One, last year, I think during the whole Covid pandemic, all of the big tech companies overinvested.

第一，我认为在整个 Covid 大流行期间，所有大型科技公司都过度投资了。

I mean, it sounds pretty basic, but I was just at Expedia in Seattle, and it struck me that Barry Diller has always overinvested in the physical space itself.

这听起来很基本， 但我刚刚在西雅图的 Expedia， 我的意思是，令我震惊的是 Barry Diller 总是对物理空间本身过度投资。