1 00:00:00,320 --> 00:00:02,840 Speaker 1: Decrypted is brought to you by red Hat, whose broad 2 00:00:02,880 --> 00:00:06,240 Speaker 1: portfolio of open source technologies for the enterprise helps you 3 00:00:06,280 --> 00:00:08,440 Speaker 1: get from where you are to where you want to be. 4 00:00:09,280 --> 00:00:12,559 Speaker 1: Red Hat the open technology to help you realize your vision. 5 00:00:13,000 --> 00:00:15,760 Speaker 1: Learn more at red hat dot com slash open tech. 6 00:00:24,120 --> 00:00:29,200 Speaker 1: It's Tokyo seven. A young, relatively unknown businessman is giving 7 00:00:29,240 --> 00:00:34,879 Speaker 1: an interview to a local magazine. I always say this, 8 00:00:35,159 --> 00:00:37,760 Speaker 1: It's a habit, maybe a kind of disease. I won't 9 00:00:37,800 --> 00:00:42,040 Speaker 1: rest until I'm number one. His name is Masiyoshi Son. 10 00:00:42,360 --> 00:00:48,640 Speaker 1: Outside of Japan, he's usually just known as Massa. I 11 00:00:48,720 --> 00:00:51,519 Speaker 1: just hate not being first. People want to sleep well 12 00:00:51,560 --> 00:00:53,960 Speaker 1: at night, but I lose sleep thinking why am I 13 00:00:54,040 --> 00:00:56,720 Speaker 1: not yet number one? What do I have to do. 14 00:00:58,200 --> 00:01:00,360 Speaker 1: At the time, it was easy to laugh at Loss's 15 00:01:00,440 --> 00:01:03,880 Speaker 1: big dreams. After all, becoming the world's top company it 16 00:01:04,000 --> 00:01:08,520 Speaker 1: seemed outlandish. Massa himself had just turned thirty and his company, 17 00:01:08,600 --> 00:01:11,120 Speaker 1: soft Bank, was all of six years old. But today 18 00:01:11,160 --> 00:01:14,959 Speaker 1: it's not so laughable. Over the years, Massa built soft 19 00:01:15,000 --> 00:01:18,000 Speaker 1: Bank into a technology giant, and he's among the world's 20 00:01:18,040 --> 00:01:23,680 Speaker 1: one hundred richest men. And now Massa is Onto, perhaps 21 00:01:23,720 --> 00:01:28,119 Speaker 1: his biggest most during project yet talk about soft banks. 22 00:01:28,160 --> 00:01:31,920 Speaker 1: Massa Yoshi Song has formally announced the first round of 23 00:01:31,959 --> 00:01:34,600 Speaker 1: capital commitments for his tech investment fund that is worth 24 00:01:34,920 --> 00:01:40,160 Speaker 1: more than billion dollars. It's called Vision Fund, and money 25 00:01:40,160 --> 00:01:43,920 Speaker 1: has come in from Saudi Arabia, Abu Dhabi, Apple, Qualcom, 26 00:01:44,040 --> 00:01:47,000 Speaker 1: and Fox Con. Massa's plans to increase the amount to 27 00:01:47,040 --> 00:02:00,760 Speaker 1: a hundred billion dollars in the next few months. Hi, 28 00:02:00,880 --> 00:02:04,400 Speaker 1: I'm Brad Stone and I'm Peter Lstrom. And this week 29 00:02:04,400 --> 00:02:07,360 Speaker 1: on Decrypted, we have the story of Masa Yoshi Son, 30 00:02:07,720 --> 00:02:11,480 Speaker 1: the eccentric Japanese billionaire who conceived of and willed into 31 00:02:11,520 --> 00:02:15,200 Speaker 1: reality an enormous fund that has both odd and terrified 32 00:02:15,200 --> 00:02:19,120 Speaker 1: the global technology industry. Venture capital firms are worried that 33 00:02:19,240 --> 00:02:22,520 Speaker 1: so much new money will drive up valuations for startups, 34 00:02:22,760 --> 00:02:26,560 Speaker 1: hurting returns for everyone. But no matter what happens, this 35 00:02:26,720 --> 00:02:29,280 Speaker 1: fund has earned Massa place in the pantheon of the 36 00:02:29,320 --> 00:02:33,760 Speaker 1: world's legendary investors. We'll speak to his biographer as well 37 00:02:33,760 --> 00:02:36,480 Speaker 1: as his first employee, and we'll also play you some 38 00:02:36,560 --> 00:02:39,880 Speaker 1: tapes of Massa as a young unknown businessman from thirty 39 00:02:39,919 --> 00:02:43,680 Speaker 1: years ago that have never been released before. Massa has 40 00:02:43,680 --> 00:02:47,000 Speaker 1: made an unlikely journey from being bullied as an outsider 41 00:02:47,040 --> 00:02:49,640 Speaker 1: on the rural island of q Shu to becoming one 42 00:02:49,639 --> 00:02:52,120 Speaker 1: of the wealthiest men in the world. And after all 43 00:02:52,200 --> 00:02:55,840 Speaker 1: that success, he's risking it all now for even greater returns. 44 00:02:56,200 --> 00:03:04,480 Speaker 1: Stay with us, so, Peter. The tech industry has been 45 00:03:04,480 --> 00:03:07,240 Speaker 1: bracing for a few months now for Massa's Vision Fund 46 00:03:07,280 --> 00:03:10,440 Speaker 1: to close. It's a pretty heavy expression of optimism in 47 00:03:10,520 --> 00:03:13,400 Speaker 1: the future of technology, not only for Massa but the 48 00:03:13,480 --> 00:03:16,400 Speaker 1: other entities contributing to the fund, like Apple, Qualcomm and 49 00:03:16,440 --> 00:03:19,600 Speaker 1: Fox count and the Saudi Arabian government. It's hard to 50 00:03:19,680 --> 00:03:22,440 Speaker 1: think of anything we can compare it to. Well, there 51 00:03:22,480 --> 00:03:25,760 Speaker 1: hasn't been anything quite like this before. I talked to 52 00:03:25,800 --> 00:03:28,240 Speaker 1: a professor at the University of Chicago who made the 53 00:03:28,280 --> 00:03:31,919 Speaker 1: point that Sequoia Capital could raise ten billion dollars tomorrow, 54 00:03:32,120 --> 00:03:35,600 Speaker 1: but they don't. Why because it's dangerous. It's hard to 55 00:03:35,600 --> 00:03:38,720 Speaker 1: find enough promising deals to investing with that much money. 