voters per share compared to the founders. emily: the company experiment with different lines of business that may not be as well understood as the core business. >> that's right. two areas to focus on, wework has expanded from catering smaller businesses and startups and moved up the chain more to moreprise offers -- conglomerates and building a morgan enterprise offering. the benefit to investors is the they have locked them into longer term leases and there. the company's made three acquisitions in the past year or 2, 1 as recently as last week. trying to solve the office admin function you might have as a business and trying to take that away from you to save you a lot of money, they are focusing investors on that area which they have to, because with the company valued at $47 billion and 26 times their last 12 months revenue, multiple relatir real estate comps tha 1.5 times revenue instead. emily: we

we got softbank has a partner. you want softbank to be behind you and a big partner and big investor. we have a great investor base. we have taken the company public in the company revenue has grown 75% since i joined. when you have a path to profitability, i believe. while we have had bumps on the road, and every adventure has bumps on the road, i like where we are and especially like the position we are in now for the next few years. emily: there have been bumps in the road. yft, ridesharing company's has been transformational. kenny were bs trans-relational over the next decade has it has -- can uber be as transformational over the next decade? emily:--- dara: really what uber has done has brought transportation an opportunity at this point to what we believe is a small segment of the population. we have over 4 million driver partners all over the world, a huge number and unparalleled. we want uber to be available to everybody. but we are doing now is going to the next step of introducing other transportation ch

plus, how it plans to spend the big money it has raised from softbank. that's next from bloomberg. ♪ emily: is ride-hailing companies have battled it out for new turf around the globe, grab has slowly build its own empire in the southeast. won overny has softbank in asia, defeated uber in a turf war and now want to become not just an app but a super app modeled on tencent's wechat. i asked about the company's $14 billion valuation and how they intend to put their new money to work. >> it's not just softbank. if you think about it, in fact the first $3 billion was raised from toyota, oppenheimer. we are very blessed with some of the global best names one can imagine. >> why continue to raise money rather than going to the public market? >> because of our ambitions which involve a much broader set of services for our customers. there needs to be additional innovation and additional investments. those are investments that our partners identify the , and they understand and want to encourage us to go bigger, bolder, so we can serve southeast asia more cons

. >> what honda did to the auto industry in the 1970's, softbank is doing to the entire venture capital community now. it is probably the most disruptive japanese organization since japanese autos came in and disrupted the u.s. auto market. you are hot, cloud-based sass company and your raising $50 million at a pre-money valuation of $100 million. softbank comes in and says will give you $150 million pre-money valuation but we are investing $100 million. and by the way if you do not say yes and 48 hours, you're going to the second player in the space and giving them $100 million. you are seeing american vc funds that used the former masters of the universe elbowed out of the way by softbank. it is the disruptor in the space. >> uber with second results including a $5.2 billion loss. sales, bookings, and monthly users all missing estimates. shares down to the lowest levels since may. what are your biggest takeaways? >> the bookings and wide growth look good. it was just a revenue miss and part of that was the use of subsidies in ridesharing and for deliveries. and their free delivery. th

ended up becoming $1 billion from softbank. what we will look for in s1 is if the company has a founder heavy voting structure, where the founders control the future of the company while retail investors have a piddling one vote per share compared to the founders. emily: the company is experimenting with different lines of business that may not be as well understood as the core business. phil: that's right. two areas to focus on, wework has expanded from catering smaller businesses and startups and moved up the chain more to enterprise offers -- more larger conglomerates and building a more enterprise offering. the benefit to investors is the they have locked them into longer term leases and there. the second is that the company has made three acquisitions in the past year or two, one as recently as last week, to bolster their technology offering. when i think about we work, trying to solve the office admin function you might have as a business and trying to take that away from you to save you a lot of money, they are focusing

if you think about it, in fact, the first $3 billion wasn't raised by softbank. it was raised from toyota to hyundai to booking to microsoft. oppenheimer. you talk about the -- we're very, very blessed with some of the global best names one can imagine. emily: why continue to raise money rather than going to the public market? >> because of our secret ambition which now involves a much broader set of services for our customers, there needs to be additional innovation and additional investment. those are investments that our partners, they ident fi absay we understand, we want you to do it, encouraging us to go bigger, bolder an better so that we can serve southeast asia more consistently. emily: tell me about your relationship with masa, who said you can have unlimbed capital from him, but i assume you're not asking for unlimited capital. >> no, that's unlimited dilution. we're grateful to have a good relationship with him. i will not right now need that capital or want that capital today because we have enough capital to invest in what we need today. emily: you

