SINGAPORE (Nov 11): SoftBank Group Corp chairman Masayoshi Son is in the kind of pickle that even Jamie Dimon cannot get him out of.

Earnings for the September quarter show just how badly his Vision Fund is performing, and accelerate the need to raise a second incarnation just to keep the money flowing through SoftBank’s books.

While its stake in the US$97 billion ($132 billion) Vision Fund accounts for less than 15% of SoftBank’s holdings, that investment vehicle made up 53% of operating income last year. Crucially, 68% of that contribution came from unrealised gains on the valuation of investments. In other words, SoftBank is heavily reliant on paper profits.

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