My guest is Jesus Rodriguez, author of the Dungeon Investing substack, where he writes about miniatures, video games, tabletop games, comics, RPGs and investing.

In this conversation, we discuss Games Workshop, owner, designer and manufacturer of the Warhammer and Warhammer 40K range of miniatures. Jesús walks us through the company's rise-fall-and-rebirth to explain how its history shaped its culture. We then explore the trade-offs inherent in GW's hype-driven business model; the operational complexity and diseconomies of scale this creates; management's slow embrace of IP content; and the company's potential for growth.

If you'd like to read more of Jesús' work, I highly recommend starting here:

Analysis of Games Workshop (2017)

Games Workshop: A look into the future (2023)

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Jesús Rodriguez - Accepting Trade Offs