softbank comes in and says will give you pre-money valuation but $150 million we are investing and by the way if you do not say $100 million. yes and 48 hours, you're going to the second player in the them $100giving million. you are seeing american vc funds that used the former masters of the universe elbowed out of the way by softbank. it is the disruptor in the space. >> uber with second results including a $5.2 billion loss. sales, bookings, and monthly users all missing estimates. shares down to the lowest levels since may. what are your biggest takeaways? >> the bookings and wide growth look good. it was just a revenue miss and part of that was the use of subsidies in ridesharing and for deliveries. and their free delivery. that is where they have been using subsidies and seeing pricing pressure. food deliver is a fragmented market. on the core ridesharing side they're doing fine. it is just the numbers are catching up and bookings are up 37%. to me it looks fine. >> shares of lyft are higher after the company reported a second-quarter loss and sales better than what analysts ex

massasan at softbank they're raising vision fund too, dara conceivably some of that money will go to the very companies you are just talking about, that you'll compete with, that will have unlimited war chests to cut pricing in, for example, the eats market. how do you view that do you go to masa and safe y gie me a break here? >> i think a lot of people in life would want masa to give them a break but masa is going to keep going. masa is a businessman. he didn't throw good money after bad. when he puts in money into companies,s it because s iit ie believes in them we are the single largest investment in a global basis our interest and masa's interests are very much alined they know everybody. they understand the markets and i'm very, very happy to have them as an investor and i consider softbank a very good actor in this marketplace. they're going to put money against the markets, but that will expand the markets and we're going to be -- we have been one of the cheap beneficiaries of that. >> speaking of some of the investors, the lockup is fast approaching or i should say it will e

. >> there are going to be some investors who believe are absolutely long-term investors like softbank, and then there are going to be some investors who made a ton of money and they deserve to liquidate some of their shares you know, if we focus on building the business and we focus on continuing to grow at 30 plus percent raises, continuing to increase margins, the rest will take care of itself i'm looking forward to getting the lockup behind us, honestly because i think people talk about it too much and really what we're trying to build is a business that lasts, a business that can attract the best talents in the world that's what i'm spending my time on >> as you see there, uber share is down more than 7% this morning following that $5 billion loss as well as slowing growth numbers with us now with uber on uber's results is "the new york times'" mike isaac, author of the upcoming book and deep dive into the battle over uber, "super pumped," which is out on november 3rd mike, great to have you with us. >> hey, thanks for having me >> i don't want to dwell too much on that $5 billion

you have this new funding from softbank. how do you plan to deploy it given the trends in cyberspace right now? roi: this is a pivotal moment for cybereason. we are extremely excited for this $200 million investment. we have three stages. the first one is to expand our existing market globally. we are deployed on all five continents and multiple countries. we want to strengthen our relationship with our partners and dramatically grow our market motion. from a portfolio perspective, we are doing two things. the first is we are strengthening our position with what is called the protection platform market and solidifying the portfolio we already have there. the second is we are building the next generation of a taunus -- autonomous security to allow machines to protect these organizations instead of throwing bodies of the problem. emily: roi carmel, we will let you get back to the conference. jenny continuing to cover capital one for us. thank you. namingis close to j.p. morgan the lead underwriter of its ipo, with the offering

last month, softbank said it lined up $100 billion for its second vision fund the firm could make up more than half the money raised and the journal notes this would be unusual for a fund sponsor good news is that the fund is going to effectively lend employees money to participate. >> the bad news is -- >> because they might otherwise need to participate. >> right the bad news is -- >> creating a billion dollar fund. >> because they're running out of places to find the money. >> yes. >> after the recent uber and lyft. >> and the idea that the market may be closing all of this is kind of wrapped up in this. >> they won't let us in, but no money down, 5% on the loan if it doesn't work out -- >> which means you think it's going to make more than 5% if it doesn't work out >> your buddy, if it doesn't work out, his shares in his ownership of softbank could be used to cover the $15 billion they lend him. >> margin calls and things like that it's funny we look at the big companies that have underperformed thus far in that fund i'm told total returns -- because there's a whole other number

taking a look at softbank, little change. they beat first-quarter profit estimates on valuation games and said they will start making investments in the next one to three months and will take less than nine months to close. positivity for investors. shishedo is set to report earnings. let's watch out for the operating margins and the rise of the yen impacting purchases by chinese tourists in japan. a lot to look at. paul: thanks very much for that. the insurance industry is changing fast with many companies planning to have more ai. market tos the first introduce this did to my mobile allocation -- high mobile penetration. 23% of applications downloaded are health-related. joining us exclusively from kuala lumpur is credentials ceo mike wells. how does this application work? what has the uptick been like in malaysia? >> good morning. we are just rolling the application out today with the minister. we have gone through a very extensive beta testing. quite exciting. it is a very comprehensive app. diagnostics, health inclusion,

