<p>在過去的 20 年裏，<strong>蘋果</strong>（AAPL -1.41%）實現了總回報率達 26,720%。投資者很難找到許多企業能夠展現出如此令人印象深刻的長期表現。這得益於強勁的財務收益，蘋果已成為全球最有價值的企業之一。</p>
<p>展望未來，購買這隻&#34;壯麗七俠&#34;股票能讓你終身受益嗎？</p>
<h2>有什麼不好呢？</h2>
<p>蘋果在過去成為如此成功的投資，因為它具備一些卓越的品質。投資者需要了解是什麼讓這家公司如此特別。</p>
<p>首先，蘋果強大的品牌價值不容小覷。由於長期專注於滿足客户需求，並提供優雅的硬件產品與易於使用的軟件，蘋果已成為消費者的最愛。公司的設備是全球最受歡迎的產品之一。</p>
<p>蘋果的品牌實力幫助公司在過去幾十年中保持了極高的相關性。儘管在各個行業領域競爭激烈，我對蘋果的品牌護城河不會很快削弱充滿信心。</p>
<p>強大且獨特的品牌使蘋果能夠靈活運用其定價權。公司的產品整體毛利率為 36.3%。蘋果能夠隨着時間的推移收取看似更高的價格，但仍能保持強勁的需求。</p>
<p>蘋果因其強大的生態系統而受益於客户忠誠度。其廣泛的軟件和服務組合，毛利率高達 74%，基本上將消費者鎖定在其產品中，並阻止他們轉向競爭對手的產品。</p>
<p>當然，任何關注這家公司的投資者都知道它賺了多少錢。蘋果 2024 財年的淨收入為 937 億美元，佔總收入的 24%，這使其與危地馬拉和保加利亞等國的 GDP 相當。</p>
<p>蘋果的盈利能力和 500 億美元的淨現金頭寸使其能夠向股東返還鉅額資本。上一個財年，該公司回購了 959 億美元的流通股票，並支付了 152 億美元的股息。</p>
<p>傳奇投資者沃倫·巴菲特（Warren Buffett）掌管的 <strong>伯克希爾·哈撒韋</strong> 當然理解蘋果所具備的這些有利特質。這就是為什麼即使在過去一年大幅削減持倉後，他仍然在這家大型消費科技企業中持有相當可觀的股份。</p>
<h2>高期望</h2>
<p>由於蘋果持續超越市場的股票表現，其股票的估值並不算吸引人，無法讓人感到&#34;便宜&#34;。投資者可以以 37 的市盈率（P/E）購買該股票。在過去十年中，股票的平均市盈率為 22。</p>
<p>高期望並未為潛在投資者提供有利的投資環境。華爾街共識分析師的預測顯示，未來三年每股收益年均增長率為 10.9%。這一前景並不足以證明支付當前市盈率的合理性，儘管這是最傑出的公司之一。</p>
<p>我認為，要讓一家公司和股票&#34;讓某人終身受益&#34;，必須有機會在很長一段時間內產生超過大盤的投資回報，以 <strong>標準普爾 500 指數</strong> 或 <strong>納斯達克綜合指數</strong> 為衡量標準。雖然蘋果在歷史上無疑是一個絕佳的賺錢機器，但我認為未來對股東的回報不會那麼好，主要是由於其龐大的規模和昂貴的估值。因此，我認為該股票無法讓新投資者終身受益。</p>

蘋果

<p>蘋果在過去 20 年中實現了總回報率達 26,720%，成為一項傑出的投資。其強大的品牌、客户忠誠度和令人印象深刻的盈利能力為其成功做出了貢獻。然而，目前的市盈率為 37，顯著高於其歷史平均水平 22，未來的回報可能無法滿足高期望。分析師預測年均盈利增長為 10.9%，這可能無法證明當前的估值合理。儘管蘋果在歷史上是一項優秀的投資，但其規模和估值表明，可能無法為新投資者提供終身的保障</p>

