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THANK YOU VERY MUCH. GREAT TO HAVE YOU IN STUDIO. >> THANK YOU. >> LET'S TALK ABOUT THE CURRENT STATE OF PLAY, THE TECHNOLOGY TRADE OVERALL. THERE ARE PLACES NOW WHERE PEOPLE SAY THINGS HAVE GOTTEN BAD ENOUGH >> YEAH. WHAT ARE YOU SEEING OVER THE PAST MONTH OR TWO. THERE'S A LOT OF COST-CUTTING HAPPENS ACROSS THE BOARD, A LOT OF LAYOFFS CALL IT THE FIRST PHASE OF DOWNSIZING OR RIGHT SIZING THESE TYPES OF COMPANIES YOU'LL SEE A SECOND PHASE COMING WHERE YOU GO BEYOND THE BUSINESSES LIKELY THERE'S A THIRD ROUND OF CUTS COMING BUT ONLY IF WE'RE ENTERING INTO A DEEPER RECESSIONARY PERIOD WHICH WE HOPE WE'RE NOT GETTING TO. I WOULD PROBABLY SAY WHEN YOU LOOK AT THE OVERALL AD MARKET, WHICH IS WHAT I'M FOCUSING MOST OF MY TIME ON, THE BEST PROXY YOU CAN HAVE LOOKING FORWARD IS LOOKING AT WHAT AD AGENCIES DID IN '08,'09 YOU SAW IT BEING A VERY GOOD YEAR FOR THEM. WE'RE NOW FRAFGT THE AD MARKET IS LIKELY DECLINING 8% THAT'S DIGITAL ADS THE MAJOR REASON FOR THAT, YOU HAVE AN IMPACT COMING TOWARD US, WHICH MAY BE TWO TO THREE POINTS, 8% AND DEMAND CONSTRUCTION. THINK ABOUT THE GROCERY STORE APPS YOU HAVE GAMING APPS FACING THINGS AND YOU HAVE DEMAND FOR ELECTRIC VEHICLES THEY'RE PULLING THE BRAND TOWARD THE END OF THE YEAR. THE ONLY SWEET SPOTS WE'RE SEEING IS THE MEDIA. >> ALL RIGHT SO IF WE TALKED ABOUT THE DIGITAL AD MARKET AS YOU JUST LAID OUT, ONE OF THE THINGS WE SAW EARLIER THIS WEEK WAS A STOCK THAT WE DON'T TALK ABOUT OFTEN AT ALL IT'S A VERY SMALL CAP STOCK IECHLTS CALLED TABOOLA, BUT IT'S A NAME ENTRENCHED IN ONLOIN ADVERTISE, AND YAHOO! WHICH IS PRIVATELY OWNED BY APOLLO HAS TAKEN A 25% STAKE IN TABOOLA SOME WILL SAY IS THIS A PERHAPS COMMENTARY ON A MAYBE BOTTOMING PROCESS IN DIGITAL AD OF THE MARKET OVERALL IF YOU HAVE BUYERS WILLING TO STEP IN AND TAKE STAKES IN COMPANIES LIKE A TABOOLA OR IS THIS JUST A SYMPTOM NOW OF PEOPLE SAYING, HEY, WE NEED TO GET A PRESENCE SOMEWHERE AND THIS IS WHERE WE NEED TO SPEND? >> YEAH. >> I'D PROBABLY SAY THE MORE YOU GO INTO THESE PERIODS AND YOU HAVE SIMILAR FUNCTIONS ACROSS, YOU KNOW, PROBABLY 15 TO 20 AD TECH COMPANIES OUT THERE, SOME WILL JOIN FORCES WE'VE SEEN THAT WITH THE GROSS DIEECELERATION IN 2018. WE'VE SEEN A LOT OF THEM BEING SNAPPED UP I THINK THAT'S SIMILAR TO WHAT WE'RE SEEING WITH TABOOLA AND YAHOO! AS WELL. >> WHEN IT COMES TO IT, SOCIAL MEDIA IS FRONT AND CENTER. ONE OF THE NAMES -- AND I'LL PUT IT OUT THERE WE TEASED IT THIS IS PINTEREST. PINTEREST IS NOT A NAME PEOPLE THINK ABOUT RIGHT OFFER THE TOP OF THEIR HEAD WHEN PEOPLE SAY SOCIAL MEDIA, BUT IS THIS A STOCK YOU LIKE GIVEN IT'S LOST A THIRD OF ITS STOCK YEAR TO...