<p>股市在长期财富创造方面有着令人印象深刻的记录，我们可以合理地预期它在未来 20 年内将继续提供优异的回报。投资者可以通过购买跟踪主要指数的 ETF，或投资于表现良好的个股来利用这一机会。</p>
<p>在未来几十年中，有两个优秀的投资前景是 <strong>微软</strong>（MSFT 1.58%）和 <strong>直觉外科</strong>（ISRG 0.72%）。以下是原因。</p>
<h2>1. 微软</h2>
<p>每个人都熟悉微软品牌，但许多人仍将其与公司的传统计算机操作系统（OS）业务联系在一起。这是有充分理由的。微软在个人和商业计算领域的操作软件市场依然是绝对的领导者，这一领域继续为公司的总收入和盈利做出重要贡献。然而，微软目前最重要的增长动力是其云计算业务——微软 Azure。</p>
<p>在云计算领域，这家科技巨头仅次于 <strong>亚马逊</strong>，实际上，它在逐渐缩小与这家长期竞争对手的差距。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNzUvYS1wZXJzb24td29ya2luZy1vbi1hLWxhcHRvcC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNzUvYS1wZXJzb24td29ya2luZy1vbi1hLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>亚马逊的首席执行官安迪·贾西表示，尽管云计算带来了好处，但超过 85% 的 IT 支出仍然发生在本地（即非云端）。这为包括微软在内的云计算领导者提供了充足的可开发市场，未来 20 年内可以利用。微软在这个细分市场中应至少保持领先地位，原因有二。首先，由于转换成本，它受益于护城河。</p>
<p>其次，微软产生了大量现金用于投资业务。</p>
<p>在过去 12 个月中，该公司产生了 694 亿美元的自由现金流。此外，微软在人工智能（AI）方面的工作也为其提供了另一个助力。在未来 20 年内，借助这一顺风，微软的股票应能实现稳定的盈利和超越市场的表现，这也是微软长期以来一直在做的事情。</p>
<p>最后，微软是一只优秀的分红股票。确实，寻求收益的投资者在这里可能找不到他们想要的。该公司的前瞻性收益率仅为 0.7%，低于 <strong>标准普尔 500</strong> 的 1.3% 的平庸平均水平。然而，凭借坚实的基础业务和出色的业绩记录——微软在过去十年中几乎将分红提高了 168%——该公司可以为寻求收入的投资者以及以增长为导向的投资者提供丰厚的回报。</p>
<h2>2. 直觉外科</h2>
<p>直觉外科在过去 20 年中主导了机器人辅助手术（RAS）市场。几乎没有竞争对手，这加上其对著名的达芬奇手术系统的持续创新和改进，导致了强劲的财务业绩。然而，其他公司，特别是 <strong>美敦力</strong>，似乎正接近对直觉外科的领导地位构成更大的直接威胁。</p>
<p>以下是投资者不必担心的原因。首先，即使是像美敦力这样的医疗设备巨头，也需要数年时间才能在达芬奇系统获得批准的绝大多数领域获得其设备 Hugo 系统的许可。其次，直觉外科也受益于转换成本。其设备价格不菲，培训医疗人员使用这些设备需要时间。</p>
<p>在达芬奇系统上投入了时间、精力、努力和资金后，医疗机构不愿意转向竞争对手的设备。第三，或许最重要的是，RAS 市场存在巨大的机会。这是更多公司进入市场的关键原因。正如美敦力两年前指出的，当时不到 5% 的符合条件的手术是通过机器人进行的。</p>
<p>自那时以来，这一比例不太可能有太大变化。更不用说，随着全球人口老龄化，未来对这些机器人手术的需求将会更高。直觉外科在未来 20 年内比任何其他公司都更好地定位于乘风破浪，尤其是它不断创新。去年，它推出了第五代达芬奇系统，并开始将人工智能集成到其某些功能中。</p>
<p>尽管竞争加剧，直觉外科的未来看起来依然光明，这也是该公司股票在长期内仍然值得投资的原因。</p>

微软

直觉外科

2 倍做多 MSFT ETF - GraniteShares

MSFO

微软每日 1 倍做空 ETF - Direxion

微软每日 2 倍做多 ETF - Direxion

MSFX

MSFY

<p>股票市场预计在未来 20 年将继续提供优异的回报。两个适合长期投资的有前景的股票是微软和直觉外科。微软在操作软件领域处于领先地位，并且在云计算方面通过 Azure 不断取得进展，受益于高现金流和人工智能的进步。直觉外科在机器人辅助手术市场占据主导地位，虽然面临竞争，但受益于高转换成本和不断增长的市场。两家公司在未来几十年都具备持续增长和强劲财务表现的良好基础</p>

