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I think people need to realize something -- Nintendo doesn't want to expand. They are happy being a smaller company.

Iwata has said that if they got too big a lot of Nintendo's "culture" would be lost.

That's why even during the height of the DS/Wii when they were pulling in billions, they still refused to really expand in a big way.

Nintendo isn't being held back by cash. They simply don't want to expand.