<p>投资者将一部分辛苦赚来的储蓄投入股市，希望在长期内获得足够的回报。有时，他们会运气好，找到一个巨大的赢家，显著改善他们的财务状况。</p>
<p><strong>亚马逊</strong>(AMZN -2.90%) 就属于这一类。自 1997 年 5 月首次公开募股以来，该公司的股价飙升了 176,200%（截至 4 月 17 日）。28 年前的 570 美元投资今天将价值惊人的 100 万美元。</p>
<p>未来会同样光明吗？在这家电商巨头的股价比峰值低 29% 的情况下，1 万美元的投资能否在 2035 年前让你成为百万富翁？以下是投资者应该考虑的最重要事项。</p>
<h2>亚马逊的持久竞争优势</h2>
<p>亚马逊的成功归功于其广泛的经济护城河，使其能够抵御竞争力量。投资者可以放心，这种有利的局面在短期内不会改变。</p>
<p>公司的规模为其提供了巨大的成本优势。这在电商领域尤为明显。大量投资用于建设物流网络和投资技术与自动化，帮助降低运输成本，从而惠及客户。</p>
<p>亚马逊网络服务（AWS）是公司的云计算服务，其在开发平台所需的网络基础设施方面具有高固定成本。得益于其能够在庞大的客户基础上分摊费用，AWS 实现了令人印象深刻的盈利能力。已经接入并与各种服务整合的 AWS 客户也面临转换成本。</p>
<p>亚马逊还拥有非常强大的品牌。这对个人消费者和期望顶级功能和卓越体验的大型企业客户都是如此。</p>
<p>最后，网络效应也在发挥作用。随着越来越多的买家前往 Amazon.com 购物，这使得该网站对商家更具吸引力。更多的商家带来更多的选择，从而增加了对消费者的价值主张。</p>
<p>综合来看，很难想象亚马逊会被取代的情景。它在整个帝国中拥有可持续的竞争优势，将继续支持其成功。</p>
<h2>看看潜在回报</h2>
<p>在过去 10 年中，亚马逊的股价上涨了大约九倍，这是一个惊人的收益。考虑到公司目前的市值为 1.8 万亿美元，我相信这种回报在现在到 2035 年之间不会再出现。为了让 1 万美元的现金投入在十年内变成 100 万美元，投资者需要实现惊人的 100 倍收益，这意味着年化回报率为 58%。这并不是一个可能的结果。</p>
<p>然而，仅仅因为十年内无法实现七位数的结果，并不意味着你应该忽视这项业务。亚马逊现在看起来仍然是一个明智的股票选择。</p>
<p>除了之前提到的经济护城河，该公司还有多个长期趋势在其有利方面，例如在线购物、人工智能和数字广告，这些都是具有巨大潜力的增长市场。这些顺风将使亚马逊能够继续以健康的速度增加收入，即使去年其净销售额达到了 6380 亿美元。</p>
<p>目前的估值也处于合理水平。投资者可以以 2.9 的市销率购买该股票。在过去五年中，平均倍数为 3.3，因此当前的设置提供了不错的折扣。自 2 月初以来，股价因对经济的担忧而大幅下跌，这也有助于这一点。</p>
<p>花费 1 万美元购买亚马逊股票不会让你成为百万富翁。但这对你的投资组合来说是正确的选择。</p>

亚马逊

<p>投资 1 万美元于亚马逊并不保证到 2035 年成为百万富翁，因为实现 100 倍的收益是不太可能的。然而，亚马逊强大的竞争优势，包括其经济护城河、品牌实力以及在在线购物和人工智能等领域的增长，表明它仍然是一个稳健的投资。当前的市销率为 2.9，低于其五年平均水平，尽管近期市场下跌，亚马逊股票仍被视为良好的购买选择。投资者应考虑长期潜力，而不是短期的百万富翁梦想</p>

