<p>大多數股票買家已經知道 <strong>亞馬遜</strong>（AMZN 1.04%）是現代時代最有回報的投資之一。自 1997 年公司上市以來，股價上漲了市場領先的 275,000%，反映了其在電子商務市場中的主導地位，而該市場在此期間迅速增長。</p>
<p>正如諺語所説，過去的表現並不能保證未來的結果。在線購物業務無法再次出現。因此，亞馬遜的股票在未來 27 年內不太可能重現這樣的成就。</p>
<p>儘管如此，這家巨頭公司在可預見的未來仍可能是一個有回報的股票，為新手們鋪就一條致富之路。只是它的成功原因可能與過去不同。</p>
<h2>亞馬遜嘗試的並非所有事情都成功，但足夠多的事情成功了</h2>
<p>人們常説時機就是一切。亞馬遜證明了這一説法可能是正確的。</p>
<p>亞馬遜於 1995 年作為一家在線書店推出，當時互聯網幾乎是全新的。接下來的事情，正如人們所説，都是歷史。公司很快擴展了其產品，現年收入達到 6200 億美元。</p>
<p>顯然，它仍然在電子商務領域。事實上，市場研究機構 eMarketer 報告稱，亞馬遜獨自佔據了美國在線消費的約 40%。儘管外國競爭對手在本土市場上具有優勢，但它在海外的表現也相當不錯。同時，它還推出了雲計算業務，利用其知名品牌。亞馬遜網絡服務（Amazon Web Services）產生了約 60% 的運營收入，儘管它僅佔亞馬遜收入的不到 30%。</p>
<p>然後是亞馬遜 Prime，向訂閲者提供訪問龐大的流媒體視頻庫和數百萬在線訂購商品的免費次日送達服務。現在，公司甚至深入數字廣告業務，利用亞馬遜網站的所有網絡流量進行變現。在過去四個季度中，公司收集了超過 530 億美元的廣告收入……這個數字仍在增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkyNDEvMTEyNjI0LWFtYXpvbi1hZHZlcnRpc2luZy5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkyNDEvMTEyNjI0LWFtYXpvbi1hZHZlcnRpc2luZy5wbmcmdz03MDA"/></p>
<p>數據來源：亞馬遜公司。圖表由作者提供。數字以十億美元計。</p>
<p>這並不是説亞馬遜進入的每一個項目都取得了成功。在經歷了多年的平淡業績後，它在 2022 年初關閉了所有書店（這些書店也銷售其他商品）。儘管現在有 52 個地點在運營，但它在自己的雜貨和雜貨配送業務上的嘗試也沒有成為主要的利潤中心。回顧 2017 年收購 Whole Foods Market，可能在這個領域是一個更有意義的——儘管更昂貴的——舉動。就在上個月，公司關閉了一項名為 Amazon Today 的同日送貨服務，該服務將商品從實體店運送到附近的客户。</p>
<p>儘管如此，亞馬遜嘗試的足夠多的事情似乎都在奏效。</p>
<h2>亞馬遜是一種心態的投資</h2>
<p>但這些事情中有什麼使亞馬遜成為能夠讓你終身受益的股票呢？單獨來看並沒有。但有兩個關鍵的收穫，根植於上述所有內容。</p>
<p>首先，亞馬遜管理着一個龐大的常規客户數字生態系統。</p>
<p>雖然公司本身並不經常透露太多細節，但消費者情報研究公司最近的報告顯示，全球有超過 2 億名付費的 Prime 會員。大多數會員居住在美國，儘管公司在海外推出該服務時也取得了一定的進展。</p>
<p>這並不是一個微不足道的細節。電視收視率機構 <strong>尼爾森</strong> 表示，Prime 的內容在美國的觀看量超過了 <strong>迪士尼</strong> 和 <strong>華納兄弟探索</strong> 的 Max（僅舉幾例），消費者情報研究公司的數據表明，Prime 會員在亞馬遜網站上的消費幾乎是非 Prime 會員的兩倍。他們的消費也更加穩定。</p>
<p>鑑於許多 Prime 客户由於便利性而習慣於在亞馬遜購物，這部分收入可能會持續下去。隨着公司擴大國際市場，會員驅動的收入可能會增長，進一步增強成為會員的好處。超過 90% 的訂閲者在堅持至少一年後會再續訂一年服務。在第二年後，留存率甚至會進一步提高。</p>
<p>另一個可能幫助亞馬遜股票讓你終身受益的收穫是什麼？顯然，它願意嘗試新事物，但同樣願意在實驗性業務顯然無法成功時果斷停止。</p>
<p>創始人傑夫·貝索斯為這種企業文化貢獻了很大一部分功勞。現任和前任亞馬遜員工表示，這位強勢的前首席執行官培養了一種 “快速失敗，頻繁失敗” 的文化。儘管公司放棄的項目比維持的項目多，但願意象徵性地割捨無用的項目為推出可能成功的業務提供了自由。例如，如果亞馬遜害怕在這方面失敗，它可能永遠不會進入 Synergy Research Group 所稱的雲計算競爭。</p>
<p>現任首席執行官安迪·賈西自 2021 年接任以來，在這種思維方式上留下了自己的印記，果斷停止了曾經充滿希望的項目，如 Amazon Today 和公司在其亞馬遜生鮮店的無現金結賬技術（儘管它旨在將這項技術出售給其他零售商）。他仍然是願意在尋找成功的過程中承擔失敗的淨收益的支持者。未來將會有更多成功、以增長為導向的實驗。</p>
<p>關鍵是：儘管自 1990 年代以來電子商務行業增長迅速，但美國人口普查局表示，目前只有約 16% 的零售支出是在網上進行的。其餘 84% 中相當大的一部分仍然有機會被任何處於良好位置的公司爭取到。這顯然是亞馬遜。</p>
<h2>即使是一個較慢的亞馬遜仍然優於大多數其他前景</h2>
<p>再説一次，亞馬遜的股票不太可能再像它從新興企業到全面強者之間的那段時間那樣帶來鉅額收益。保持你的期望在合理範圍內。</p>
<p>然而，即使在 1997 年至 2024 年之間實現其表現的一小部分，仍然會是一次令人難以置信的增長，令新投資者非常富有。顯然，仍然有很多機會可以實現這樣的增長。</p>
<p>順便説一下，長期投資者也不必過於畏懼今年的極端樂觀情緒。</p>

亞馬遜

<p>亞馬遜（AMZN）自 1997 年首次公開募股以來，股價增長了驚人的 275,000%，使其成為頂級投資選擇。雖然過去的表現並不能保證未來的結果，但亞馬遜多樣化的收入來源，包括電子商務、雲計算和數字廣告，表明它將繼續表現強勁。擁有超過 2 億的 Prime 會員，該公司受益於高客户忠誠度和消費水平。亞馬遜願意創新並終止不成功的業務，進一步使其成為新投資者潛在的改變生活的投資</p>

<p>Most stock buyers already know <strong>Amazon</strong>(AMZN 1.04%) has been one of the most rewarding investments of the modern era. Shares are up a market-leading 275,000% since the company's 1997 public offering, reflecting its hold on an e-commerce market that's exploded in the meantime.</p>