softbank's vision fund is betting big on renewable energy, and announcing it is investing $110 million in an energy storage startup. the company's system uses cranes to stack concrete blocks and a tower that can store and release energy. it is presenting the system as a bigger and more affordable solution to lithium batteries, claiming it can supply electricity to the grid 24 hours a day. how exactly does this technology work? design of their new innovative system tower includes a newly designed crane. it includes 35,000 metric ton bricks that are all orchestrated and raised and lowered with a proprietary software set, so that is the whole system integration. we take excess energy from solar or wind when it is produced and not needed. that energy is used to raise the blocks and when the energy is needed by the grid, we lower those blocks and discharge the energy. emily: how widely deployed is this? it says you are on four continents. >> correct. we have had a working model for the last year in switzerland. we are building our first commercial scale unit in the fourth quarter in the nor

you are a hot company and you .re raising 50 million softbank says, we will give you 150. we are investing 100. if you don't say yes within 48 hours, we will go to the second player and giving them $100 million. they are being elbowed out of the way by softbank. it is a direct -- disruptor in the space. uber out was second-quarter results including a $5.2 billion loss. shares down to the lowest levels since may. what are your biggest takeaways? >> the bookings group looked good. it was a revenue miss. part of that was related to the use of subsidies in their ridesharing business as well as food delivery. that is where they have been using subsidies for a while. they have been seeing pricing pressure. food delivery is a fragmented market. on the core ridesharing side, they are doing fine. the law of large numbers is catching up. it looks fine. >> shares of left are higher after the company reported a second-quarter loss and sales better than what analysts expected. the overall numbers are good. see movingt to towards the path of profitability. the adjusted loss numbers are

it pains to say that the money so far in this company comes from softbank, fidelity, benchmark -- these are smart guys. they have seen numbers that make them comfortable handing over lots of money. the only question i think this document phrases for us is why can't we see what those guys have seen, because clearly this story is not a slamdunk. >> this is perhaps not rare that it is not always the clearest in the ipo perspective. the fact you have an index to rate individual ipo's -- rett: it is the most correlated of all of the pieces of the index aftermarket performance. >> generally, the stat is if you do well, your shares do well. your indices, if you show well on an obfuscation index, your shares tend to outperform. who has done badly? who does not tend to do well in the ipo's we have seen? rett: negative correlations -- obfuscation is good for the stock going down. the other thing is fame and buzz is another index. it turns out fuzzy stocks tend to be overpriced. the other thing is fancy investors. if you have fancy investors in your cap table -- >> too fancy. rett: on the one hand

the $47 billion valuation comes from its most recent private investment from softbank. they have been investing to the tune of $10 million since its first investment in 2017. they have been the only investor setting the valuation since the valuation a few years ago. i think that is why people have extra skepticism about it. not only is it high, it hasn't been tested. it really has been them coming together to agree on the terms. shery: how much sway with this give neumann? >> the ceo has a lot of control over it, always has, a lot of stock. this share of structure will enshrine that more permanently. three types of stock, a, b, and onlyhas 20 votes when a has one. basically the takeaway is that adam neumann has a lot of control and people seem to think it's appropriate because of his vision and leadership in the country -- company, but it is something investors may raise their eyebrows at. what did they tell the investing community they would do with the money? what did they say they would do with the money? .> they want to keep growing overseas, latin america, places i

first of all, softbank's ipo visions. he in a 100 text dollars million deal -- in a $160 million deal. investors rush into passive investments. alix: joining us is sonali basak , bloomberg banking reporter. softbank came out with earnings, but what stood out is what they said about ipo's. startn we will spinning off companies. in this fiscal year, five to six companies will go public before april 2020. the number will be bigger each fiscal year going forward. sonali: i think it is a little earlier than we all expected. he told a roomful of bankers and private equity folks. be -- equity folks he would be taking companies public next year. softbank is already getting money for its second vision fund . the question for me, are they going to wait to go public so late, or are we going to see some earlier exits? david: it is bucking the trend a little bit because it seems people were staying private a lot longer. sonali: on one hand, i think they will be happier to see public companies a little earlier and enjoy some of the gai

i'm taking a look at softbank here. some great reporting over the weekend saying softbank is going to lend its own employees money to then give it money for a second vision fund, basically citing a funding gap. part of it is, ok, if you are going to incentivize the people that work for you and your employees are going to have a vested interest in making that work, the other is, i don't know, isn't saudi arabia not allowed to put money in the second fun? so they need money from somewhere -- the second fund? so they need money from somewhere. david: exactly. alix: and these are big numbers. david: and they still owe the money back to softbank, right? alix: right. david: third company, we are taking a look at tech. joining -- at tegna. joining us is brooke sutherland. i had to look it up, it is the old get net stations -- the old gannett stations. brooke: it is. . of course, gannett is selling itself to new media. a may be selling itself to apollo, merging it with koch media and northwestern broadcasting. david: this is an