56 00:03:38,960 --> 00:03:41,680 Speaker 1: But Massa has never been a conventional investor, right, I 57 00:03:41,680 --> 00:03:44,320 Speaker 1: mean he is. He He looks not only for startups 58 00:03:44,360 --> 00:03:47,560 Speaker 1: but to invest in bigger companies, and his vision seems 59 00:03:47,600 --> 00:03:50,440 Speaker 1: a little bit bigger and bolder than average. That's right. 60 00:03:50,480 --> 00:03:53,000 Speaker 1: This is a man who speaks without irony about his 61 00:03:53,120 --> 00:03:56,960 Speaker 1: three year plan. He looks for really big opportunities. He 62 00:03:57,000 --> 00:04:00,520 Speaker 1: says he's interested now in artificial intelligence and based the 63 00:04:00,560 --> 00:04:03,960 Speaker 1: Internet of things. And also this here's Mosses speaking to 64 00:04:04,080 --> 00:04:07,119 Speaker 1: investors through a translator on an earnings call a few 65 00:04:07,160 --> 00:04:11,000 Speaker 1: months ago. We saw a big man in PC, we 66 00:04:11,080 --> 00:04:14,160 Speaker 1: saw a big man in the Internet, and I believe 67 00:04:14,240 --> 00:04:16,839 Speaker 1: the next big then is going to be even bigger 68 00:04:17,960 --> 00:04:22,440 Speaker 1: with IoT and Singularity. One of the futuristic dreams will 69 00:04:22,480 --> 00:04:25,719 Speaker 1: be investing in will be the integration of computers and humans, 70 00:04:25,960 --> 00:04:30,480 Speaker 1: known among enthusiasts the singularity. The chip is going to 71 00:04:30,560 --> 00:04:39,279 Speaker 1: exceed human brains, uh intelligence, and that to be connected 72 00:04:39,760 --> 00:04:45,800 Speaker 1: with wireless and connected in the cloud for super intelligence. 73 00:04:49,600 --> 00:04:52,880 Speaker 1: Um okay. These are ideas once thought of, perhaps still 74 00:04:52,960 --> 00:04:55,400 Speaker 1: thought of a science fiction. I kind of think there's 75 00:04:55,440 --> 00:04:59,760 Speaker 1: still many technological, practical, and perhaps cultural barriers to the 76 00:05:00,000 --> 00:05:03,360 Speaker 1: ship still though. In Japan, Massa Yoshi's son is one 77 00:05:03,400 --> 00:05:06,680 Speaker 1: of these larger than life household names that everybody knows. Right, 78 00:05:07,160 --> 00:05:09,560 Speaker 1: that's right. He's the second richest man in Japan. He's 79 00:05:09,560 --> 00:05:12,760 Speaker 1: worth about fourteen billion dollars now. His company Soft Bank 80 00:05:12,839 --> 00:05:15,800 Speaker 1: is a mobile operator, but also has a huge investment 81 00:05:15,839 --> 00:05:20,120 Speaker 1: portfolio with stakes and hundreds of companies. He backed Yahoo 82 00:05:20,160 --> 00:05:23,560 Speaker 1: were early on, along with a bunch of early technology companies. 83 00:05:23,960 --> 00:05:27,080 Speaker 1: His biggest hits so far has to be Ali Baba. 84 00:05:27,360 --> 00:05:30,080 Speaker 1: He put in an initial investment of about twenty million 85 00:05:30,160 --> 00:05:32,479 Speaker 1: dollars and that's grown to be worth more than ninety 86 00:05:32,520 --> 00:05:39,039 Speaker 1: billion dollars. You've had a keen eye or what might 87 00:05:40,000 --> 00:05:43,520 Speaker 1: be a successful investment. Yes, this was Massa talking to 88 00:05:43,640 --> 00:05:47,640 Speaker 1: Charlie Rose in two thousand fourteen. Yeahoo, Japan and this 89 00:05:47,680 --> 00:05:50,320 Speaker 1: is the most recently Alive Baba. Alive Baba is gonna 90 00:05:50,320 --> 00:05:52,680 Speaker 1: be a huge pay day for you. This it'll be 91 00:05:52,720 --> 00:05:56,279 Speaker 1: one of the largest I pos around. Yeah. Yeah, we 92 00:05:56,360 --> 00:06:00,360 Speaker 1: are lucky. Yeah, well yeah, you need that lack a 93 00:06:00,400 --> 00:06:06,479 Speaker 1: lot of mass Ushi's son grew up on q Shoe, 94 00:06:06,560 --> 00:06:08,840 Speaker 1: which sits at the southern end of the main islands 95 00:06:08,880 --> 00:06:11,840 Speaker 1: of Japan. His family had come from Korea, and his 96 00:06:12,000 --> 00:06:15,320 Speaker 1: heritage made his early years difficult. Right. For all its 97 00:06:15,320 --> 00:06:18,560 Speaker 1: reputation for being such a polite country, Japan is also 98 00:06:18,600 --> 00:06:21,479 Speaker 1: a really difficult place to be as an outsider, even 99 00:06:21,520 --> 00:06:23,800 Speaker 1: more so if you come from China or Korea, which 100 00:06:23,880 --> 00:06:27,720 Speaker 1: both have long troubled histories with Japan. They all met. 101 00:06:27,839 --> 00:06:30,960 Speaker 1: Moss's classmates would sometimes pick on him. He was pelted 102 00:06:30,960 --> 00:06:33,640 Speaker 1: with rocks and left bloodied. He talked about the challenge 103 00:06:33,640 --> 00:06:37,680 Speaker 1: of being an immigrant in Japan with Charlie Rose. Japan 104 00:06:38,320 --> 00:06:43,279 Speaker 1: is a homogeneous in a race country, one culture with 105 00:06:43,480 --> 00:06:50,640 Speaker 1: one race, So if you are considered outsider, it's not easy. Nowaday, 106 00:06:51,600 --> 00:06:56,720 Speaker 1: I stick up enough so people know that I am 107 00:06:56,760 --> 00:07:02,120 Speaker 1: I am, you know, just myself. But one thing Massa 108 00:07:02,160 --> 00:07:04,599 Speaker 1: and his two brothers had going for them was their father. 109 00:07:05,000 --> 00:07:07,640 Speaker 1: He was the kind of man who praised his children endlessly, 110 00:07:07,960 --> 00:07:11,920 Speaker 1: especially the young Massa, who was particularly precocious. Here's Massa 111 00:07:11,960 --> 00:07:19,240 Speaker 1: talking about what his father would say to him, You 112 00:07:19,280 --> 00:07:22,200 Speaker 1: are a genius number one in Japan. He would say, 113 00:07:22,560 --> 00:07:25,600 Speaker 1: there's no one better in your age group, the smartest. 