Yep - I was always told, keep your dividend-paying winners, sell your losers.
Wework is definitely a loser, ARM is a winner - its completely upside down. If he wants cash, he should sell his trash. And avoid future losses by not buying trash in the first place.
Rather Alibaba and Yahoo Japan are Softbank's dividend-payers. ARM has proven nothing more than a bargaining chip to kickstart the vision fund and now a crunch zone to keep the group liquid. ARM's valuation has barely moved despite the continued dominance of the platform.
Selling ARM lets Softbank keep WeWork living for a couple more years, enough time to bring the non-japan markets into cashflow positive status. Japan by some miricle was cash flow position from the start, he must think the model can work overseas.
Wework is definitely a loser, ARM is a winner - its completely upside down. If he wants cash, he should sell his trash. And avoid future losses by not buying trash in the first place.