thinks

The writer of the Witcher books answered fan questions on the hit adaptations

The author behind the books which are the basis of Netflix series The Witcher has shared what he really thinks of the adaptation.

The fourth season is set to be released on the streaming platform, with eight new episodes available to binge from October 30. According to the synopsis, after the Continent-altering events of season three, Geralt, Yennefer, and Ciri find themselves separated by a raging war and countless enemies.

As their paths diverge, and their goals sharpen, they stumble on unexpected allies eager to join their journeys. And if they can accept these found families, they just might have a chance at reuniting for good. The series is based on the works of Polish author Andrzej Sapkowski.

Sapkowski’s Witcher books include two collections of short stories, five novels making up the main Witcher saga and two standalone novels. Season four is believed to be largely based on the publications Baptism of Fire and The Tower of Swallows.

The writer took part in a special AMA session on Reddit where fans were invited to ask him any question they liked. It took place in celebration of the latest English translation release of Crossroads of Ravens. The new book is a standalone novel that serves as a prequel for Geralt’s story.

Many fans have been welcomed to the world of the Witcher thanks to its adaptations. These include the live-action series on Netflix as well as the video game series developed by CD Projekt Red.

The third game, subtitled Wild Hunt, in particular was a runaway critical and commercial success. Its story served as a follow-up to the saga told in the original books.

It wasn’t long before one fan asked about Sapkowski’s current views on the adaptations. The writer previously admitted he allowed his work to be translated into a game because of the money offered to him.

Netflix have also released an original prequel series as well as an animated feature film Sirens of the Deep, which was based on one of Sapkowski’s short stories.

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Now, he has expressed his blunt view on all these adaptations. He explained: “I’ll put it this way: there’s the original and then there are adaptations. Regardless of the quality of these adaptations, there are no dependencies or points of convergence between the literary original and its adaptation.

“The original stands alone, and every adaptation stands alone; you can’t translate words into images without losing something, and there can’t be any connections here.”

He continued: “Moreover, adaptations are mostly visualisations, which means transforming written words into images, and there is no need to prove the superiority of the written word over images, it is obvious. The written word always and decidedly triumphs over images, and no picture – animated or otherwise – can match the power of the written word.”

The Witcher is streaming on Netflix.

Following a monstrous run over the last five years that saw the share price outperform the S&P 500, shares of Costco Wholesale (COST -0.89%) have cooled off in 2025. The stock is roughly flat year to date after surging to a 52-week high of $1,078 earlier this year.

Costco shares have trailed the bull market rally in recent months. The only thing investors can blame is the stock’s high valuation. At a price-to-earnings (P/E) ratio of 50, the stock is the most expensive it’s been in 25 years. But sometimes stocks can trade for years at extended valuation levels. Costco’s exceptional operating performance and superb leadership certainly are deserving of a premium valuation.

While the stock could be in the process of settling at a lower P/E, there are two things about Costco’s business that make me interested in the stock even if it’s historically expensive.

Image source: Getty Images.

1. World-class operating efficiency

Costco has 81 million paying warehouse club members because it sells stuff in bulk cheaper than anyone else. Some investors might assume Costco prioritizes keeping its margins at a fixed level and reinvesting any cost savings in lower prices. While this is the basic strategy, Costco is still seeing its margins gradually rise.

Over the past 10 years, the company’s operating margin has improved from 3.1% to 3.8%. It has ticked up about 0.1% almost every year. This reflects several initiatives to improve operating efficiency, including automation, streamlining the checkout process, and continued growth in its private label brand Kirkland Signature, where sales continue to outpace Costco’s overall sales growth.

Costco capped off another solid year in terms of margin and operating profit growth. For fiscal 2025 (which ended in August), operating income grew 12% year over year, slightly above its past 10-year average annual increase of 11%. Earnings per share (EPS) grew 14% year over year excluding a tax benefit last year.

Consistency is a key element that can cause investors to award a premium valuation to a company. Next year, analysts expect Costco’s sales and adjusted earnings to grow 8% and 16%, respectively. The continued growth of Kirkland, which generates higher margins than other brands, and Costco’s culture of relentlessly squeezing every last ounce of inefficiency out of operations should maintain its recent trend of improving operating margin and earnings growth.

2. International opportunity

Perhaps the biggest factor that may cause the market to continue valuing Costco at a higher-than-average P/E is global expansion. Only 31% of Costco’s warehouse stores are outside the U.S., yet its discount operating model and global sourcing capabilities could pave the way for profitable international growth.

Costco currently has 914 warehouses worldwide, with 629 in the U.S. It plans to increase this base to 944 in fiscal 2026. Opening warehouses in foreign markets requires longer planning than in the U.S., but the company has a pipeline of openings it is pursuing internationally.

Current international stores are performing well. In the most recent quarter, its adjusted comparable-store sales in Canada grew 8.3% year over year, with other international markets up 7.2%. This was marginally higher than its U.S. comp-sales growth of 6%. Strong international growth prospects extend Costco’s ability to maintain consistent performance for many years.

But Costco is still finding plenty of room to expand on its home turf. Over the next year, two-thirds of its planned warehouse increase will be in the U.S. The combination of improving margins and growth opportunities at home and abroad justifies a high valuation.

Beyond numbers and growth opportunities, Costco’s corporate culture is just something you cannot pin to a specific P/E. The company’s consistent performance reflects a management team that is focused on one thing: delivering more value to customers. The fact it is succeeding on that mission while still improving margins makes Costco a highly valuable business.

Costco is one of a kind, and that’s why the stock still looks like a tempting buy even if it’s expensive.