"Electronic Arts (EA) – We've been familiar with the EA story for almost a decade now, as it was the first stock our PM Jake DuBois covered during his days at T. Rowe Price (and informally the first stock bought on his recommendation). The stock has been on a wild journey since then, from severely out of favor at that time in 2013, to eventually a Wall Street darling, and back to being largely out of favor the last year or two. The thesis has not changed – EA has an annuity-type payment stream from their sports franchises (namely FIFA and Madden) with strong barriers to entry from licenses and improving unit economics, as well as an undemanding valuation. This was true in 2013 in the low $20s and continues to be true today. Recently, we have found ourselves becoming very bullish on the stock and have been buying aggressively. Of note, we think the upcoming new console cycle is an underappreciated tailwind. Sony and Microsoft are targeting December 2020 launch for their next generation consoles.