<p>In the past 20 years, <strong>Apple</strong>(AAPL -1.41%) has generated a total return of 26,720%. Investors won't find many businesses that have put up this type of impressive long-term performance. It has come about thanks to strong financial gains as Apple has become one of the world's most valuable enterprises.</p>
<div class="lb-trans"><p>在過去的 20 年裏，<strong>蘋果</strong>（AAPL -1.41%）實現了總回報率達 26,720%。投資者很難找到許多企業能夠展現出如此令人印象深刻的長期表現。這得益於強勁的財務收益，蘋果已成為全球最有價值的企業之一。</p>
</div><p>As we look to the future, could buying this &#34;Magnificent Seven&#34; stock set you up for life?</p>
<div class="lb-trans"><p>展望未來，購買這隻&#34;壯麗七俠&#34;股票能讓你終身受益嗎？</p>
</div><h2>What's not to like?</h2>
<div class="lb-trans"><h2>有什麼不好呢？</h2>
</div><p>Apple has been such a wildly successful investment in the past because it possesses some outstanding qualities. Investors need to understand what makes this business special.</p>
<div class="lb-trans"><p>蘋果在過去成為如此成功的投資，因為它具備一些卓越的品質。投資者需要了解是什麼讓這家公司如此特別。</p>
</div><p>For starters, Apple's powerful brand can't be overstated. Thanks to its longtime focus on catering to its customers' needs and offering elegant hardware products with easy-to-use software, Apple has become a favorite among consumers. The company's devices are some of the most popular on the planet.</p>
<div class="lb-trans"><p>首先，蘋果強大的品牌價值不容小覷。由於長期專注於滿足客户需求，並提供優雅的硬件產品與易於使用的軟件，蘋果已成為消費者的最愛。公司的設備是全球最受歡迎的產品之一。</p>
</div><p>Apple's brand strength has helped the company remain incredibly relevant over the past couple of decades. And despite there being a ton of competition in the various industry verticals the business plays in, I have high confidence that Apple's brand moat isn't going to weaken anytime soon.</p>
<div class="lb-trans"><p>蘋果的品牌實力幫助公司在過去幾十年中保持了極高的相關性。儘管在各個行業領域競爭激烈，我對蘋果的品牌護城河不會很快削弱充滿信心。</p>
</div><p>A strong and differentiated brand has allowed Apple to flex its pricing power. The company's products collectively carry a gross margin of 36.3%. Apple can charge seemingly higher prices over time, yet still see robust demand.</p>
<div class="lb-trans"><p>強大且獨特的品牌使蘋果能夠靈活運用其定價權。公司的產品整體毛利率為 36.3%。蘋果能夠隨着時間的推移收取看似更高的價格，但仍能保持強勁的需求。</p>
</div><p>Apple benefits from customer loyalty because of the powerful ecosystem it has created. Its broad suite of software and services, which themselves boast a stellar gross margin of 74%, essentially locks consumers in and discourages them from switching to rivals' offerings.</p>
<div class="lb-trans"><p>蘋果因其強大的生態系統而受益於客户忠誠度。其廣泛的軟件和服務組合，毛利率高達 74%，基本上將消費者鎖定在其產品中，並阻止他們轉向競爭對手的產品。</p>
</div><p>Of course, any follower of this company knows just how much money it makes. Apple's fiscal 2024 net income of $93.7 billion, which totaled 24% of revenue, would put it about on par with the GDPs of countries like Guatemala and Bulgaria.</p>
<div class="lb-trans"><p>當然，任何關注這家公司的投資者都知道它賺了多少錢。蘋果 2024 財年的淨收入為 937 億美元，佔總收入的 24%，這使其與危地馬拉和保加利亞等國的 GDP 相當。</p>
</div><p>Apple's profitability and $50 billion net cash position allow it to return tremendous amounts of capital to shareholders. Last fiscal year, the business repurchased $95.9 billion of outstanding stock and paid out $15.2 billion in dividends.</p>
<div class="lb-trans"><p>蘋果的盈利能力和 500 億美元的淨現金頭寸使其能夠向股東返還鉅額資本。上一個財年，該公司回購了 959 億美元的流通股票，並支付了 152 億美元的股息。</p>
</div><p>Warren Buffett, the legendary investor who runs <strong>Berkshire Hathaway</strong>, certainly understands these favorable qualities that Apple possesses. That's why he still has a sizable stake in the massive consumer technology enterprise, even after meaningfully trimming his position over the past year.</p>
<div class="lb-trans"><p>傳奇投資者沃倫·巴菲特（Warren Buffett）掌管的 <strong>伯克希爾·哈撒韋</strong> 當然理解蘋果所具備的這些有利特質。這就是為什麼即使在過去一年大幅削減持倉後，他仍然在這家大型消費科技企業中持有相當可觀的股份。</p>
</div><h2>High expectations</h2>
<div class="lb-trans"><h2>高期望</h2>
</div><p>Thanks to Apple's ongoing market-thumping stock performance, its shares aren't exactly trading at a compelling valuation that screams &#34;bargain.&#34; Investors can buy the stock at a price-to-earnings (P/E) ratio of 37. In the past decade, shares have averaged a P/E multiple of 22.</p>
<div class="lb-trans"><p>由於蘋果持續超越市場的股票表現，其股票的估值並不算吸引人，無法讓人感到&#34;便宜&#34;。投資者可以以 37 的市盈率（P/E）購買該股票。在過去十年中，股票的平均市盈率為 22。</p>
</div><p>High expectations don't provide a favorable setup for prospective investors. That argument is supported by the fact that Wall Street consensus analyst estimates call for earnings per share to rise at an annualized clip of 10.9% over the next three years. That outlook does not justify paying the current P/E ratio, even though this is one of the most outstanding companies out there.</p>
<div class="lb-trans"><p>高期望並未為潛在投資者提供有利的投資環境。華爾街共識分析師的預測顯示，未來三年每股收益年均增長率為 10.9%。這一前景並不足以證明支付當前市盈率的合理性，儘管這是最傑出的公司之一。</p>
</div><p>For a business and stock to &#34;set someone up for life,&#34; I believe there has to be a chance that it can produce investment returns in excess of the broader market, as measured by the <strong>S&amp;P 500</strong> or the <strong>Nasdaq Composite Index</strong>, for a very long period. While Apple has undoubtedly been a fantastic moneymaker historically, I believe the future won't be as good for shareholders, due mainly to its huge scale and expensive valuation. Therefore, I don't think the stock can set new investors up for life.</p>
<div class="lb-trans"><p>我認為，要讓一家公司和股票&#34;讓某人終身受益&#34;，必須有機會在很長一段時間內產生超過大盤的投資回報，以 <strong>標準普爾 500 指數</strong> 或 <strong>納斯達克綜合指數</strong> 為衡量標準。雖然蘋果在歷史上無疑是一個絕佳的賺錢機器，但我認為未來對股東的回報不會那麼好，主要是由於其龐大的規模和昂貴的估值。因此，我認為該股票無法讓新投資者終身受益。</p>
</div>

Could Buying Apple Today Set You Up for Life?

- 蘋果過去 20 年總回報達 26,720%，成為全球最有價值企業之一。  
- 其強大的品牌和生態系統使其保持競爭力，2024 財年淨收入為 700 億美元。  
- 然而，當前市盈率為 37，未來回報可能低於市場平均水平。  

今天購買蘋果股票能讓你一生無憂嗎？