<div class="lb-trans"><p>大多數股票買家已經知道 <strong>亞馬遜</strong>（AMZN 1.04%）是現代時代最有回報的投資之一。自 1997 年公司上市以來，股價上漲了市場領先的 275,000%，反映了其在電子商務市場中的主導地位，而該市場在此期間迅速增長。</p>
</div><p>As the adage goes, past performance is no guarantee of future results. The online shopping business can't come into existence again. As such, Amazon stock isn't likely to repeat the feat over the coming 27 years.</p>
<div class="lb-trans"><p>正如諺語所説，過去的表現並不能保證未來的結果。在線購物業務無法再次出現。因此，亞馬遜的股票在未來 27 年內不太可能重現這樣的成就。</p>
</div><p>Still, this mega-company is likely to remain a rewarding ticker for the foreseeable future, setting newcomers up for life. It's just apt to do so for a different reason than it did in the past.</p>
<div class="lb-trans"><p>儘管如此，這家巨頭公司在可預見的未來仍可能是一個有回報的股票，為新手們鋪就一條致富之路。只是它的成功原因可能與過去不同。</p>
</div><h2>Not everything Amazon tries works, but enough of it does</h2>
<div class="lb-trans"><h2>亞馬遜嘗試的並非所有事情都成功，但足夠多的事情成功了</h2>
</div><p>They say timing is everything. Amazon proved that this claim may well be true.</p>
<div class="lb-trans"><p>人們常説時機就是一切。亞馬遜證明了這一説法可能是正確的。</p>
</div><p>Amazon launched as an online bookstore in 1995 when the internet was practically brand new. The rest, as they say, is history. The company soon expanded its offerings, en route to its current yearly revenue of $620 billion.</p>
<div class="lb-trans"><p>亞馬遜於 1995 年作為一家在線書店推出，當時互聯網幾乎是全新的。接下來的事情，正如人們所説，都是歷史。公司很快擴展了其產品，現年收入達到 6200 億美元。</p>
</div><p>It's obviously still in the e-commerce business. Indeed, market research outfit eMarketer reports that Amazon alone accounts for about 40% of U.S. online spending. It's doing pretty well overseas too, even though foreign competitors have a home-field advantage over the U.S.-based company. It also launched a cloud computing venture in the meantime, leveraging its well-established name. Amazon Web Services generates about 60% of the outfit's operating income, even though it only accounts for less than 30% of Amazon's revenue.</p>
<div class="lb-trans"><p>顯然，它仍然在電子商務領域。事實上，市場研究機構 eMarketer 報告稱，亞馬遜獨自佔據了美國在線消費的約 40%。儘管外國競爭對手在本土市場上具有優勢，但它在海外的表現也相當不錯。同時，它還推出了雲計算業務，利用其知名品牌。亞馬遜網絡服務（Amazon Web Services）產生了約 60% 的運營收入，儘管它僅佔亞馬遜收入的不到 30%。</p>
</div><p>Then there's Amazon Prime, offering subscribers access to a huge library of streaming video and free next-day shipping on millions of items ordered online. Now the company's even waist-deep into the digital advertising business, monetizing all the web traffic at Amazon.com. Over the past four quarters, the company's collected more than $53 billion in ad revenue ... a number that's still growing.</p>
<div class="lb-trans"><p>然後是亞馬遜 Prime，向訂閲者提供訪問龐大的流媒體視頻庫和數百萬在線訂購商品的免費次日送達服務。現在，公司甚至深入數字廣告業務，利用亞馬遜網站的所有網絡流量進行變現。在過去四個季度中，公司收集了超過 530 億美元的廣告收入……這個數字仍在增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkyNDEvMTEyNjI0LWFtYXpvbi1hZHZlcnRpc2luZy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799241%2F112624-amazon-advertising.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Amazon Inc. Chart by author. Figures are in billions.</p>
