Thanks for the Q&A session in this article Richard. I have been keeping an eye on this company for some time and admired the ROCE but could never get myself to buy the shares as I couldn't believe they could continue to make so much money from what they do. If you want to know what made me re-assess and buy the shares about six months ago, it was the continuing stream of royalties which I guess must go straight to the bottom line. This also underlined to me the value being generated by the company. I noticed on the TV that computer gaming is now becoming a sport, complete with spectators (weird!). I also read some of the enthusiast boards about wargaming and it is clear that many adults are quite passionate about this and spend accordingly. As you implied in your article, you probably love or hate the management (no, I doubt that I could work there either) but my impression is that they are quite conservative and take a long term view in formulating strategy, which I like so I am happy to hold the shares and will probably retain them indefinitely assuming no fundamental change in the business.
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