<p>The stock market has an incredibly impressive long-term track record of wealth creation, and we can reasonably expect it to continue delivering excellent returns over the next 20 years. Investors can capitalize on this by buying ETFs that track major indexes, or by investing in individual stocks that can perform as well, if not better, than broader equities.</p>
<div class="lb-trans"><p>股市在长期财富创造方面有着令人印象深刻的记录，我们可以合理地预期它在未来 20 年内将继续提供优异的回报。投资者可以通过购买跟踪主要指数的 ETF，或投资于表现良好的个股来利用这一机会。</p>
</div><p>Two excellent prospects over the next couple of decades are <strong>Microsoft</strong>(MSFT 1.58%) and <strong>Intuitive Surgical</strong>(ISRG 0.72%). Here's why.</p>
<div class="lb-trans"><p>在未来几十年中，有两个优秀的投资前景是 <strong>微软</strong>（MSFT 1.58%）和 <strong>直觉外科</strong>（ISRG 0.72%）。以下是原因。</p>
</div><h2>1. Microsoft</h2>
<div class="lb-trans"><h2>1. 微软</h2>
</div><p>Everyone is familiar with the Microsoft brand, but many still associate it with the company's legacy computer operating system (OS) business. There is a good reason for that. Microsoft remains the runaway leader in the operating software space in both personal and business computing, and this segment continues to make meaningful contributions to the company's total revenue and earnings. However, Microsoft's most significant growth driver these days is its cloud computing business, Microsoft Azure.</p>
<div class="lb-trans"><p>每个人都熟悉微软品牌，但许多人仍将其与公司的传统计算机操作系统（OS）业务联系在一起。这是有充分理由的。微软在个人和商业计算领域的操作软件市场依然是绝对的领导者，这一领域继续为公司的总收入和盈利做出重要贡献。然而，微软目前最重要的增长动力是其云计算业务——微软 Azure。</p>
</div><p>The tech leader is second only to <strong>Amazon</strong> in cloud computing -- and in fact, it has been gaining ground on its longtime competitor.</p>
<div class="lb-trans"><p>在云计算领域，这家科技巨头仅次于 <strong>亚马逊</strong>，实际上，它在逐渐缩小与这家长期竞争对手的差距。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNzUvYS1wZXJzb24td29ya2luZy1vbi1hLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823375%2Fa-person-working-on-a-laptop.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Amazon's CEO, Andy Jassy, has said that more than 85% of IT spending still happens on premises (i.e., off the cloud), despite the benefits of the latter. That grants cloud leaders, including Microsoft, ample addressable market to exploit in the next two decades. Microsoft should remain a top player in the niche for at least two reasons. First, it benefits from a moat thanks to switching costs.</p>
<div class="lb-trans"><p>亚马逊的首席执行官安迪·贾西表示，尽管云计算带来了好处，但超过 85% 的 IT 支出仍然发生在本地（即非云端）。这为包括微软在内的云计算领导者提供了充足的可开发市场，未来 20 年内可以利用。微软在这个细分市场中应至少保持领先地位，原因有二。首先，由于转换成本，它受益于护城河。</p>
</div><p>Second, Microsoft generates a substantial amount of cash to invest in the business.</p>
<div class="lb-trans"><p>其次，微软产生了大量现金用于投资业务。</p>
</div><p>The company generated $69.4 billion in free cash flow over the trailing-12-month period. Further, Microsoft's work in artificial intelligence (AI) is providing it with another boost. Riding this tailwind for the next two decades should lead to consistent earnings and market-beating performances for the stock, a continuation of what Microsoft has been doing for a very long time.</p>
<div class="lb-trans"><p>在过去 12 个月中，该公司产生了 694 亿美元的自由现金流。此外，微软在人工智能（AI）方面的工作也为其提供了另一个助力。在未来 20 年内，借助这一顺风，微软的股票应能实现稳定的盈利和超越市场的表现，这也是微软长期以来一直在做的事情。</p>