114 00:07:26,120 --> 00:07:29,080 Speaker 1: You'll be a big shot. He keeps saying that like 115 00:07:29,120 --> 00:07:33,040 Speaker 1: it's brainwashing me for any silly little thing. As a kid, 116 00:07:33,280 --> 00:07:36,400 Speaker 1: even before I started elementary school, I started to think, 117 00:07:37,200 --> 00:07:41,040 Speaker 1: maybe I'm actually the real deal boy Peter. I thought 118 00:07:41,040 --> 00:07:43,800 Speaker 1: the conventional wisdom and parenting that was that you weren't 119 00:07:43,800 --> 00:07:46,400 Speaker 1: supposed to overly praise your kid, I may have to 120 00:07:46,440 --> 00:07:49,680 Speaker 1: start over with my kids. Here's how Atsuo in a 121 00:07:49,720 --> 00:07:53,040 Speaker 1: way explained it. He wrote a biography of Massa called 122 00:07:53,080 --> 00:07:58,200 Speaker 1: Aiming High. The secrecy of his success sounds success. I 123 00:07:58,200 --> 00:08:03,920 Speaker 1: would say, from his days, how do phase up the Keiths? 124 00:08:04,640 --> 00:08:07,280 Speaker 1: So that's why I would say he had American with 125 00:08:07,400 --> 00:08:14,800 Speaker 1: a mind. Aso first met Maso when Atso was a 126 00:08:14,880 --> 00:08:18,280 Speaker 1: journalist here in Tokyo. He interviewed Massa for a profile 127 00:08:18,360 --> 00:08:22,200 Speaker 1: he wrote for a local magazine. Atso agreed to be 128 00:08:22,240 --> 00:08:25,080 Speaker 1: interviewed for this episode, and when he stopped into our offices, 129 00:08:25,160 --> 00:08:27,680 Speaker 1: he had quite a surprise. I love this. This is 130 00:08:27,720 --> 00:08:30,400 Speaker 1: true internet history about to be made. I didn't know 131 00:08:30,440 --> 00:08:32,240 Speaker 1: what to expect when I reached out to him. He 132 00:08:32,240 --> 00:08:34,760 Speaker 1: showed up here in our Tokyo office. He's a dapper, 133 00:08:34,960 --> 00:08:39,000 Speaker 1: older gentleman with long silver hair and impeccable manners. He 134 00:08:39,080 --> 00:08:41,360 Speaker 1: was carrying a big black backpack and he started to 135 00:08:41,400 --> 00:08:44,679 Speaker 1: pull all this stuff out of it. Oh my gosh. Well, 136 00:08:44,760 --> 00:08:47,720 Speaker 1: he had magazine articles that he had written decades ago 137 00:08:47,760 --> 00:08:50,040 Speaker 1: in Japanese. Of course, he had a new copy of 138 00:08:50,440 --> 00:08:53,160 Speaker 1: the sown biography that he had just finished up. But 139 00:08:53,240 --> 00:08:55,520 Speaker 1: the biggest surprise was when he pulled out a fistful 140 00:08:55,559 --> 00:08:59,000 Speaker 1: of cassette tapes, old fashioned cassette tapes. He had brought 141 00:08:59,040 --> 00:09:01,640 Speaker 1: in the recordings that he had done with Massa thirty 142 00:09:01,720 --> 00:09:03,880 Speaker 1: years ago. He said that he had never shared them 143 00:09:03,880 --> 00:09:07,079 Speaker 1: with anyone else before. Wow, the lost tapes of Masa 144 00:09:07,120 --> 00:09:09,840 Speaker 1: Yoshi's son. It gives you a sense of what Massa 145 00:09:09,920 --> 00:09:12,520 Speaker 1: was like at that age. Those clips of Massa at 146 00:09:12,559 --> 00:09:14,480 Speaker 1: the very start of the show and that clip of 147 00:09:14,520 --> 00:09:17,439 Speaker 1: Massa talking about his dad both come from these tapes 148 00:09:18,080 --> 00:09:20,880 Speaker 1: more than anything, to help me understand how ambitious, how 149 00:09:20,920 --> 00:09:26,000 Speaker 1: incredibly ambitious, this guy was from an early age. So 150 00:09:26,200 --> 00:09:31,439 Speaker 1: that's why, Peter, So, I'm just brote the that's the treasure. Yeah, 151 00:09:31,640 --> 00:09:35,760 Speaker 1: so I think it's I'm just suggested you could just 152 00:09:36,840 --> 00:09:41,160 Speaker 1: rue part of you know, one minute or so. Uh, 153 00:09:41,360 --> 00:09:58,640 Speaker 1: Younger boys, I don't know. Her family was very poor 154 00:09:58,640 --> 00:10:02,560 Speaker 1: when I was young. Grandpa and Grandma came over from Korea. 155 00:10:03,160 --> 00:10:06,680 Speaker 1: Both were very anti business. Buying something cheap and selling 156 00:10:06,679 --> 00:10:08,920 Speaker 1: it at a higher price was a moral to them. 157 00:10:09,679 --> 00:10:12,080 Speaker 1: Even as a young kid, I saw how hard my 158 00:10:12,160 --> 00:10:15,680 Speaker 1: dad worked, how much he suffered. I remember thinking that 159 00:10:15,760 --> 00:10:24,240 Speaker 1: I wanted to make him comfortable one day. Massa has 160 00:10:24,280 --> 00:10:27,480 Speaker 1: made many surprising moves throughout his life, but the first 161 00:10:27,520 --> 00:10:29,600 Speaker 1: one was moving to the United States when he was 162 00:10:29,679 --> 00:10:32,640 Speaker 1: just sixteen years old. He had studied English there for 163 00:10:32,679 --> 00:10:34,959 Speaker 1: a few months and then decided to quit school in 164 00:10:35,040 --> 00:10:38,080 Speaker 1: Japan and move all together. From there, En ruled at 165 00:10:38,080 --> 00:10:41,480 Speaker 1: the University of California at Berkeley, and that changed his life. 166 00:10:41,720 --> 00:10:43,960 Speaker 1: He learned English, he met his wife, and he became 167 00:10:44,000 --> 00:10:46,440 Speaker 1: an entrepreneur for the first time. Here he is with 168 00:10:46,520 --> 00:10:53,200 Speaker 1: Charlie Rose again. I