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#财报观察员：好市多业绩超预期，美光接棒 Costco's EPS this quarter exceeded expectations at $0.22, of which $0.15 is tariff refunds — about 70% of the excess is money returned from others. ▪️ Q4 revenue 95.7 billion (+11.1%), EPS 6.75 (expected 6.53); tariff refunds 184 million ≈ about one-third of the expected total, excluding which EPS growth is 14.9% → 12.4% ▪️ Refunds are not fully received yet, but price cuts have already been implemented: Kirkland walnuts 13.79 → 9.99 ▪️ Comparable sales +9.4%, excluding gasoline and exchange rates only +6.7%, slower than last quarter's 7.4%; paid membership growth has declined for four consecutive quarters, 84.1 million below expectations Micron takes over at midnight on 10/1, guiding 50 billion / gross margin 86%. The market's question is not whether it can exceed expectations, but how long this cycle of prosperity can last — on 9/24 Burry disclosed increasing short positions, also shorting semiconductor ETFs. The disagreement is not about exceeding expectations, but whether the excess is pocket change or capital: the refunds are money returned, the price cuts are permanent. Refunds exchanged for permanent price cuts — is this strengthening the moat or an early overdraft?