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3% is lower than buying US Treasury bonds? Effectively zero risk zero effort return vs running a business.

https://home.treasury.gov/resource-center/data-chart-center/...

5B revenue is not the same as 5B in the bank collecting interest.

Indeed, I had a brain fart. Thank you.

But doesn't that make situation even worse? They likely would be 100B+ market cap/total asset value if spun off into independent company, but not able to generate even 1B in annual profit? Activision Blizzard managed 1.5B income/20% margin by themselves before being bought by Xbox -- and somehow whole of Xbox now earns less?

Blizzard managed to so thoroughly destroy itself that I'm not sure the comparison is fair. It's a ghost of what it once was in gaming.

It didn't destroy itself, it was intentionally harvested and the husk was sold to the highest bidder. The original leadership is long gone, the shareholders got their money back long ago, and the staff has turned over significantly. The Blizzard of yore is long gone, and that's ok.

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