I am up over 49.55% on a $160 cost basis, so your math on underperforming is already cooked. Beyond that, using trailing P/E to value a publisher at the absolute nadir of a decade long development cycle proves you do not understand how the gaming sector works. Wall Street is not buying past GAAP losses, they are pricing in the $8.0 to $8.2 billion FY2027 forward bookings guidance from the upcoming GTA VI launch. If that massive multiyear cash flow was already fully priced in, the stock would not have just popped 5% on a simple pre-order date announcement. The market is consistently bad at modeling non-linear, explosive growth, and a $45B market cap for a portfolio that owns GTA, Red Dead, NBA 2K, and Zynga is a discount compared to recent industry M&A. Edit: percentage amount.

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