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why are you increasing productivity and excitement at the same time cost of the office expense goes down on the average like 40 percent so from CFO point of view and CEO point of view it's great to have 40 percent reduction in cost and at the same time employees satisfaction of the workplace increased dramatically like 30 percent increase in happiness of working working place its beauty in both sides but right now they're losing money Oh accounting lies okay because they're growing so quickly and they're investing into the capex right yeah but it's a recurring revenue it's an ongoing recording level it's like a subscription you know the subscription of magazines or a newspaper and now Netflix next freaks is still losing money but the value of the company's tremendous compared to other media companies Don the ability to continue to attract subscribers there yes the subscriber growing and you know recurring and so the initial investment is just an initial investment and Facebook was losing money even post IPO for a while once they stopped making money it's dramatical because the basic cost of the customer acquisition or in innovation is not that growing exponentially it's almost flat so initial cost is high and almost flat but the revenue from the recurring subscription goes exponentially did you want to invest more in we work of course of course were you disappointed you were not able to or that some of your investors this has been reported tried or succeeded perhaps and saying don't invest as much as you want well no I still want to invest more and I want to increase some of my investors and massage you get too excited and too much concentration into one company don't go too far too much but I I still you know I'm so excited and if I could increase I would like to increase I want to talk a bit about Softbank itself which we haven't really gotten to how much time are you spending running Softbank versus thinking just about the investments for the vision fund or even for four Softbank itself so I was a CEO dialect C of operating company so I spent 97% of my mind and the time into running operation 3% I kept investing but now I am opposite 97% just purely running investments and 3% taking care the rest of the operations so so hardly any well you made the point at your last and your last investor call or video that Softbank is not as complex as people seem to think or as it might once have been you kept talking bad this showed that big board of equations but then you came back to e equals mc-squared yes and you also except talking about 25 minus 4 yes it shouldn't equal 9 it's an equal 21 are you frustrated with the way the market has been valuing Softbank in the underlying assets no I'm not frustrated people need some time to digest what the true value of soft Bank I'm not the set up our share in fact we're by our own share got you now to buy back this was well received and marketplace so I I'm not frustrated it's an opportunity for me as I have a big smile when we when I can buy back shares at the price attractive in my view but you also made a point of going through the debt level because a lot of people look at soft Bank it seems and say Massa is that biggest risk taker he always has been he almost went belly-up in 2000 when the news calm exploded and it could happen again because of how much debt you have on your balance sheet what do you say when you hear that say thank you for worrying about me worrying about our company I have a confidence in running imbalance that's why I explained in my last quarterly result announcement people get confused when we consolidated accounting the debt of our portfolio family companies is considered as the debt of the parent it's actually not each of the company has independent accounting and the independent balance sheet and independent ability to pay back their own that and if you are 50 percent owner or 51% owner of that company the debt in accounting get consolidated into the parents but parents dead soft and group that is actually roughly four billion dollars our asset is 25 billion dollars so 25 billion dollar asset minus 4 billion dollar debt that's a healthy healthy situation and lots of excess value that we have right and but you're not frustrated that the market doesn't seem no I'm I'm smiling yes because because I am a buyer if I'm buyer I want to buy cheap so that's that's a great news for me and finally let's end on the greatest investment maybe that was ever made you know what that is mmm Alibaba oh yeah how about a fantastic you're gonna monetize any more of that I'd like to own as as long as possible it's still growing 40 percent a year in and the profit will continue to you know sky sky rocket so you believe that you believe the growth potential for Alibaba just continues unabated for years to come I am totally Abadie ba and Jack's no longer being sort of at the helm and is that matter does Jack mozz kind of departure I mean from the company make a difference the long time he was telling me that you know his his style is to let the people and them young people arise and grow as quickly as possible so that he would not have to do day-to-day and he can still think philosophica you
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