wanted to stop my own company, 169 00:10:53,880 --> 00:10:56,760 Speaker 1: so when when I was a student at Berkeley at 170 00:10:56,880 --> 00:10:59,959 Speaker 1: ninety years old, I only this that a small company 171 00:11:01,160 --> 00:11:05,000 Speaker 1: and made the first electronic fictions and sold it to 172 00:11:05,240 --> 00:11:09,720 Speaker 1: shop Yeah for one point seven million dollars for Ust 173 00:11:09,960 --> 00:11:16,000 Speaker 1: ninete years old. Kids, it's it's not bad. I wanted 174 00:11:16,040 --> 00:11:18,480 Speaker 1: to find out more about this period and how Massa 175 00:11:18,559 --> 00:11:21,319 Speaker 1: got his start as an entrepreneur, so I tracked down 176 00:11:21,320 --> 00:11:23,520 Speaker 1: the man he worked with while he was in California, 177 00:11:23,720 --> 00:11:26,080 Speaker 1: a man by the name of Hong Lu. They met 178 00:11:26,080 --> 00:11:31,560 Speaker 1: while Hong was managing an ice cream shop. My waitress 179 00:11:32,000 --> 00:11:34,800 Speaker 1: was trouble a lot, and just by saying, Pong, we 180 00:11:34,880 --> 00:11:41,440 Speaker 1: gotta we got a customer says if we do not 181 00:11:42,360 --> 00:11:45,720 Speaker 1: do exactly what he wants, he would refuse to pay 182 00:11:46,440 --> 00:11:49,959 Speaker 1: and said, oh my gosh. I said, you know, I've 183 00:11:49,960 --> 00:11:54,760 Speaker 1: been working there for already four years already, and I 184 00:11:54,800 --> 00:11:57,359 Speaker 1: have never run into that kind of a customer. I say. 185 00:11:57,760 --> 00:12:00,160 Speaker 1: It turned out what Massa wanted was a particular They're 186 00:12:00,240 --> 00:12:03,040 Speaker 1: kind of milkshake. Hong made it the way he wanted 187 00:12:03,120 --> 00:12:05,600 Speaker 1: and the two started talking. They found out that they 188 00:12:05,600 --> 00:12:08,360 Speaker 1: had both grown up in Japan and became fast friends. 189 00:12:09,200 --> 00:12:11,520 Speaker 1: I met with Hong in Hong Kong, where he spends 190 00:12:11,559 --> 00:12:14,719 Speaker 1: most of his time. He's tall, with wire rim glasses, 191 00:12:14,800 --> 00:12:17,720 Speaker 1: who were jeans. We talked at the Shango Law Hotel 192 00:12:17,800 --> 00:12:21,480 Speaker 1: in Kowloon. There was tight security around the hotel that day, 193 00:12:21,559 --> 00:12:24,480 Speaker 1: an enormous fountain in the lobby. It turns out Hong 194 00:12:24,640 --> 00:12:27,079 Speaker 1: was the first employee that Massa hired while he was 195 00:12:27,120 --> 00:12:31,840 Speaker 1: still an undergraduate at Berkeley. He was Berkeley student. He 196 00:12:31,920 --> 00:12:35,040 Speaker 1: lives in Oakland, So I went to his apartment. Are 197 00:12:35,080 --> 00:12:37,560 Speaker 1: you asking me to do the next three years plan? 198 00:12:38,160 --> 00:12:41,360 Speaker 1: I just say, why don't we start from what are 199 00:12:41,360 --> 00:12:43,080 Speaker 1: we going to do for us? So I can make 200 00:12:43,160 --> 00:12:47,479 Speaker 1: a plan. Massa always had big ideas, and he had successes. 201 00:12:47,800 --> 00:12:51,160 Speaker 1: Besides selling an early translation machine to Sharp, he got 202 00:12:51,160 --> 00:12:57,560 Speaker 1: into game machines. Space Invaders became a big hit in Japan, 203 00:12:57,800 --> 00:13:00,960 Speaker 1: and Massa wanted to bring that idea to the United States. 204 00:13:01,000 --> 00:13:03,000 Speaker 1: So he bought one of the machines from Japan and 205 00:13:03,000 --> 00:13:04,880 Speaker 1: he put it into the ice cream shop where home 206 00:13:05,000 --> 00:13:09,640 Speaker 1: used to work in the late nineteen seventies. And then 207 00:13:09,960 --> 00:13:12,160 Speaker 1: my boss called me as to say, wow, your machine 208 00:13:12,320 --> 00:13:17,800 Speaker 1: was broken. I said, okay, broke, and then then I 209 00:13:17,960 --> 00:13:23,560 Speaker 1: went into two to see it wasn't broken. The money 210 00:13:23,679 --> 00:13:27,319 Speaker 1: was overthrown and it could not put it in anymore. 211 00:13:27,760 --> 00:13:32,320 Speaker 1: It was. It was very successful. So Space Invaders took off. Yeah, 212 00:13:32,440 --> 00:13:34,320 Speaker 1: became a hit in the US like it had been 213 00:13:34,360 --> 00:13:36,520 Speaker 1: in Japan. It was a sign of things to come. 214 00:13:36,960 --> 00:13:40,600 Speaker 1: Massa saw opportunities and businesses that generated a steady stream 215 00:13:40,640 --> 00:13:45,640 Speaker 1: of cash when we were running the game Marque. The 216 00:13:45,679 --> 00:13:48,400 Speaker 1: reason he likes it is because you can't get the 217 00:13:48,480 --> 00:13:52,520 Speaker 1: cash every every day, and so he always believed in 218 00:13:52,840 --> 00:13:56,840 Speaker 1: the cash cow business. He repeated that approach as he 219 00:13:56,880 --> 00:14:01,360 Speaker 1: moved into software distribution, magazines, then broad band and wireless service. 220 00:14:01,960 --> 00:14:06,000 Speaker 1: So you always telling me that his dream is in 221 00:14:06,040 --> 00:14:10,600 Speaker 1: the future to run the infrastructure business. So I said, 222 00:14:10,640 --> 00:14:13,440 Speaker 1: what is the infrastructure? What? What do you what? What 223 00:14:13,520 --> 00:14:16,000 Speaker 1: kind of business in victuals? And he said, it's a 224 00:14:16,280 --> 00:14:20,920 Speaker 1: you know, a rear road or or the highway or gas, 225 00:14:21,040 --> 00:14:26,320 Speaker 1: water and etcetera. So so those are infrastructures and and 226 00:14:26,320 --> 00:14:31,400 Speaker 1: and so he he always have a very early stage 227 00:14:32,160 --> 00:14:35,360 Speaker 1: vision of what he wants to do, and so later 228 00:14:35,360 --> 00:14:41,400 Speaker 1: on he became UM the broadband operator. Monster's entry into 229 00:14:41,440 --> 00:14:44,560 Speaker 1: the broadband and mobile world marked a significant new chapter 230 00:14:44,640 --> 00:14:47,280 Speaker 1: of growth and success in his career. But it came 231 00:14:47,320 --> 00:14:50,240 Speaker 1: after a serious fall. We'll get into that right after 232 00:14:50,320 --> 00:14:54,840 Speaker 1: this word from our sponsor. You know where you want 233 00:14:54,880 --> 00:14:58,160 Speaker 1: to be. Red Hat has the broad portfolio of open 234 00:14:58,200 --> 00:15:01,840 Speaker 1: source technologies to get you there. Meet your evolving business 235 00:15:01,920 --> 00:15:05,760 Speaker 1: challenges head on with secure solutions for the enterprise, including 236 00:15:06,160 --> 00:15:12,080 Speaker 1: Linux platforms and containers, hybrid cloud infrastructure, application integration and development, 237 00:15:12,520 --> 00:15:16,840 Speaker 1: operations management, and beyond. Visit red hat, dot com slash 238 00:15:16,880 --> 00:15:20,880 Speaker 1: opentech to learn more. Red Hat the open technology to 239 00:15:20,920 --> 00:15:31,680 Speaker 1: help you realize your vision. Okay, we're back. So Masa 240 00:15:31,760 --> 00:15:34,800 Speaker 1: Yoshi Son as a young man with huge dreams. He's 241 00:15:34,840 --> 00:15:36,720 Speaker 1: been to the U S sold his first company to 242 00:15:36,800 --> 00:15:40,400 Speaker 1: the major Japanese electronics maker Sharp and is writing a 243 00:15:40,440 --> 00:15:43,760 Speaker 1: wave of success after taking the Space Invaders video game 244 00:15:43,840 --> 00:15:46,760 Speaker 1: to the US. Peter what came next? Well, he was 245 00:15:46,800 --> 00:15:49,360 Speaker 1: in business with Hung in California, but he ends up 246 00:15:49,400 --> 00:15:52,720 Speaker 1: moving back to Japan after college. He founded his company's 247 00:15:52,760 --> 00:15:57,000 Speaker 1: soft bank in one It began as a software distributor, 248 00:15:57,120 --> 00:15:59,480 Speaker 1: and that was just the start. Here he is from 249 00:15:59,480 --> 00:16:05,400 Speaker 1: most tape thirty years ago. My dream isn't to be 250 00:16:05,520 --> 00:16:09,640 Speaker 1: number one in PC software sales. My dream is information 251 00:16:09,720 --> 00:16:13,040 Speaker 1: industry with PC at the center. Going forward, there will 252 00:16:13,080 --> 00:16:16,680 Speaker 1: be no difference between a PC and a mainframe absolutely. 253 00:16:17,800 --> 00:16:20,840 Speaker 1: From there, he moved into magazine publishing, first in Japan 254 00:16:20,880 --> 00:16:23,720 Speaker 1: and then globally. He bought Ziff Davis, the publisher of 255 00:16:23,720 --> 00:16:26,880 Speaker 1: titles like PC Magazine in PC Week. He bought the 256 00:16:26,920 --> 00:16:29,840 Speaker 1: Condex Trade Show, and he used those businesses to gather 257 00:16:29,920 --> 00:16:33,800 Speaker 1: more intelligence on the up and coming companies in technology, 258 00:16:33,840 --> 00:16:37,320 Speaker 1: and he began investing in startups. That's right. He backed 259 00:16:37,360 --> 00:16:39,960 Speaker 1: more than eight d companies during the dot com boom, 260 00:16:40,000 --> 00:16:42,480 Speaker 1: and he saw his share price soar along with THEIRS. 261 00:16:42,920 --> 00:16:45,120 Speaker 1: At one point he was closing in on Bill Gates 262 00:16:45,240 --> 00:16:49,560 Speaker 1: is the world's richest person. And then the crash his 263 00:16:49,600 --> 00:16:54,160 Speaker 1: stock fell. He lost more than sixty billion dollars on paper. 264 00:16:55,080 --> 00:16:58,400 Speaker 1: So maybe he was a little humbled by all that. Maybe, 265 00:16:58,600 --> 00:17:01,720 Speaker 1: but not gun shy. In two thousand and six, he 266 00:17:01,720 --> 00:17:04,880 Speaker 1: announced his decision to buy Vota Phone in Japan, which 267 00:17:04,960 --> 00:17:07,840 Speaker 1: was the third largest carrier at the time. What people 268 00:17:07,880 --> 00:17:10,560 Speaker 1: didn't know back then was that Massa had already talked 269 00:17:10,560 --> 00:17:14,000 Speaker 1: with Apple about making his company the only carrier for 270 00:17:14,040 --> 00:17:17,640 Speaker 1: the iPhone. Later on, even before he bought the carrier. 271 00:17:17,960 --> 00:17:22,200 Speaker 1: Here's Massa talking with Charlie Rose again. So I said, 272 00:17:22,359 --> 00:17:27,200 Speaker 1: you know, if I would enter into the mobile business, 273 00:17:27,440 --> 00:17:30,840 Speaker 1: you know, mobile carrier business, I need a weapon and 274 00:17:30,920 --> 00:17:33,399 Speaker 1: the fool can create the best weapon in the world. 275 00:17:33,680 --> 00:17:36,879 Speaker 1: I said, it's only one guy, Steve Jobs. I called 276 00:17:36,960 --> 00:17:39,600 Speaker 1: him up and went to see him, and I brought 277 00:17:39,680 --> 00:17:46,280 Speaker 1: my little drawing of iPod with you know mobile, and 278 00:17:46,400 --> 00:17:50,320 Speaker 1: I gave him my drawing and Steve says, Massa, you 279 00:17:50,400 --> 00:17:53,200 Speaker 1: don't give me, Massa, you don't give me, you a 280 00:17:53,359 --> 00:18:00,920 Speaker 1: going I have my own, don't give me your drawing post. 281 00:18:02,600 --> 00:18:05,280 Speaker 1: I said, well, I don't need to give you my 282 00:18:05,640 --> 00:18:10,280 Speaker 1: you know daddy paper. But once you have your own products, 283 00:18:11,480 --> 00:18:15,520 Speaker 1: give me, give me for Japan. He said, Massa, you're crazy. 