原文：

原文：
I feel like traditional "value investing" went into hibernation.

Before it was finding a 10x -12x P/E company like $UPWK or $PYPL, Dominoes, Pepsi. Or even a cheap Japanese company below book value.

Then just enjoying slow growth but buyback/dividend appreciation from their cashflow.

Now you can find 1.8x runrate P/E company like $ESMT that grew revenue 605.24% Y/Y.

And the main thing you need to argue about is duration.

Or a 16.2x trailing P/E Sumitomo, despite having way too many hyperscaler LTAs in AI from fiber to lasers.

AI created much bigger medium-term anomaly, where "value investing" went towards high growth, "deep value" companies.

翻译：
我觉得传统的“价值投资”已经进入休眠。

过去它会寻找市盈率 10‑12 倍的公司，比如 $UPWK、$PYPL、Dominoes、Pepsi，甚至是账面价值以下的日本廉价公司。

然后只享受慢速增长以及来自现金流的回购/股息增值。

现在你可以找到市盈率 1.8 倍的 $ESMT，收入同比增长 605.24%。

而你需要争论的核心是持有期限。

或者是市盈率 16.2 倍的 Sumitomo，尽管它在 AI 领域从光纤到激光拥有过多的超大规模长期协议。

AI 产生了更大的中期异常，使得“价值投资”转向高增长的“深度价值”公司。