Micron 利润增长迅速，自由现金流下降，而在仅有两三家供应商的寡头格局下，其产品订单已排到近两年。按 5.41 倍远期盈利计算，若这些利润能持续则估值便宜，但 Micron 周期性极强，因此调整盈利后可能并不便宜。
逐段跳播
是的。以Micron这样的公司为例。正如我所说，它的利润增长非常迅速。这是一个盈利增长异常强劲的时期。但同时也存在矛盾之处：自由现金流却下降了。
Okay, yes. I mean, look at a company like Micron, for example. So, as I said, I mean that profits are growing very rapidly. I mean, this is a period of exceptional earnings growth .
But you also have the contradiction where free cash flow has decreased.
但Micron看起来很有意思，因为它身处一个寡头垄断市场。如你所知，主要供应商只有两三家。因此，这种有限的竞争确实改变了这门生意的格局。利润率简直高得离谱。他们的产品几乎已经被预订了将近两年。
But Micron seems interesting because it operates in an oligopoly market . As you know, there are two or three main suppliers. Therefore, this limited competition has truly changed the dynamics of the business.
The profit margins are simply insane. I mean, their products are fully booked for almost two years.
我了解Micron的情况；我现在正在看他们的数据。其股价目前的预期市盈率为5.41倍。如果你相信这些利润是可持续的，那就非常便宜。
I understand Micron's situation; I'm looking at their data right now. Its stock is trading at 5.41 times forward earnings . It's very cheap if you believe the profits are sustainable.
是的，你不能把这些利润视为常态。就其本质而言，它一直具有高度的周期性。Micron就是那种会持续出现在深度价值筛选名单上的公司之一，因为相对于低迷的市场估值，其盈利实在太高了，因为人们知道它具有周期性，会上下波动。
Yes, you cannot consider those profits normal. It has always been, by its very nature, highly cyclical. Micron is one of those companies that consistently appears on deep value screens because the earnings are so high compared to the low market valuation, because people know it is cyclical and fluctuates up and down .
这或许可以解释为什么Micron看起来便宜，不过如果你对那些盈利进行调整，它实际上可能并不便宜。
This might explain why Micron seems cheap, although it might not actually be if you adjust those earnings.