284 00:18:15,600 --> 00:18:19,199 Speaker 1: You know, we have not talked to anybody, but you 285 00:18:19,359 --> 00:18:22,040 Speaker 1: came to see me as a first guy I give 286 00:18:22,160 --> 00:18:25,000 Speaker 1: to you. Is that right? So you walked away as 287 00:18:25,040 --> 00:18:28,040 Speaker 1: the carrier in Japan that would be affiliated with the 288 00:18:28,080 --> 00:18:30,960 Speaker 1: iPhone before I acquired bot Um Japan, before you got 289 00:18:31,280 --> 00:18:34,119 Speaker 1: upon Japan. Yeah. So, so I said to him, you know, 290 00:18:34,480 --> 00:18:38,040 Speaker 1: if you can give me exclusively for Japanese market, that 291 00:18:38,119 --> 00:18:42,760 Speaker 1: would be fantastic, right, And so I said, writing down, 292 00:18:42,800 --> 00:18:47,359 Speaker 1: signed for me. He said no, Massa, Massa, I'm not 293 00:18:47,480 --> 00:18:51,720 Speaker 1: gonna sign for you because because you don't even get 294 00:18:51,720 --> 00:18:56,760 Speaker 1: mobile carrier yet. I said, well, look, Steve, you probably 295 00:18:56,840 --> 00:19:02,439 Speaker 1: can you give me your bore I bring you. Know. 296 00:19:02,520 --> 00:19:05,080 Speaker 1: Our colleague and co host Akiedo used to work out 297 00:19:05,080 --> 00:19:07,399 Speaker 1: of the Tokyo office, and I remember her telling me 298 00:19:07,480 --> 00:19:09,920 Speaker 1: that she signed a soft Bank contract in her first 299 00:19:10,040 --> 00:19:13,240 Speaker 1: year of Bloomberg back in two thousand nine, specifically because 300 00:19:13,280 --> 00:19:16,080 Speaker 1: she wanted an iPhone, even though her editors told her 301 00:19:16,080 --> 00:19:17,919 Speaker 1: to go with one of the bigger carriers that had 302 00:19:17,960 --> 00:19:21,119 Speaker 1: better signal range. She probably wasn't the only one willing 303 00:19:21,160 --> 00:19:23,280 Speaker 1: to make the leap to soft Bank for the iPhone. 304 00:19:23,600 --> 00:19:26,399 Speaker 1: The deal was instrumental in making soft Bank the carrier 305 00:19:26,440 --> 00:19:29,440 Speaker 1: that it is today in a household name. But soft 306 00:19:29,440 --> 00:19:31,159 Speaker 1: Bank has grown to be so much more than a 307 00:19:31,200 --> 00:19:34,119 Speaker 1: mobile carrier like we talked about earlier and now with 308 00:19:34,280 --> 00:19:38,160 Speaker 1: stakes and hundreds of companies, including it's hugely successful steak 309 00:19:38,200 --> 00:19:40,560 Speaker 1: in Ali Baba. Even in the way that he talks 310 00:19:40,600 --> 00:19:43,960 Speaker 1: about his decision to invest in Ali Baba, Massa clearly 311 00:19:44,000 --> 00:19:47,600 Speaker 1: revels in making himself an outsider, someone who directly goes 312 00:19:47,640 --> 00:19:50,600 Speaker 1: against what everyone else is doing, which might not seem 313 00:19:50,600 --> 00:19:52,679 Speaker 1: that unusual for our listeners in the US, but you 314 00:19:52,720 --> 00:19:54,760 Speaker 1: really don't hear a lot of people talk that way 315 00:19:54,840 --> 00:19:57,679 Speaker 1: in Japan. Here he is on an earnings call from 316 00:19:57,720 --> 00:20:03,160 Speaker 1: earlier this year, speaking through a trance later. Sixteen years ago, 317 00:20:03,280 --> 00:20:09,600 Speaker 1: I invested into Ali Baba sixteen years ago. At the 318 00:20:09,760 --> 00:20:14,680 Speaker 1: time in making that investment, at the time in Japan, 319 00:20:19,560 --> 00:20:25,720 Speaker 1: the top leaders as the business circles in Japan. When 320 00:20:25,720 --> 00:20:28,359 Speaker 1: I sat, I invested in Chinese company Ali Baba, What 321 00:20:28,560 --> 00:20:33,000 Speaker 1: is that company with the name of a Robbert? You 322 00:20:33,040 --> 00:20:37,240 Speaker 1: can at trust China. You will feel if you're invested 323 00:20:37,280 --> 00:20:42,760 Speaker 1: in China. So many people cautioned me. But at the 324 00:20:42,880 --> 00:20:47,040 Speaker 1: time I said, no, I don't agree. Just a year ago, 325 00:20:47,119 --> 00:20:49,840 Speaker 1: Massa was talking about retiring. He had brought in a 326 00:20:49,880 --> 00:20:52,800 Speaker 1: former Google executive as president and named him heir apparent. 327 00:20:53,200 --> 00:20:55,439 Speaker 1: Massa didn't end up stepping down, of course, and that 328 00:20:55,480 --> 00:20:59,040 Speaker 1: didn't surprise Atsu, the biographer. That's what had sent Massa 329 00:20:59,080 --> 00:21:01,160 Speaker 1: an email on his day a couple of years back, 330 00:21:01,440 --> 00:21:04,919 Speaker 1: and Moss's reply was telling. He wrote that he's ashamed 331 00:21:04,960 --> 00:21:07,000 Speaker 1: he hasn't been able to do more in his career, 332 00:21:07,440 --> 00:21:10,080 Speaker 1: that even now he hasn't been able to accomplish even 333 00:21:10,200 --> 00:21:21,400 Speaker 1: one percent of what he hopes to do. It's hard 334 00:21:21,440 --> 00:21:24,600 Speaker 1: to take in the full scale of Masayoshi's ambitions with 335 00:21:24,640 --> 00:21:27,600 Speaker 1: the Vision Fund. Here in the US, the CEOs who 336 00:21:27,680 --> 00:21:30,040 Speaker 1: run the biggest companies are always looking for ways to 337 00:21:30,080 --> 00:21:33,600 Speaker 1: make their shareholders richer today. But Massa is a long 338 00:21:33,720 --> 00:21:36,800 Speaker 1: term guy. I