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Message: <blockquote data-quote="OnyxPharaoh" data-source="post: 5446310" data-attributes="member: 6669063">I am really not trying to be an arrogant dick when I say this, but this entire statement is wrong from top to bottom. Investors aren't concerned with the size of the market or the ability to dominate it. Investors are concerned with a reasonable rate of return. Reasonable in this case being a percentage return equal to the risk free rate plus a premium for additional risk.  For example: Let's say I have a consumer market that consists of only ten people. If my company can provide a return on the invetment that is acceptable to the investors, let's say it's something outrageous like 25% on every dollar invested, then people will be lining up at the door to invest in my company.  The return I am able to provide can be influenced by market size for sure. But it can more easily be influenced by my capital management, debt/equity mix, plowback ratios, methods of depreciation and amortization, accounting methods, EBIT management and a large number of other factors. In fact, by controlling the other variables I can effectively minimize the effect that a small market has on my overall return. Additionally, companies go public for one reason and one reason alone, ease of raising capital. Monetizing your intellectual property can occur with our without public equity. That's a management decision, not a financing one. WOTC/Hasbro may certainly be a market leader, but their ability to dominate it, is only reliant upon Hasbro's willingness to keep pumping capital into the division. Let's not forget, TSR sold out to WOTC because the company was failing financially. They could have had a lock on the market but their inability to manage their finances crippled them forcing the sale. Next we have WOTC selling out to Hasbro because Hasbro was looking to capitalize on the CCG market. D&D was a byproduct of that acquisition that apparently realized a good enough return to keep it around. But Hasbro did not hesitate to divest those operations they felt weren't producing a good enough return. Gencon and Origins were both sold as well as their entire chain of retail stores.  Bringing me back around to my original point. WOTC/Hasbro now dominates the market for no other reason than sound financial planning and marketing success. This is not something unique that they are doing. It is just something that good manufacturers do to stay in business. Again, I apologize if am coming off as a know it all dick. It's not my intention. As a financial analyst it is my job to review this sort of data and incorporate it into reports for investors. Hasbro being the only RPG company that is publicly traded has forced me to concentrate my industry examinations on this one firm......a fact I actually find rather depressing.</blockquote>

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