Congratulations on getting to Friday. If you’ve had a tough week then maybe it’s time to go into “defense mode”. That’s what SoftBank said it would do around a year ago, and today they announced a record $39 billion loss. I would hate to see how much capital they lose when not actively defending it.

The lowdown

• 📉 SoftBank has posted a record annual investment loss of $32 billion.

• ⚡️ China’s inflation rate at a two-year low, suggesting stimulus may be needed to drive recovery.

• 🐣 Elon Musk has found a new CEO for Twitter.

Featured stories

Short seller Hindenburg attacks Carl Icahn

Shares in Carl Icahn's investment vehicle Icahn Enterprises fell by 15% following a request for documents by federal prosecutors in Manhattan. The request came in response to allegations by infamous short seller Hindenburg Research (think Adani).

Hindenburg accused Icahn Enterprises of running "Ponzi-like economic structures" and paying an unjustifiably large dividend, financed by stock sales. Icahn Enterprises' stock price dropped by 40% after the report was released.

The decrease significantly impacts Icahn who owns 84% of the company, with most of his shares pledged as collateral for bank loans – will we see a margin call? Icahn retaliated by accusing Hindenburg of launching "disinformation campaigns" to damage companies and harm individual investors.

The content we're consuming today

• WSJ: Private Debt Titans Use Hidden Contracts to Get an Edge on Rivals ($).

• FT: Manhattanites bring their private school blood sport to Miami ($).

• Odd Lots podcast: The Fed Hiked Rates Rapidly and Housing is as Broken as Ever.

Off-balance sheet items

• There is a new way to read the classic novel Dracula ($). Subscribers to Dracula Daily get sections emailed to them in “real time” with each email containing a portion of the book arriving on the same day that an event in the novel takes place

The bottom line