<div class="lb-trans"><p>數據來源：亞馬遜公司。圖表由作者提供。數字以十億美元計。</p>
</div><p>That's not to suggest that <em>every</em> venture Amazon has entered into has turned out a winner. After years of lackluster results, it shuttered all its bookstores (which also carried plenty of other merchandise) in early 2022. Its foray into its own grocery and grocery-delivery business also hasn't become a major profit center, despite 52 locales now up and running. In retrospect, its 2017 acquisition of Whole Foods Market has arguably been a more meaningful -- albeit more expensive -- move in this space. And just last month, the company shut down a same-day delivery service called Amazon Today that ferried goods from brick-and-mortar stores to nearby customers.</p>
<div class="lb-trans"><p>這並不是説亞馬遜進入的每一個項目都取得了成功。在經歷了多年的平淡業績後，它在 2022 年初關閉了所有書店（這些書店也銷售其他商品）。儘管現在有 52 個地點在運營，但它在自己的雜貨和雜貨配送業務上的嘗試也沒有成為主要的利潤中心。回顧 2017 年收購 Whole Foods Market，可能在這個領域是一個更有意義的——儘管更昂貴的——舉動。就在上個月，公司關閉了一項名為 Amazon Today 的同日送貨服務，該服務將商品從實體店運送到附近的客户。</p>
</div><p>Still, more than enough of what Amazon has tried seems to be working.</p>
<div class="lb-trans"><p>儘管如此，亞馬遜嘗試的足夠多的事情似乎都在奏效。</p>
</div><h2>Amazon is an investment in a mindset</h2>
<div class="lb-trans"><h2>亞馬遜是一種心態的投資</h2>
</div><p>But what about any of this makes Amazon the sort of stock that can set you up for life? None of it in and of itself. There are two key takeaways, however, rooted in <em>all</em> of the above.</p>
<div class="lb-trans"><p>但這些事情中有什麼使亞馬遜成為能夠讓你終身受益的股票呢？單獨來看並沒有。但有兩個關鍵的收穫，根植於上述所有內容。</p>
</div><p>First, Amazon manages a massive digital ecosystem of regular customers.</p>
<div class="lb-trans"><p>首先，亞馬遜管理着一個龐大的常規客户數字生態系統。</p>
</div><p>While the company itself doesn't divulge too many details very often, Consumer Intelligence Research Partners' most recent report on the matter suggests there are over 200 million paying Prime members worldwide. Most of them reside within the U.S., although the company's finding traction with the service as it unveils it overseas.</p>
<div class="lb-trans"><p>雖然公司本身並不經常透露太多細節，但消費者情報研究公司最近的報告顯示，全球有超過 2 億名付費的 Prime 會員。大多數會員居住在美國，儘管公司在海外推出該服務時也取得了一定的進展。</p>
</div><p>This is no trivial detail. Not only does TV-ratings agency <strong>Nielsen</strong> indicate Prime's content is more watched than <strong>Disney</strong>'s and <strong>Warner Bros. Discovery</strong>'s Max (just to name a few) within the United States, Consumer Intelligence Research Partners' data suggests Prime members spend almost twice as much at Amazon.com as non-Prime members do. They also do so more consistently.</p>
<div class="lb-trans"><p>這並不是一個微不足道的細節。電視收視率機構 <strong>尼爾森</strong> 表示，Prime 的內容在美國的觀看量超過了 <strong>迪士尼</strong> 和 <strong>華納兄弟探索</strong> 的 Max（僅舉幾例），消費者情報研究公司的數據表明，Prime 會員在亞馬遜網站上的消費幾乎是非 Prime 會員的兩倍。他們的消費也更加穩定。</p>
</div><p>Given that many Prime customers are now in the habit of purchasing from Amazon due to its convenience, this revenue is likely here to stay. The member-driven revenue is likely to grow as the company expands its international footprint, in fact, bolstering the benefit of being a member. Well over 90% of subscribers who stick with it for at least one year sign up for another year of service. After the second year, retention improve even more.</p>
