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.

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 positive because it means they won't be forced into bankruptcy.

This suggests one of two things: either investors are unduly optimistic about the sector, or more ominously, perhaps, the homebuilders are seeing strong demand from non-traditional buyers, ... In other words, real estate speculators have moved into the market, replacing owner-occupiers as the primary end-buyers.

I group champagnes with very broad strokes, they are either light, medium or full.

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

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 next-generation console, the Xbox 360, and its associated software.