The Wall Street Journal (WSJ)
September 17, 2010

Is Tibet a mystical realm of Buddhist
contemplation or home to battery companies with
the power to restore stock prices? Perhaps both.
On Friday, news that Chinese auto maker BYD,
whose shareholders include Warren Buffett, was
buying an 18% stake in catchily named Tibet
Shigatse Zhabuye Lithium High-Tech sent BYD's
stock up nearly 11%. That still leaves BYD's
shares down 22% this year, the stock "buffeted"
by signs of sluggish sales for its conventional
gas-fueled cars. Its shareholders may need to
turn a few more prayer wheels yet.

***

Ah, for the happy days of 1999, when IPOs were a
path to instant riches. Take VA Software, whose
stock soared 700% on its first day of trading.
How times have changed: Dealogic says the average
one-day return on U.S. IPOs year to date is a meager 5%, the lowest on record.

overheard@wsj.com