So what do you make of Baidu's market debut, which ended trading yesterday at $122.54 - more than four-fold its offering price of $27? Is it dot-com fever/irrationality all over again? Certainly, a look at the multiples compared with Google suggest many investors were afraid of missing out on what they think could be the next Google. While investors have short memories, there are enough of them who remember that Google's IPO was priced at $85 last summer, and now trades at $292. There were a number of reports yesterday offering good perspective on Baidu's IPO, including SmartMoney. The Smart Money story had this wonderful quote from Raymond Lin, a portfolio manager with Tricera Capital in San Francisco, a hedge fund that specializes in Asian markets. "It's a speculative fever right now. It doesn't make any sense. But as we saw in previous bubbles, that doesn't mean it can't keep going and make people money in the short term as they profit off of the greater fool." So how should investors approach Baidu, which had revenue last year of $14.2 million? Probably with plenty of caution. Not only has Baidu been immersed in dot-com enthusiasm but it also has the lure of the huge Chinese market. Both factors are difficult to get a handle on, particularly the "potential" of the Chinese market.