中文翻译
当市场说“当所有人都去挖金矿时，卖出铲子”时，他们错了。为什么？真正的超额收益来自：对铲子供应商进行瓶颈控制。从$AXTI和$LITE的光子学衬底/EML激光器，到$SNDK向SK海力士供应NAND/DRAM，这些都是瓶颈环节。它们最终比那些聚集在$NVDA等铲子供应商周围的投资者更赚钱。这句谚语应该是：“当所有人都去挖金矿时，通过铲子供应商需要的高价材料来获利”。
· 供应链分析
真正超额收益来自控制铲子供应商所需的高价材料瓶颈。
英文原文
Markets have got it wrong when they say: "When Everyone Digs for Gold, Sell Shovels" You know why? The real alpha comes from: Bottlenecking the Shovel Sellers. Substrates/EML lasers in photonics from $AXTI and $LITE. to $SNDK to Sk Hynix for NAND/DRAM are those bottlenecks. And they end up individually more profitable, than the investors who crowd around shovel sellers like $NVDA. The saying should go: "When Everyone Digs for Gold, Profit off the Materials at jacked up prices that the Shovel Sellers need to Sell the Shovels".