For that matter, though, I'm not exactly convinced that Gabelli's pick -- Activision -- is the best play on gaming, either. Don't get me wrong: Although priced at more than 62 times trailing earnings, Activision generates much stronger cash profits than are reflected on its income statement, and sells for only 20 times trailing free cash flow. For a 14.4% grower with a 0.7% dividend yield, Activision stock is pricey, but not insanely expensive.