Hoist the Petard!
DQ reader Steve Davey noticed something so funny that I'm going to do something highly unusual and make a weekend post.What Steve noticed is that in the article about Take-Two's accounting, I referenced Wedbush Morgan Analyst Michael Pachter as a supporting source. Later that same day, I call him an idiot because he said this:
I don't think there are four million people in the world who really want to play online games every month.
I burst out laughing when I read Steve's e-mail because I didn't notice it was the same guy.
So, for the record: Pachter is clueless. It's not just that he completely misunderstands the role that online games are going to play in the future, it's that his misunderstanding is gargantuan.
There are plenty of other analysts who think Take-Two is smelling pretty fishy right now. It's pretty much an industry standard at this point.
And if you've ever been curious what the phrase "hoisted on my own petard" means, here you go (from Dictionary.com):
The French used pétard, “a loud discharge of intestinal gas,” for a kind of infernal engine for blasting through the gates of a city. “To be hoist by one's own petard,” a now proverbial phrase apparently originating with Shakespeare's Hamlet (around 1604) not long after the word entered English (around 1598), means “to blow oneself up with one's own bomb, be undone by one's own devices.” The French noun pet, “fart,” developed regularly from the Latin noun pditum, from the Indo-European root *pezd-, “fart.”
Wow. Bonus coverage of the word "fart." You can't get that just anywhere.
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