Word: nasdaq
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...China, the Internet crowd is partying like it's 1999. Stocks like Sohu and Sina.com - Yahoo! or MSN equivalents - are soaring. IPOs are hot (Baidu.com, a.k.a. the Google of China, debuted on the Nasdaq recently and quadrupled in price on its first day of trading). And so important is China to e-commerce giant eBay that CEO Meg Whitman has been camped out in sweltering Shanghai for most of the summer, making sure eBay gets its China strategy right...
...tempting to call real estate NASDAQ 2.0, but there are key differences. David Lereah, chief economist for the National Association of Realtors, predicts another record year for real estate in 2005, with a 9% jump in prices nationwide. Lereah says the run-up in house prices is not built on the kind of hot air that promised that theglobe.com would be the next General Electric. Rather, he says, it is based on fundamentals that include tight housing supply--especially in places where it is tough or expensive to build, like New York City and San Francisco--such population factors...
...market's peak, 1% of investors controlled about 33.5% of stock wealth; the top 1% of home-equity holders have only 13% of housing wealth. In other words, a broad drop in home values, should it happen, would affect a far larger cross section of Americans than did the NASDAQ bust...
...downs of particular stocks or indices. Even something as sober as how stock markets are organized is as susceptible to fads as a teenage consumer. Just a few years ago, several big West European countries felt the need to reproduce their own versions of the U.S.'s tech-heavy NASDAQ exchange. After a few lackluster years, some, like Germany's Neuer Markt, fell out of favor and the survivors are lightly traded. More recently, market mergers have been all the rage - witness the so-far fruitless attempts by pan-European Euronext and Deutsche Börse to take over...
...Chinese companies have felt the thrill of shopping abroad before?and have later come to regret it. The first celebrated takeover came in 2001, when cell-phone designer Holley Group bought a NASDAQ-listed Californian company called American Champion Entertainment. Only later did the Chinese learn that American Champion's assets amounted to little more than a children's TV show called Adventures with Kanga Roddy. Chinese firms today still aren't rich enough to buy top-flight companies, but they do have money to spend. Lenovo earned $135 million in its last fiscal year on revenues of $3 billion...