· 业绩复盘
我完全没头绪。很多人看到我发了大量像 $OSS 或 $AXTI 这样的高收益论点帖子，但当我判断错误时，我也确实会亏钱。 而且我确实是真金白银地践行我的观点（skin in the game）。 我曾与其他分析师讨论，他们都感到困惑。对于 $ETOR 和 $VLN，我发现它们与市场的明显脱节，两者交易价格接近其现金余额，但显然市场并不认同我的观点。 如果 $NBIS 正在通过自动取款机(ATM)增发，那稍微说得通一些，但其运营业务并未通过分部加总法(Sum of Parts)得到正确定价。 至于 Nebius，如果市值仍为 210 亿美元，而年底年化经常性收入(ARR)为 70 亿美元，那我就不知道了。
I have 0 clue. Lot of people see me making tons off thesis posts like $OSS or $AXTI but I do lose money too when I'm wrong. And I do put my money where my mouth is. I've had discussions with other analysts and they're all puzzled. $ETOR, $VLN I've identified clear disconnects with the market with both of them trading near cash balance but clearly market doesn't agree with me. $NBIS makes slightly more sense if they're going through their ATM now, but their operating business is not being priced in with Sum of Parts correctly. With Nebius, if the MC is still the same at $21B with $7B ARR EOY, then idk.