Disney Should Have Done What It Should Have Doed

Disney used to make money on infinitely scalable content, right? You make something once you can duplicate it a million times. Whereas parks have to actually build the park and they're limited in capacity. Disney is an IP company that really pays it off in the real world - suddenly that's a very different business from an investor perspective. They're going to end up with a much lower multiple because their only outcome is to actually own physical assets which just is worth less.