Behind those expert talks on stocks

The domestic business press is obsessed with "zhuanjia," or experts of all hues and diverse backgrounds.

Most of them are analysts working at stockbrokerages, banks and various think tanks whose affiliations are seldom specified. There is also an assortment of publicity-hungry college professors and self-styled investment gurus, who are only too eager to dispense free advice to anyone who cares to ask.

Obviously, many investors take their comments seriously. Therefore, it may be assumed that they must have some influence in swaying the market mood. But there is no way to hold these frequent commentators, or the publications that publish their comments, responsible for what they said.