<p>Investors allocate a portion of their hard-earned savings into the stock market in the hopes of achieving adequate returns over the long term. Sometimes, they get lucky and find a monster winner that significantly improves their financial well-being.</p>
<div class="lb-trans"><p>投资者将一部分辛苦赚来的储蓄投入股市，希望在长期内获得足够的回报。有时，他们会运气好，找到一个巨大的赢家，显著改善他们的财务状况。</p>
</div><p><strong>Amazon</strong>(AMZN -2.90%) falls into this category. Since its initial public offering in May 1997, the company's shares have rocketed 176,200% higher (as of April 17). A measly $570 investment 28 years ago would be worth a jaw-dropping $1 million today.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -2.90%) 就属于这一类。自 1997 年 5 月首次公开募股以来，该公司的股价飙升了 176,200%（截至 4 月 17 日）。28 年前的 570 美元投资今天将价值惊人的 100 万美元。</p>
</div><p>Will the future be just as bright? Will a $10,000 investment in this e-commerce giant, which trades 29% off its peak, make you a millionaire by 2035? Here are the most important things investors should consider.</p>
<div class="lb-trans"><p>未来会同样光明吗？在这家电商巨头的股价比峰值低 29% 的情况下，1 万美元的投资能否在 2035 年前让你成为百万富翁？以下是投资者应该考虑的最重要事项。</p>
</div><h2>Amazon's durable competitive advantages</h2>
<div class="lb-trans"><h2>亚马逊的持久竞争优势</h2>
</div><p>Amazon's success can be attributed to its wide economic moat, which allows it to defend itself against competitive forces. Investors can be confident that this favorable setup likely won't change anytime soon.</p>
<div class="lb-trans"><p>亚马逊的成功归功于其广泛的经济护城河，使其能够抵御竞争力量。投资者可以放心，这种有利的局面在短期内不会改变。</p>
</div><p>The company's scale gives it a tremendous cost advantage. This is apparent in the e-commerce segment. Heavy investments to build out the logistics footprint and invest in technology and automation help drive down shipping costs, which benefits customers.</p>
<div class="lb-trans"><p>公司的规模为其提供了巨大的成本优势。这在电商领域尤为明显。大量投资用于建设物流网络和投资技术与自动化，帮助降低运输成本，从而惠及客户。</p>
</div><p>Amazon Web Services (AWS), the company's cloud computing service, has high fixed costs in terms of the network infrastructure needed to develop the platform. Thanks to its ability to leverage its expenses over a large customer base, AWS generates impressive profitability. AWS customers that have onboarded and become integrated with the various offerings also face switching costs.</p>
<div class="lb-trans"><p>亚马逊网络服务（AWS）是公司的云计算服务，其在开发平台所需的网络基础设施方面具有高固定成本。得益于其能够在庞大的客户基础上分摊费用，AWS 实现了令人印象深刻的盈利能力。已经接入并与各种服务整合的 AWS 客户也面临转换成本。</p>
</div><p>Amazon also has a very powerful brand. This is true for both individual consumers and large business clients who expect top-notch features and a superior experience.</p>
<div class="lb-trans"><p>亚马逊还拥有非常强大的品牌。这对个人消费者和期望顶级功能和卓越体验的大型企业客户都是如此。</p>
</div><p>Lastly, there are network effects at play. As more buyers go to Amazon.com to shop, it makes the site more attractive for merchants. More merchants bring more selection, which increases the value proposition for consumers.</p>
<div class="lb-trans"><p>最后，网络效应也在发挥作用。随着越来越多的买家前往 Amazon.com 购物，这使得该网站对商家更具吸引力。更多的商家带来更多的选择，从而增加了对消费者的价值主张。</p>
</div><p>Taken together, it's difficult to envision a scenario where Amazon gets dethroned. It has sustainable competitive advantages across its entire empire that will continue supporting its success.</p>
<div class="lb-trans"><p>综合来看，很难想象亚马逊会被取代的情景。它在整个帝国中拥有可持续的竞争优势，将继续支持其成功。</p>
</div><h2>Looking at potential returns</h2>
<div class="lb-trans"><h2>看看潜在回报</h2>
</div><p>In the past 10 years, Amazon shares are up about ninefold, which is a fantastic gain. Given the company's massive size, now at a market cap of $1.8 trillion, I'm confident that kind of return won't repeat between now and 2035. And for investors to turn a $10,000 cash outlay into $1 million in a decade, they'd need an unbelievable 100-fold gain, translating to an annualized return of 58%. This isn't a probable outcome.</p>
<div class="lb-trans"><p>在过去 10 年中，亚马逊的股价上涨了大约九倍，这是一个惊人的收益。考虑到公司目前的市值为 1.8 万亿美元，我相信这种回报在现在到 2035 年之间不会再出现。为了让 1 万美元的现金投入在十年内变成 100 万美元，投资者需要实现惊人的 100 倍收益，这意味着年化回报率为 58%。这并不是一个可能的结果。</p>
</div><p>Just because a seven-figure result isn't in the cards in 10 years, however, doesn't mean you should ignore this business. Amazon still looks like a smart stock to buy right now.</p>
<div class="lb-trans"><p>然而，仅仅因为十年内无法实现七位数的结果，并不意味着你应该忽视这项业务。亚马逊现在看起来仍然是一个明智的股票选择。</p>
</div><p>Besides the economic moat previously mentioned, the company has multiple secular trends working in its favor, like online shopping, artificial intelligence, and digital advertising, all growing end markets with huge potential in the long run. These tailwinds should allow Amazon to continue increasing the top line at a healthy rate, even though it raked in $638 billion in net sales last year.</p>
<div class="lb-trans"><p>除了之前提到的经济护城河，该公司还有多个长期趋势在其有利方面，例如在线购物、人工智能和数字广告，这些都是具有巨大潜力的增长市场。这些顺风将使亚马逊能够继续以健康的速度增加收入，即使去年其净销售额达到了 6380 亿美元。</p>
</div><p>The valuation is also at a reasonable level today. Investors can buy the stock at a price-to-sales ratio of 2.9. In the past five years, the average multiple has been 3.3, so the current setup presents a nice discount. It helps that shares have tanked since early February, due to heightened fears about the economy.</p>
<div class="lb-trans"><p>目前的估值也处于合理水平。投资者可以以 2.9 的市销率购买该股票。在过去五年中，平均倍数为 3.3，因此当前的设置提供了不错的折扣。自 2 月初以来，股价因对经济的担忧而大幅下跌，这也有助于这一点。</p>
</div><p>Spending $10,000 to buy Amazon stock won't make you a millionaire. But it's the right move for your portfolio.</p>
<div class="lb-trans"><p>花费 1 万美元购买亚马逊股票不会让你成为百万富翁。但这对你的投资组合来说是正确的选择。</p>
</div>

If You Buy Amazon With $10,000 in 2025, Will You Become a Millionaire in 10 Years?

- 投资者将部分储蓄投入股市以期获得长期回报。  
- 亚马逊自 1997 年上市以来，股价上涨 176,200%。  
- 尽管未来回报不确定，亚马逊仍是值得投资的股票。

如果你在 2025 年投资 1 万美元购买亚马逊股票，10 年后你能成为百万富翁吗？