Great stuff. Don't understand this sell-off. Games will come, it is crazy to think they won't when they have increased development budgets for 1P titles greatly since the time of the SW1 launch.
Hi Leandro, great insights as always! However, I am not sure to understand your comment about margins being pressured due to the yen depreciating (Hardware costs are dollarized). In their 2026 annual report, the company has announced a foreign exchange gains bigger than on the income statement. I am interpreting this as the margin have benefited from the yen depreciating. Am I missing something? Thanks
That’s a mistake on my side! Margins appreciate when the yen depreciates because they get more yen for selling hardware abroad and most of the cost base is in yen!
Great stuff. Don't understand this sell-off. Games will come, it is crazy to think they won't when they have increased development budgets for 1P titles greatly since the time of the SW1 launch.
Yep, pretty obvious we will have strong releases this year, maybe in a Direct in February
Actively managed ETFs only make the selling pressure worse.
Hi Leandro, great insights as always! However, I am not sure to understand your comment about margins being pressured due to the yen depreciating (Hardware costs are dollarized). In their 2026 annual report, the company has announced a foreign exchange gains bigger than on the income statement. I am interpreting this as the margin have benefited from the yen depreciating. Am I missing something? Thanks
That’s a mistake on my side! Margins appreciate when the yen depreciates because they get more yen for selling hardware abroad and most of the cost base is in yen!