[blueyes]

I met Masa personally a couple times, and used to know several people in his inner circle.

The reason why Softbank buys at the top is because they do not have good internal filters to judge technology. "Masa invests in cr*p," one of them said.

They want the prestige of investing in the best tech companies, and to them, that often translates as "the most overvalued startups with the most media attention."

Their LPs know even less about tech than they do, so who's going to stop them?

For these reasons, Softbank is incapable of making contrarian bets on undervalued companies, and always puts money behind the startups that have already raised too much, too soon.