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>King was trading for a while at multiples known for steel mills shortly before their bankruptcy

King was acquired by Activision for 6B. Do you mean before King went bankrupt in 2003? Is that relevant?

No, King was trading at super low multiples. Like steel mills that are about to go bust. My point is that King is a MUCH better business that a steal mill about to go bust, so financial markets were dead wrong.

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