mean seriously long term. Here he is 339 00:21:36,840 --> 00:21:41,000 Speaker 1: talking about PCs back in in his conversation with the 340 00:21:41,080 --> 00:21:49,000 Speaker 1: journalist Atsu. In the past twenty years, the capacity of 341 00:21:49,040 --> 00:21:52,720 Speaker 1: computer is doubling for the same price. This will continue 342 00:21:52,720 --> 00:21:55,199 Speaker 1: in the next twenty years, which means more than a 343 00:21:55,320 --> 00:21:58,800 Speaker 1: millionfold increase in power. That computer will be more powerful 344 00:21:58,840 --> 00:22:02,719 Speaker 1: than a supercomputer now out and he was right. And 345 00:22:02,760 --> 00:22:05,480 Speaker 1: now he's thinking long term again. Here's what he said 346 00:22:05,480 --> 00:22:08,440 Speaker 1: in an earnings called earlier this year. What happened to 347 00:22:08,560 --> 00:22:14,359 Speaker 1: this quota? It's not really the focus, but rather we 348 00:22:14,440 --> 00:22:16,600 Speaker 1: are focusing on a ten years later. How are we 349 00:22:16,680 --> 00:22:21,320 Speaker 1: gonna form our company ten years later, thirty years later? 350 00:22:23,320 --> 00:22:28,399 Speaker 1: So I am seriously thinking to sustain the company or 351 00:22:28,440 --> 00:22:32,000 Speaker 1: a group towards a three hundred years so that the 352 00:22:32,000 --> 00:22:36,119 Speaker 1: way you would like to sit such the foundations to 353 00:22:36,400 --> 00:22:43,320 Speaker 1: sustain three hundred years. Wow, So he's planning for three 354 00:22:43,320 --> 00:22:46,240 Speaker 1: centuries into the future. That's the mental hoy you that 355 00:22:46,280 --> 00:22:48,600 Speaker 1: he's applying here. Peter, do you know where the idea 356 00:22:48,720 --> 00:22:51,360 Speaker 1: for the fund came from? Well, it came together as 357 00:22:51,359 --> 00:22:54,439 Speaker 1: it began to bump up against the limitations for soft 358 00:22:54,440 --> 00:22:56,760 Speaker 1: Bank on its own. Soft Bank is one of the 359 00:22:56,800 --> 00:22:59,760 Speaker 1: most heavily indebted companies in Japan and last year he 360 00:22:59,800 --> 00:23:01,879 Speaker 1: went out and he agreed to pay thirty two billion 361 00:23:01,920 --> 00:23:05,720 Speaker 1: dollars for chip maker arm Holdings. His shareholders sort of 362 00:23:05,720 --> 00:23:09,080 Speaker 1: freaked out. This was outlandish even by his standards. And 363 00:23:09,119 --> 00:23:12,480 Speaker 1: then a Saudi prince came to town. That's right. Massa 364 00:23:12,520 --> 00:23:16,280 Speaker 1: met the Saudi Arabian Deputy Crown Prince last September. At 365 00:23:16,320 --> 00:23:19,440 Speaker 1: the same time Massa was looking for capital, Saudi Arabia 366 00:23:19,520 --> 00:23:22,760 Speaker 1: was hunting for ways to diversify its economy beyond oil. 367 00:23:23,040 --> 00:23:25,280 Speaker 1: They met for about forty five minutes and they came 368 00:23:25,280 --> 00:23:27,680 Speaker 1: away with a handshake deal. Then it took a long 369 00:23:27,720 --> 00:23:31,359 Speaker 1: time to finalize the fundraising. So what happened, well, partly 370 00:23:31,480 --> 00:23:33,520 Speaker 1: was the sheer scale. You had a huge amount of 371 00:23:33,520 --> 00:23:36,280 Speaker 1: money at stake, Apple and qual Calm and the others 372 00:23:36,320 --> 00:23:39,840 Speaker 1: had to negotiate their pieces. In addition, the Saudis wanted 373 00:23:39,880 --> 00:23:42,440 Speaker 1: more than just financial returns. They wanted to learn about 374 00:23:42,480 --> 00:23:44,959 Speaker 1: the technology industry. They didn't want to be seen as 375 00:23:45,040 --> 00:23:47,240 Speaker 1: just dumb money. So what did they end up getting. 376 00:23:47,560 --> 00:23:50,119 Speaker 1: It's not clear how active the limited partners will be 377 00:23:50,160 --> 00:23:52,680 Speaker 1: in the Vision Fund, but the head of the Saudi 378 00:23:52,760 --> 00:23:55,600 Speaker 1: Sovereign Wealth Fund was just named a soft bank's board 379 00:23:55,680 --> 00:23:59,200 Speaker 1: last week. Let's talk about the fund itself. How does 380 00:23:59,280 --> 00:24:01,879 Speaker 1: the rest of the ven our capital community feel about this. 381 00:24:02,200 --> 00:24:05,760 Speaker 1: There's a lot of concern already. Venture capital and private 382 00:24:05,800 --> 00:24:08,679 Speaker 1: equity firms have record amounts of money just looking for 383 00:24:08,720 --> 00:24:12,200 Speaker 1: good investment opportunities. So the idea of another hundred billion 384 00:24:12,200 --> 00:24:15,320 Speaker 1: dollars is a serious concern, right. And the reason too 385 00:24:15,440 --> 00:24:17,800 Speaker 1: much money moving around the industry can be a problem 386 00:24:17,880 --> 00:24:20,000 Speaker 1: is because there's a risk too many startups will get 387 00:24:20,040 --> 00:24:23,720 Speaker 1: funded in venture investors will see their returns get crushed. 