Ryu served as the vice president of strategy for Ariba (Nasdaq:ARBA) from 1999 to 2001.

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Our report on ARBA, available here, has detailed appendices for you to see how we perform all calculations.

FORBES: Big Writedowns And Larry Ellison Are Enough Reasons To Sell Ariba

Over the past 10 years, ARBA appears as quite a success story and one of the few Internet bubble companies to survive and reach profitability, on a GAAP accounting basis at least.

FORBES: Big Writedowns And Larry Ellison Are Enough Reasons To Sell Ariba

Looking beyond the reported accounting results, however, we see that ARBA is not quite as profitable a company as it seems and that its valuation has outgrown its profits by a wide margin.

FORBES: Big Writedowns And Larry Ellison Are Enough Reasons To Sell Ariba

Among the largest underlying components of VB, in trading today BioMarin Pharmaceutical Inc. ( NASD: BMRN) is up about 0.1%, Royal Gold, Inc. ( NASD: RGLD) is up about 1.1%, and Ariba Inc. ( NASD: ARBA) is relatively unchanged.

FORBES: VB, BMRN, RGLD, ARBA: Large Outflows Detected at ETF

Among the largest underlying components of VB, in trading today BioMarin Pharmaceutical Inc. ( NASD: BMRN) is up about 1.7%, Royal Gold, Inc. ( NASD: RGLD) is up about 0.4%, and Ariba Inc. ( NASD: ARBA) is relatively unchanged.

FORBES: Notable ETF Outflow Detected - VB, BMRN, RGLD, ARBA

After almost a decade of fast growth, the leadership of Cisco Systems (NASDAQ: CSCO), Ciena Corp ( CIEN), JDS Uniphase ( JDSU), Corning ( GLW) and Ariba Inc. ( ARBA), and Lucent-Alcatel (NYSE: ALU) became complacent and arrogant with success, setting the stage for the eventual slow-down and downfall to irrelevance.

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