If you are wondering whether Baidu at around US$121 a share offers value or risk, it helps to start with what the recent returns are actually telling you. Over the last week the stock is roughly flat with a 0.4% decline, but the 30 day return of 8.6% and 1 year return of 37.7% sit alongside a 19.5% decline year to date and mixed 3 and 5 year results. These swings have kept Baidu on many investors' watchlists, but without a single dominant news event driving the share price, it is the broader...