you buy the shares through softbank. japanese brokerages are trying to entice younger investors. the ceo of overstock has resigned. entitlementsims of with the deep state, releasing a statement he was part of federal investigations related to 2016 elections. he founded overstock in 1999. the shares cheered the news. suppressed after last week. romaine: they issued this letter on an official prnewswire, so it had to go through their communications office where he referenced many black, have been visited by men in black, government agents, about his potential involvement in the whole russia investigation with regards to the u.s. election. he was apparently involved in a relationship with one of the key figures. he referenced two previous investigations, one involving the murder of someone he knew. it had nothing to do with the business of overstock itself, so it confused a lot of people. the shares sold off. he has a long history of making comments that could be construed as being often normal path. rising, sohares perhaps headwinds being pushed aside and getting back to business.

competition from uber and more, grab acquired the southeast asian business and raising billions from softbank. this, as grab

internationally for human rights abuses i know it's you i don't have a relationship with saudi arabia but with softbank and we agree on where the market is headed. our product helps people get to know the world and soft banks money is well invested here. another investment project that seems to be neverending. new airport. actually it was originally scheduled to open in 2011 but the date has been pushed back repeatedly so. since then and 2014 possibly airport was supposed to go into operation the current slated date is october of 2020. 1 times are the i can tell you that the construction site is finished since april or may the technical inspectors have been looking at the individual facilities and testing the ones that are responsible for fire safety for over 2 years we've been on schedule it's working for. mistakes shoddy work and corruption pushed the price of building the airport way above the original projection of 2000000000 euros the costs of amounted to 7300000000 euros and counting. the airport foreseen by the original plan was too small so an extension had to be built it's javanese most embarr

neighboring countries and acquiring movers -- uber's southeast asian business and raising billions from softbank.

romaine: do we have any idea of what the liquidation will be by softbank. -- tend to ftbank like holds after the company goes public. romaine: they are holding on to a lot. caroline: evaluation keeps going up. romaine: coming up, going for the gold. why gold's spectacular rally is just getting started. this is bloomberg. ♪ caroline: quick check of the headlines. the amazon back food delivery service pulled out of germany. a casualty of the cutthroat business -- the cutthroat market. shares of world wrestling entertainment are down nearly 6% from their all-time high. 2/3 ofpresident unloaded her steak in the company since last thursday. facebook is helping fund an indian start of that wants to bring more commerce social networks, like facebook. facebook is taking part in a $125 million funding round. firm has a new name. the departure of the founder and recent problems. moneyors have pulled since 2013 after the firm disclosed it was the target of a bribery operation. romaine: gold value continues to shine amid global uncertainty and money managers are going all in. with more, bloomber

competition from uber and more, grab acquired the southeast asian business and raising billions from softbank. this, as grab shifts into high gear, set on becoming a super app, offering not just rides, but health care, plain bookings, and more.

that theains to say money so far this company has come from softbank and fidelity and benchmark. these are smart guys and they have obviously seen numbers that would show them making money. clearly, this story is not a slamdunk. anoline: this perhaps is that rare when -- is not that rare when it is not always the clearest. the fact that you have an index. is theot only that, it most correlated about other pieces of the index. caroline: if you do well, if you meet your end, your shares tend to outperform. rett: it is interesting, negative correlations. thescation is good for stock going down. it turns out that fuzzy stocks tend to be overpriced. the other thing, fancy investors. caroline: who is fancy? like --e lowest with the lowest would be like uncle bob and the highest would be warren buffett. they seem to be signaling that they will ask for a price that is lower than that last private market price. they are just fast forwarding and saying, let's not talk about $47 billion or whatever. romaine: if you look at the ipo's over the past few months, overall, how do you rate the qua

last valuation is based off of softbank's investment back in january. it is hard for me to emphatically say that is a high valuation, but it feels high. i think real estate investors will be very scrutinizing of any kind of high-profile and high valuation ipo. taylor: at what point do you want to start to see some profitability from this company? barry: it is understandable that if you have a company that is growing, you want to give them that time to create the market share they want to create. at the same time, there has to be a limit of how much you can run in the red for investors can see some profit. i would hope that, within the next 12-18 months, i would start to see some profitability. taylor: one thing that really stood out to me, top line is about $1.8 but bottom line, they are losing about $1.9 billion. at what point are investors getting excited about topline growth versus being nervous about how much they are losing on the bottom line? ellen: i think that is the major divide. ome people will look at it and say, this company has incredible g