IAC (IACI) chairman Barry Diller has $2 billion in cash burning a hole in his pocket. But despite that — and the recession — he says valuations on the types Internet companies he’d like to buy are still too high.
But those prices will come down soon enough, Barry told CNBC in an interview today:
“We’ve seen the finance sector and we’ve seen all of the chaos that’s come of that. We haven’t seen it yet relative to real estate, relative to corporate debt, things like overleveraging. The same kind of overleveraging that went on in financial institutions God knows went on in acquisitions and re-capitalising companies. That hasn’t yet waded itself through. I think the prices of things will continue to come down.”