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October 27, 2005

Did BIDU screw you?, Thurs., Oct. 27, 2005, 6:02 AM

I hate it when Wall Street acts as a wealth transference machine for their friends. What else can I say but that if you bought BIDU then Baidu screwed you?

BIDU has reported. The shares are down this morning to $68. I guess life's a matter of managing expectations, and some of you haven't yet figured out that Wall Street is a classic dream merchant.

Don't say you weren't warned at the very top as soon as this IPO voodoo story broke in August.

In fact I wrote about Baidu a few times more than I cared to, but I could see the writing on the wall " or should I say the street?

Here is yesterday's chart, when BIDU closed with a total market cap that will work out to be about one-sixth higher than this morning's open.

Don't ask me about next week's price for Baidu, or next month's. You don't need my crystal ball for that one.

Posted by Posted by Bill Cara on October 27, 2005 06:04:17 AM | Category: China