388 00:24:24,160 --> 00:24:27,200 Speaker 1: I've already heard from rattled vcs who sees soft Bank 389 00:24:27,240 --> 00:24:30,800 Speaker 1: pushing up valuations for startups and they're worried. Remember, there's 390 00:24:30,800 --> 00:24:33,159 Speaker 1: already a lot of investors with cash doing tons of 391 00:24:33,200 --> 00:24:36,840 Speaker 1: deals in the tech industry, and yet Massa is already 392 00:24:36,880 --> 00:24:40,080 Speaker 1: being pretty aggressive. He led the five point five billion 393 00:24:40,080 --> 00:24:43,320 Speaker 1: dollar funding round a d D, the largest venture fundraising yet, 394 00:24:43,600 --> 00:24:46,880 Speaker 1: and he's put big slugs of money into India's Paytm, 395 00:24:47,160 --> 00:24:51,080 Speaker 1: grab in Southeast Asia, Improbable Worlds in the UK, and 396 00:24:51,119 --> 00:24:54,600 Speaker 1: the satellite startup one Web in the US. So, Peter, 397 00:24:54,720 --> 00:24:57,000 Speaker 1: I've got to ask, does all this mean we're heading 398 00:24:57,040 --> 00:25:01,080 Speaker 1: for another dot com crash? Well? I talk with David Brophy, 399 00:25:01,200 --> 00:25:04,240 Speaker 1: a finance professor at the University of Michigan, and he 400 00:25:04,359 --> 00:25:06,439 Speaker 1: made the case that having such a large pot of 401 00:25:06,480 --> 00:25:09,359 Speaker 1: money does give you some advantages. You can take on 402 00:25:09,440 --> 00:25:12,520 Speaker 1: more ambitious projects than anyone else and you can support 403 00:25:12,560 --> 00:25:17,720 Speaker 1: those investments for longer. If they're going to successfully employ 404 00:25:17,760 --> 00:25:20,840 Speaker 1: all of this money, they have to have some pretty 405 00:25:21,200 --> 00:25:26,600 Speaker 1: sure concepts of areas and spaces in which they're going 406 00:25:26,680 --> 00:25:30,680 Speaker 1: to make investments. Massa certainly does like to stay focused 407 00:25:30,680 --> 00:25:33,320 Speaker 1: on the long term, that's right. One good example is 408 00:25:33,320 --> 00:25:36,280 Speaker 1: the concept that Massa keeps talking about the idea of 409 00:25:36,280 --> 00:25:39,800 Speaker 1: the singularity, right, the word we heard from Massa himself earlier, 410 00:25:40,000 --> 00:25:44,280 Speaker 1: the idea that machine intelligence will one day surpass human capabilities. 411 00:25:44,640 --> 00:25:47,520 Speaker 1: As you said, it's the stuff of science fiction, literally, 412 00:25:47,840 --> 00:25:50,480 Speaker 1: and it's the logical endpoint for many of the areas 413 00:25:50,520 --> 00:25:53,879 Speaker 1: that he's interested in backing through the Vision Fund. This 414 00:25:54,040 --> 00:26:03,360 Speaker 1: singularity is a meaning that computer pass mankind intelligence. Okay, 415 00:26:04,520 --> 00:26:11,320 Speaker 1: so what does it mean? The computer intelligence is buying 416 00:26:11,359 --> 00:26:17,840 Speaker 1: that assistant zero Juana bunch of zero one mankind brain 417 00:26:18,320 --> 00:26:22,240 Speaker 1: is accenting also a buying that assistant new on at 418 00:26:22,240 --> 00:26:27,040 Speaker 1: that this at that we all have about thirty billion 419 00:26:27,600 --> 00:26:34,919 Speaker 1: buying that a system in the head. Mossa in that 420 00:26:35,040 --> 00:26:37,439 Speaker 1: clip sounds a little nuts, but he's used to that 421 00:26:37,520 --> 00:26:41,320 Speaker 1: kind of criticism. Well. In today's show, with this philosophy 422 00:26:41,400 --> 00:26:48,760 Speaker 1: he shared in Otso's tapes from threte years ago. People 423 00:26:48,760 --> 00:26:51,360 Speaker 1: will continue to call me stupid with every new thing 424 00:26:51,400 --> 00:26:54,160 Speaker 1: I do, he missed a step and stuff like that. 425 00:26:54,720 --> 00:26:57,600 Speaker 1: But to keep the venture spirit and keep growing, you 426 00:26:57,600 --> 00:27:00,119 Speaker 1: need to keep trying new things. There will be some 427 00:27:00,240 --> 00:27:03,880 Speaker 1: successes and some failures. Just be careful of fatal wounds, 428 00:27:03,880 --> 00:27:08,520 Speaker 1: of course, but need to always push the envelop Without that, 429 00:27:08,920 --> 00:27:11,560 Speaker 1: you can't become a champion in this industry. You won't 430 00:27:11,600 --> 00:27:23,399 Speaker 1: become a powerful company twenty thirty years from now. And 431 00:27:23,480 --> 00:27:27,040 Speaker 1: that's it for this week's Decrypted. Thanks for listening. Please 432 00:27:27,119 --> 00:27:29,480 Speaker 1: let us know what you thought of this episode. You 433 00:27:29,480 --> 00:27:31,840 Speaker 1: can record a voice message and send it to us 434 00:27:32,080 --> 00:27:36,359 Speaker 1: at Decrypted at Bloomberg dot net or I'm on Twitter 435 00:27:36,680 --> 00:27:40,879 Speaker 1: It's at p lstromp and I'm bat brad Stone. If 436 00:27:40,920 --> 00:27:43,600 Speaker 1: you haven't already subscribed to our show wherever you get 437 00:27:43,600 --> 00:27:46,639 Speaker 1: your podcast. While you're there, please leave us a rating 438 00:27:46,680 --> 00:27:49,840 Speaker 1: in the review. It really helps more listeners find our show. 439 00:27:50,160 --> 00:27:53,959 Speaker 1: This episode was produced by Pia gud Kari, Aki Ito, 440 00:27:54,200 --> 00:27:57,760 Speaker 1: Liz Smith, and Magnus Henrikson. A special thanks to Nico 441 00:27:57,840 --> 00:28:00,560 Speaker 1: Grant and Pavel Alpf who helped me with research and 442 00:28:00,600 --> 00:28:04,800 Speaker 1: translation for today's show. Alec McCabe is head of Bloomberg Podcasts. 443 00:28:05,680 --> 00:28:16,879 Speaker 1: We'll see you next week. Decrypted is brought to you 444 00:28:16,920 --> 00:28:20,440 Speaker 1: by red Hat, whose broad portfolio of open source technologies 445 00:28:20,440 --> 00:28:22,640 Speaker 1: for the enterprise helps you get from where you are 446 00:28:22,920 --> 00:28:25,920 Speaker 1: to where you want to be. Red Hat the open 447 00:28:25,960 --> 00:28:29,119 Speaker 1: technology to help you realize your vision. Learn more at 448 00:28:29,160 --> 00:28:31,200 Speaker 1: red hat dot com, slash open tech