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Message: <blockquote data-quote="Myrdin Potter" data-source="post: 8548991" data-attributes="member: 6843593">The activist’s theory (and this is a common one) that the sum of the parts is worth less than two stand alone companies. That WoTC’s valuation is dragged down by the lower numbers for the rest of Hasbro and that without WoTC the rest of Hasbro would be forced to do better.The Board (and management) owns relatively little stock, Hasbro is broadly owned by the public.The WSJ article was weird in that it mentioned D&D over and over and only one mention of Magic the Gathering which is a much more popular game.Hasbro invested quite a lot of their cash flow into media assets the past decade and not as much in growing their core games and toys business. They have generally fumbled digital gaming.Years ago I bought enough stock so that the dividend would pay for about what I was spending on Magic then. I switched to D&D about 5 years ago (switched back is more accurate) and the stock has more than doubled since I bought it, but it has been very stagnant the past while.Decent cash flow generation and stock price underperformance often draws activists.</blockquote>