I haven't been real active on the StockArena boards as of late, due to no investment in gaming companies, but I think Gamestop is looking interesting here.  So, I tried to login in to stockarena and the page no longer exists.  I looked around on yahoo boards, but no luck (Speculawyer is still on the TTWO boards, WOW).  A few minutes googling usernames I could remember and Jester showed up here, so a quick look and a few of you appear to have followed - Jon, Jamok, LT, and apparently Rod is the site founder.  Hopefully Buk, Ben & Nsthil will follow.  You guys collectively (and individually) hold a pretty good grasp of the video game market. 

So my questions is what are everyone's thoughts on GME?  I owned it a few years ago and sold it at the then peak around 25, from which it subsequently cratered to 15 or so, followed by a run up into the 50's, and the decline to around 38 now.  I kind of wrote it off at the time I sold as a business that would be in slow decline as game consoles move toward full downloads, but it seems this transition is taking considerably longer than I anticipated.

 It looks interesting to me - 10x earnings, 3.8% dividend yield, very strong free cash flows coupled with stock buybacks.  They have figured out a way to at least get a piece of the download pie through pre-paid cards and the like.  Full download seems to be fairly slow taking off(aside from hardware bundles), presumably due to the "equity" of trade-in value of a disc based game.  Additionally they have potential new avenues for growth with the SimplyMac stores and the partnership(s) with AT&T stores & Cricket wireless.  I am still making my way through getting reacquainted with the company, but I figured I would run it by one of the smartest groups of video game investors that I know, to see if I am missing anything material.  What's the bear case?