</div><p>Lastly, Microsoft is an excellent dividend stock. True, yield seekers won't find what they're looking for here. The company's forward yield is a paltry 0.7%, lower than the <strong>S&amp;P 500</strong>'s unimpressive average of 1.3%. However, with a rock-solid underlying business and a great track record -- Microsoft has increased its payouts by almost 168% in the past decade -- the company can offer plenty to income seekers as well as growth-oriented investors.</p>
<div class="lb-trans"><p>最后，微软是一只优秀的分红股票。确实，寻求收益的投资者在这里可能找不到他们想要的。该公司的前瞻性收益率仅为 0.7%，低于 <strong>标准普尔 500</strong> 的 1.3% 的平庸平均水平。然而，凭借坚实的基础业务和出色的业绩记录——微软在过去十年中几乎将分红提高了 168%——该公司可以为寻求收入的投资者以及以增长为导向的投资者提供丰厚的回报。</p>
</div><h2>2. Intuitive Surgical</h2>
<div class="lb-trans"><h2>2. 直觉外科</h2>
</div><p>Intuitive Surgical has dominated the robotic-assisted surgery (RAS) market over the past two decades. It has had little competition to speak of, which, coupled with its constant innovations and improvements to its famous da Vinci surgical system, has led to strong financial results. However, other companies, particularly <strong>Medtronic</strong>, seem close to posing a much bigger direct threat to Intuitive Surgical's leadership.</p>
<div class="lb-trans"><p>直觉外科在过去 20 年中主导了机器人辅助手术（RAS）市场。几乎没有竞争对手，这加上其对著名的达芬奇手术系统的持续创新和改进，导致了强劲的财务业绩。然而，其他公司，特别是 <strong>美敦力</strong>，似乎正接近对直觉外科的领导地位构成更大的直接威胁。</p>
</div><p>Here's why investors shouldn't worry about that. First, it will take years for even a medical device giant like Medtronic to earn clearance for its device, the Hugo system, across most of the areas in which the da Vinci system has received approval. Second, Intuitive Surgical also benefits from switching costs. Its devices aren't cheap, and it takes time to train medical personnel on them.</p>
<div class="lb-trans"><p>以下是投资者不必担心的原因。首先，即使是像美敦力这样的医疗设备巨头，也需要数年时间才能在达芬奇系统获得批准的绝大多数领域获得其设备 Hugo 系统的许可。其次，直觉外科也受益于转换成本。其设备价格不菲，培训医疗人员使用这些设备需要时间。</p>
</div><p>After investing time, energy, effort, and money on a da Vinci system, healthcare facilities won't want to switch to a competing one. Third, and perhaps most importantly, there is massive opportunity in the RAS market. That's a key reason why more companies are entering the market. As Medtronic pointed out two years ago, less than 5% of eligible surgeries were performed robotically at that time.</p>
<div class="lb-trans"><p>在达芬奇系统上投入了时间、精力、努力和资金后，医疗机构不愿意转向竞争对手的设备。第三，或许最重要的是，RAS 市场存在巨大的机会。这是更多公司进入市场的关键原因。正如美敦力两年前指出的，当时不到 5% 的符合条件的手术是通过机器人进行的。</p>
</div><p>It's unlikely to have changed much since. That's before we take into account the fact that over time, there will be a higher demand for these robotic procedures as the world's population ages. Intuitive Surgical is better positioned than any other company to ride that wave in the next two decades, especially as it keeps innovating. It launched the fifth generation of its da Vinci system last year and has started integrating AI into some of its features.</p>
<div class="lb-trans"><p>自那时以来，这一比例不太可能有太大变化。更不用说，随着全球人口老龄化，未来对这些机器人手术的需求将会更高。直觉外科在未来 20 年内比任何其他公司都更好地定位于乘风破浪，尤其是它不断创新。去年，它推出了第五代达芬奇系统，并开始将人工智能集成到其某些功能中。</p>
</div><p>Intuitive Surgical's future looks promising despite mounting competition, which is why the company's shares remain a worthwhile investment for the long term.</p>
<div class="lb-trans"><p>尽管竞争加剧，直觉外科的未来看起来依然光明，这也是该公司股票在长期内仍然值得投资的原因。</p>
</div>

2 Unstoppable Growth Stocks to Hold for the Next 20 Years

- 股票市场长期以来创造了可观的财富，预计未来 20 年将继续提供优异回报。  
- 微软和 Intuitive Surgical 是未来几十年的优秀投资选择，前者在云计算和 AI 领域具备强劲增长潜力。  
- Intuitive Surgical 在机器人辅助手术市场占据主导地位，尽管面临竞争，但仍有巨大的市场机会。  

两只势不可挡的增长型股票，适合持有未来 20 年