观点

近海钻井商的股价可能只有重置成本的一成

同一次访谈中，帕伯莱说 2023 年押注冶金煤、2025 年押注近海钻井商，事后发现共同点是：这些重资产公司负债都已清理，按重置成本算极便宜，近海钻井商可能只有重置成本的 10%。不花钱就拿到了重资产，等于变成了「轻资产」生意，股本回报率因此非常高。

Not only were they debt-free when you looked at anything resembling the replacement cost of their assets, but in the case of the offshore drillers, one could argue that they might be trading at 10% of replacement cost.