Howard Marks

So we raised 5 million, brought back the company.

First wealth, because we put, we had to our name, probably at that time,

in the company, a couple million dollars of cash.

We were doing well, but that was it.

We took everything we had and we put it all on the line.

Okay, yes, we were profitable.

So year after year, we were growing it.

Then we got to $200 million, $300 million in revenue, profitable, and then the rest is history.

Now it's a multi-billion dollar company.

Hits.

So it turns out the game industry is a hit-driven industry.

So you make, let's say, 20 games a year, two or three are hits, five or seven are singles, and the rest are complete duds, which you never meet them.

And that's true today, although what the industry is doing today is they're spending 100, 200 million on a game.

that it's a franchise as a sequel.

So there's less risk because you're not introducing a whole new intellectual property.

But that's a whole different story.

By the way, the entire game industry is now a SaaS model, as you probably know, software as a service, because people are now buying either a subscription or they're buying pay as you go, which is really where the game industry invented it and the SaaS industry took that concept, which is it's free and then you pay subscription or you pay as you need things.

No, Activision is independent.

It is nearly as big as Disney, or it could become bigger than Disney, but it's Acclaim, my other game company.

So what I did is after that, I went over, took over a game company that made Mortal Kombat.