The job of the CEO is not to tout his company's stock. His job is to provide the financial data that supports the best possible valuation for the stock. When you see a CEO running around hyping his stock (remember Enron, Worldcom, etc., etc.) it's time to be VERY skeptical. The best public relations strategy is to provide the most honest possible picture, and then let the market make the decision on valuation. In the case of PBR, stock price expectations obviously got ahead of where they should have been. The stock soared over 50% in just a few months on the hope of enormous valuations in the very distant future. I have not heard anything that changes that picture. The only thing that changed is investors' patience. Everyone got used to reading or hearing some piece of great news on an almost daily basis. Welcome to the real world.