Todd Wenning
President and CIO of KNA Capital and an investor who covers niche intellectual-property-driven businesses; provides investment analysis and historical context on Games Workshop and Warhammer.
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Jan 30, 2026 • 40min
Games Workshop: The World of Warhammer - [Business Breakdowns, EP.239]
Todd Wenning, President and CIO of KNA Capital, is an investor who studies niche IP-driven businesses. He traces Games Workshop’s rise from UK distributor to an integrated Warhammer empire. Topics include Warhammer worldbuilding, vertical integration from paints to publishing, retail footprint and subscriber growth, revenue mix and margins, and the catalysts and risks shaping future expansion.
