where is there the opportunity right now for iac? >> i really think -- we're most likely to continue to focus on digital. and we always preference our existing businesses over new businesses as i mentioned they're really focus on execution right now and they've done big moves and is that's more delivering on those. i think we're more likely to focus externally one of the things we've done is consider repurchasing our own shares and you get a lot of assets for free in shares in ioc. >> welcome so, my question is about the data that you have and what that does for you do you have an ecosystem benefit from the collections of businesses that you have that gives you a signal on what out there in the marketplace is worth buying and does that first-party data help you get around some of the issues with ios and google, to some extent, and the lack of targeting ability? >> there's a lot in that question we don't share data across the iac businesses and it's very much on a buy-business basis prior to the acquisition, meredith was doing very we

. >> that was the tone behind the iac letter last night.hat valuation shthe framework will last not for months but years. as a result we'll have the chance to buy controlling stakes in growing companies once again. >> remember april 17, 2000, that was the move into coca-cola. of course, everything ultimately did go down. but there was a trade out of -- i was recommending serious stocks and someone was attacking me on twitter. which i love, by the way, it makes me so happy. this trade bottomed in 1999 take them to march 15th but that was a greatest run and then, david, do you remember there was a hedge fund that had to cover at the top and that was it i don't know if you remember that the nasdaq leave it out, sorry -- >> i think i do. what was it? will you remind me >> there was some tiger -- >> here we are again with a different tiger, chase coleman's tiger down 44-plus percent probably even though than that from my understanding, raising some new money >> raising new money >> i remember -- i remember the -- van wagner, right >> how about a

iac will get good values as you buy the companies like they used to do. >> we learn again and again how things are valued. we look for inherent value it is illusive disney was so loved right in the middle of the pandemic because of streaming the parks were closed. why run up to $200 a share because of the prospects for streaming five years from now adding to the bottom line? now the parks are reopened and the streaming is disappointing it's worth half of what it was worth? that shows you people fall in love >> everybody was chasing the netflix multiple you remember dan lobe came out and pushed disney though change the strategy you need to spend more on content and push toointo the streaming world. they chased the illusive mul multiple a great business is one that produces cash. free cash flow what you will see over the next 6 to 12 months acquisitions with companies with cash flow and a balance sheet to go out and buy the businesses that don't >> if you just value a stock based on one-time cash flow is one thing. disney, apparently, the stock and cash flow may be 2 or 3 or maybe multipl