Hi there Rich,Another way to look at it would be to assume that years 10 and on Baidu will grow significantly more than that of inflation. As I'm sure you would agree a precipitous drop from 25% to 3% is a stretch. But for illustrative purposes, I just wanted to give you some feel for the valuation. I would encourage you to plug in your own projected growth rates, adjust your discount rate accordingly, and come up with something that you are more comfortable with. The point, I don't want folks to get hung up on valuation. Baidu is not and it may never be a stock that a true value guy would consider. (A tough pill to swallow for those who live in IV land, - I know) =). What I'm trying to get across is that Baidu is a pretty solid play on the greater Chinese economy. We know how Google played out, I would argue that Baidu is well on it's way to surpassing it. And, if that's true, a few percentage points at this stage of the growth cycle really won't matter all that much.Thanks for reading and the comment,Wade
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