This is a continuation of a series on posts on Activision Blizzard. In the last two posts, we established the investment thesis and laid out the positives for this stock. Today, we shall delve on the most important topic – the risks. Every investment has risks and it is important to lay out all the risk scenarios. I did not lay out the worst case scenario for Hyflux in 2011 and lost 80% of my capital. So, no matter how positive we are on a potential idea, learning the risks and debating these with other like minded friends would be paramount. Below’s the key risks for ATVI. Risk #1 – Old Franchises Some of Activision’s franchises are old, stale and overmilked. The two particularly at risk are Call of Duty and Candy Crush and together they contribute to c.20% of ATVI’s annual revenue. If they do badly, we could expect