At this point, it's delusional to think about 2-year cycle. Z just needs to keep TTWO earning $0.50+ in non-GTA/RDR yrs. $11 isn't in the cards. That said, I think a forward PE of 19 based on what I believe are optimistic FY15 estimates is too pricy. The other side of the coin though is an average of the last 3 or 4 years of Non-Gaap eps, which puts the current valuation at a 15-16 PE. Seems to me this whole year will be a tug of war between the believers and non-believers and I'm not sure who wins.