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ECT News Community   »   E-Commerce Times Talkback   »   Re: Expectations May Be Too High for

Re: Expectations May Be Too High for
Posted by: Brian Bremner 2006-07-29 08:28:18
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There are some wicked expectations riding on China's leading search engine player and Nasdaq phenom On Wednesday, after the U.S. markets closed, the Beijing-based Net concern reported that earnings nearly quadrupled to US$7.3 million and revenues vaulted 175 percent to $24 million year-on-year. Market reaction: Baidu's share price slumped 15 percent to around $78.50 in after-hours trading on signs the company's future growth would just be stellar -- instead of phenomenal.

Re: Expectations May Be Too High for
Posted by: smoliar 2006-07-29 08:42:21 In reply to: Brian Bremner
It is stories like this that illustrate how impoverished our thinking has become because our educational focus on specialization has driven liberal arts topics, such as philosophy, out of the curriculum. Writing about the philosophers at the time of the French Revolution, Jurgen Habermas asserted, "It is not the philosopher’s task to put the truth into effect, but only to present it, to explain it—la déclarer." The stock market seems to have become the primary arena for trying to put a truth into effect, whether or not it happens to be a valid one, when what we should all be doing is trying to recognize the truth for what it is. In this case it is all a game (Mark Taylor was bold enough to call it a "confidence game") that has more to do with promises and speculations than with value. One might argue that, given the context of the Peoples' Republic of China, it is very difficult, if not impossible, to present or explain the concept of value, particularly when a non-material good, such as Baidu, is concerned; but these wild price fluctuations in response to earnings reports represent nothing more than battles of alternative versions to tell a history of events that have not yet happened. The bottom line is that we are inflating another bubble before recovering from the consequences of the last one bursting; and, as Marx said about history repeating itself, what is tragedy the first time around become farce the second!
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