Letter Sent to Financial Times

Dear Sir/Madam,

Today's The Lex Column (August 5, 2004), reports concerns that Mr. Diller's IAC/Interactive growth engine is spluttering, a point not missed by investors. The stock is down 33% for the year. Back in May 6, 2003, when the stock was trading 50% above its current level, the Financial Times featured an article on the company under the headline: "Diller, the new king of on-line commerce."

In an unpublished letter to the Financial Times, I responded with the following: "Considering that Mr. Diller's empire has been remarkably unprofitable throughout the years of its existence - calculated in accordance with generally accepted accounting practice - you should reserve these royal titles to only the truly profitable e-commerce entrepreneurs. After all, there is a subtle difference between hype and substance... Do not assume the emperor is clothed. Ask to feel the fabric."

Albert J. Meyer