. -- alteria. do you see a segment that could be transformed? think you're are seeing an increase in m&a activity is the industry is changing. or 15 years in technology i see tech tonic plate shifts. web 1.02 now. to now.n--web 1.0 the industry rearranges itself. we are back in the mma game. innovationment our internally, what we call organic innovation was and that i but we want to be smart. emily: you mentioned tectonic shifts. meg: i think you will see consolidation which is what happens when industries get disrupted and dislocated. i cannot tell you how that will play out but i am not entirely surprised at some of the m&a in recent weeks. emily: any sectors you think it will happen? meg: two kinds of m&a. consolidation of existing players but also all of the new thatups that are coming up are either going to go public and be great independent standalone companies or become a part of bigger companies. we need to be watching and thinking about what the right thing for us is in both of those areas. emily: what do you think about valuations? do