Matt Levine, Columnist

The Unicorns Fell Into a Ditch

Also pizza arbitrage, ABS ratings and TV ads.

I never listen to SoftBank Group Corp.’s earnings calls, but I do tend to skim the earnings presentations for the pictures. Usually the pictures managed to capture something essential about the zeitgeist, even if you don’t listen to the call; they have a purity as icons, as archetypes, even stripped from the context of SoftBank’s quarterly financials. For instance I think we can all project our hopes and fears for the current economic moment onto this series of slides from today's earnings presentation: