Random Thought
Longtime readers know that I am a Barry Diller fan. Only behind Murdoch does he fall. But I wonder, is IAC like a private equity firm that doesn’t sell? That is, they show buying savvyness but because they never sell their portfolio grows more complex and investors focus on the theme of the day and find a negative one. Portfolios will never be valued as high as an operating concern. That’s why there are finite funds. Barry would make more on a 2 and 20 model.
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