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Michael Pachter  Quotes
They don’t have any chance of success.

—Michael Pachter

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The retailers gives us all products. We need retail.

—Michael Pachter

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I think [selling studios] is not the right move. The first thing the company should do is shut down everything in Europe. Bruno (Bonnell) is out to lunch. … The guys in the U.S. make...

—Michael Pachter

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We believe that Midway’s recent share-price weakness is more attributable to a slow down in purchases by its major shareholder than to a downturn in its business.

—Michael Pachter

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If they paid more than $200 million, then I seriously question their judgment.

—Michael Pachter

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Judgment
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The analysis is significant, insofar as Take-Two’s overhead has dramatically increased over the last five years.

—Michael Pachter

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Analysis
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Although Midway continues [to] generate large losses, we continue to believe that Midway is a potential turnaround story. The company’s cost structure suggests that it can achieve profitability at revenue levels of $300 million annually,...

—Michael Pachter

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Potential
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I don’t think there are four million people in the world who really want to play online games every month. World of Warcraft is such an exception. I frankly think it’s the buzz factor, and...

—Michael Pachter

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You need people to buy more stuff. This is a bad downturn.

—Michael Pachter

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People
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My guess is they want to sell high- definition discs. You want to get the high-definition monitor owners drooling. It’s clever marketing.

—Michael Pachter

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They can manage in a down-3 percent market because they’ve done it for years, … That just means mom-and-pop stores are going to disappear.

—Michael Pachter

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It was a perfect storm. One could say it was a bad strategy; I would say instead of bad it was a very risky strategy. Essentially, they played blackjack and put a quarter of their...

—Michael Pachter

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Take-Two is cheap and Atari is really cheap. Investors mistakenly look at the group as either being big and going to thrive or small and going to go broke.

—Michael Pachter

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We think that the decline in overall sales of current-generation software in December indicates the beginning of a trend that will persist well into 2006, and we anticipate double-digit declines in current-generation software sales for...

—Michael Pachter

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Beginning
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I’m not sure that I appreciate why somebody needs an avatar. The question for these guys is, what do they want to be when they grow up?

—Michael Pachter

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I’m surprise that the na ‘ vet ‘, of the NFL and its players, … By giving a five-year license and giving EA an exclusive, they’re going to eliminate all of the competition. So in...

—Michael Pachter

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NflSurprise
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It’s killing the market. They did a masterful job of marketing the box and an abysmal job of managing the supply chain.

—Michael Pachter

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The worst effects of the transition lie ahead. Although we expect a brief respite from double-digit sales declines in April, when Microsoft is likely to double the supply of Xbox 360 hardware units, we expect...

—Michael Pachter

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Sales
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The longer we go, the easier it is to defer that purchase.

—Michael Pachter

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They clearly aren’t in the big leagues. They’re back in the minors now and we’ll see if they can build the business back up.

—Michael Pachter

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I don’t know where he came up with 20 million,

—Michael Pachter

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I guess that is the equivalent of betting 25% of your stack on four hands of blackjack and busting each time.

—Michael Pachter

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Betting
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There are many, many things that are happening that are not normal.

—Michael Pachter

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The fact that we had a positive rental comp means that maybe rental is not dead.

—Michael Pachter

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I am skeptical that we are going to see content that even comes close to harnessing the power of either box for the next several years. It’s like using a 3.2 gigahertz PC or a...

—Michael Pachter

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Power
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The reason we play football (games) is because of the identification with the players. The reason we update is because we care that Randy Moss isn’t with the Vikings anymore.

—Michael Pachter

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One reason they didn’t make my number was because they added so much to the reserves.

—Michael Pachter

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Reason
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The number of units is a manufacturing constraint,

—Michael Pachter

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The stock is getting hammered because investors are reacting like this is the next step to bankruptcy when in fact I think meeting with the banks is a good thing. Renegotiating the covenant is a...

—Michael Pachter

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Bankruptcy
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I’m not impressed. The fact is that they pretty much told you that you’re waiting for another year to get paid.

—Michael Pachter

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We expect a price cut for the PS2 later this year. We believe that Sony will respond to Microsoft’s introduction of its next generation console with a cut from $149 to $99 some time before...

—Michael Pachter

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Nobody at Take-Two will have the guts to put any hidden sexual content in any game so people are making a bigger deal out of this than is there, … At the end of the...

—Michael Pachter

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Spielberg is a magnet to bring in talent. He will get all of Hollywood to start thinking about video games. Now you’ve got the guy who’s got a guaranteed $300-million box office thinking about it....

—Michael Pachter

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The year’s a mess. None of us thought six months ago the holidays would be so weak, and no one expected there’d be such a dramatic decline in sales for the current-generation of games.

—Michael Pachter

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Take-Two has always been a ‘trust us’ story. We think that Take-Two has become a ‘show me’ story.

—Michael Pachter

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Microsoft’s first-mover advantage is eroding if it takes them very long to get the first 5 million boxes out. If 4 million show up in the month of June and Sony launches in the month...

—Michael Pachter

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Advantage
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We are optimistic that Microsoft will remedy the supply-demand imbalance in the U.S. in the next two months, as it appears that recent manufacturing capacity will result in greater unit availability later this month.

—Michael Pachter

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I think the SEC is very likely trying to understand what industry practices are and see if these guys have the potential to manipulate earnings,

—Michael Pachter

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Trying
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In the U.S. they’ll sell out at 1.5 million right away. They won’t last a week.

—Michael Pachter

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Warcraft is so good and so good-looking that it got this immediate attraction; everybody who would ever consider playing an online game said, ‘This is the one. I gotta try it.’ And what’ll happen is...

—Michael Pachter

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EA has a bunch of underperforming games, and I think that the cuts reflect that. Other publishers will cut underperformers as well.

—Michael Pachter

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I think they are being appropriately conservative about Christmas because it’s November 1.

—Michael Pachter

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It appears that 2006 is following a similar pattern to 2000, when the last console transition began. Consumers have slowed purchases of current generation console software while waiting for the opportunity to purchase an incredible...

—Michael Pachter

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They wouldn’t have held a press conference if they didn’t have all the components lined up already.

—Michael Pachter

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Nothing fundamentally drove [the stock] up, and nothing fundamentally drove it down. It’s Redstone.

—Michael Pachter

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I’m surprise that the na ”,vet ”© of the NFL and its players, … By giving a five-year license and giving EA an exclusive, they’re going to eliminate all of the competition. So in five...

—Michael Pachter

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Giving
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The earlier movers aren’t making a decision between the two.

—Michael Pachter

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[Sony’s people have] bet the entire future on this, … It’s too important for them to lose, so they will do everything they can to win.

—Michael Pachter

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Future
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We believe that January sales may have been even worse had Microsoft continued its marketing push, and believe that sell through was helped in part by deep discounting of new releases during the month. January...

—Michael Pachter

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We do not believe that recent weakness will persist, and expect a sales rebound in November and December.

—Michael Pachter

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