Yet Another Value Podcast 对 $MU 的判断变化
2026-08-20
《$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners》
市场低估了MU的资产负债表实力，因其从2倍杠杆转向1倍净现金。
即使在今天，你也可以将其应用于美光等内存组件公司。我认为那是不同水平的创纪录利润。但我会看着他们说，嘿，我认为市场错过了资产负债表有多好，对吧？这些家伙一直以2倍杠杆运营，现在他们以1倍净现金运营。
然后发生的事情是，是的，但他们这样做是因为黄金时期的利润，当利润下降时，他们只是有这些巨大的现金池闲置。
And and even today you could apply it to the Microns of the world in the memory components though. You know, I think that's a different level of record profits. But I would look at them and say, "Hey, I think the market's missing how good the balance sheets are, right? These guys have always run with like 2x leverage, now they're running 1x net cash. And then what ended up happening was, "Yeah, but they were doing it cuz of like kind of primetime profits, and when the profits fell out, they just had these huge cash pools sitting around."
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