I can understand why an investor might not be excited based on what was shown. If I'm an investor, I'm reading general reaction to the presentation and wanting to see a solid set of games people are excited about over the short term and long term. Exclusively focusing on the next 6 months isn't necessarily a good way to excite people. That strategy meant that most of the presentation was devoted to DLC, previously announced games, and games that have already been released on other platforms. Fortnite, Fighterz, and Hollow Knight are good games, but I can play those without a Switch, so not super exciting. If I own Splatoon, and I do, then more levels are great, but I'm not rushing to buy a Switch because I can play new levels as an octopus. Now Smash Bros is an exciting game and a system seller. A lot of people would plop down $500 for a system, controllers, and a good Smash Bros. game. That seems to have been about it for most people, and it's fair for investors to pay attention to whether there are exciting system selling games being made.

Long story short, I'm not sure it's entirely unjustified to look at a lineup mainly consisting of a Pokémon spinoff, a Mario spinoff, Smash Bros, and a Fire Emblem game and say, "that's cool, but not so exciting that I don't want to know about the long term." If you really want to sell a line like "our policy is to talk only about the next 6 months," you need a really exciting lineup in the next 6 months. If you don't, and all companies have times where they don't, since exciting games take time to make, it actually kind of makes sense to maintain excitement by keeping people in the loop on long term plans so they don't suspect the worst, that you have nothing planned at all. I don't think it would have been stupid to streamline the Smash presentation, cut out the bit about Olimar's helmet animation, and spend the extra 10-15 minutes ending their presentation with a good old fashion trailer talking about the longer term picture, whatever that is. Then Mr. Average Video Gamer can say "I can play Smash on my Switch this Christmas, and then I can play Pokémon next year, and then I can play Metroid the year after that! Awesome!" That's a good feeling for your audience to have if you're a video game publisher. A lot of people didn't seem to have that feeling. So of course an investor is going to pay attention to that.

Note that I'm not saying Nintendo should have more games to release in the next 6 months or that they should be making *insert game here, although it isn't good if your audience is walking away from your big presentation saying that. I'm saying I think their advertising strategy was ineffective and investors and gamers are somewhat justified in their confusion. I could write a 10 page essay on why the Smash presentation was ineffective advertising and how it could have communicated better, but I'll spare you.