Baidu (BIDU 1.70%) shares are down 26% year to date, against a more-than-10% rise in the S&P. So what are investors so scared of? Is it slowing Chinese growth? The rise of Qihoo 360 (QIHU +0.00%)? Or perhaps the same worries over a fumbled "transition to mobile" that recently dogged Google (GOOG +0.46%) and Facebook (FB +0.02%)?
Actually, it's all of these -- and as Fool contributor Rich Smith explains, none of them change the fact that Baidu is a dirt-cheap dream stock.