<div class="lb-trans"><p>鑑於許多 Prime 客户由於便利性而習慣於在亞馬遜購物，這部分收入可能會持續下去。隨着公司擴大國際市場，會員驅動的收入可能會增長，進一步增強成為會員的好處。超過 90% 的訂閲者在堅持至少一年後會再續訂一年服務。在第二年後，留存率甚至會進一步提高。</p>
</div><p>The other takeaway that could help Amazon stock set you up for life if you don't own it yet? It's clearly willing to try new things, yet is just as willing to pull the plug on experimental businesses when it becomes clear they're not going to work out.</p>
<div class="lb-trans"><p>另一個可能幫助亞馬遜股票讓你終身受益的收穫是什麼？顯然，它願意嘗試新事物，但同樣願意在實驗性業務顯然無法成功時果斷停止。</p>
</div><p>Founder Jeff Bezos gets much of the credit for this corporate ethos. Current and former Amazon employees say the hard-driving former CEO fostered a &#34;fail fast, fail often&#34; culture. Although the company's abandoned more projects than it's maintained, a willingness to proverbially cut bait offers the freedom to launch ventures that just might work. For instance, if Amazon was afraid to fail on this front, it might have never gotten into the cloud computing race that Synergy Research Group says it now leads.</p>
<div class="lb-trans"><p>創始人傑夫·貝索斯為這種企業文化貢獻了很大一部分功勞。現任和前任亞馬遜員工表示，這位強勢的前首席執行官培養了一種 “快速失敗，頻繁失敗” 的文化。儘管公司放棄的項目比維持的項目多，但願意象徵性地割捨無用的項目為推出可能成功的業務提供了自由。例如，如果亞馬遜害怕在這方面失敗，它可能永遠不會進入 Synergy Research Group 所稱的雲計算競爭。</p>
</div><p>Current CEO Andy Jassy has put his own fingerprints on this way of thinking since taking the helm in 2021, pulling the plug on once-hopeful efforts like Amazon Today and the company's Just Walk Out cashierless-store technology from its own Amazon Fresh stores (even as it aims to sell this tech to other retailers). He's still a fan of the net benefits of being willing to fail in the name of finding success. Look for more successful, growth-minded experimenting for the indefinite future.</p>
<div class="lb-trans"><p>現任首席執行官安迪·賈西自 2021 年接任以來，在這種思維方式上留下了自己的印記，果斷停止了曾經充滿希望的項目，如 Amazon Today 和公司在其亞馬遜生鮮店的無現金結賬技術（儘管它旨在將這項技術出售給其他零售商）。他仍然是願意在尋找成功的過程中承擔失敗的淨收益的支持者。未來將會有更多成功、以增長為導向的實驗。</p>
</div><p>The kicker: As much as the e-commerce industry has grown since the 1990s, the U.S. Census Bureau says only about 16% of the country's retail spending is currently done online. A sizable chunk of the other 84% remains up for grabs by any company that's in a good position to win it. That's clearly Amazon.</p>
<div class="lb-trans"><p>關鍵是：儘管自 1990 年代以來電子商務行業增長迅速，但美國人口普查局表示，目前只有約 16% 的零售支出是在網上進行的。其餘 84% 中相當大的一部分仍然有機會被任何處於良好位置的公司爭取到。這顯然是亞馬遜。</p>
</div><h2>Even a slower Amazon is still better than most other prospects</h2>
<div class="lb-trans"><h2>即使是一個較慢的亞馬遜仍然優於大多數其他前景</h2>
</div><p>Again, it's unlikely Amazon stock will ever again dish out the kinds of gains it did between the points in time when it was an up-and-comer and a full-blown powerhouse. Keep your expectations in check.</p>
<div class="lb-trans"><p>再説一次，亞馬遜的股票不太可能再像它從新興企業到全面強者之間的那段時間那樣帶來鉅額收益。保持你的期望在合理範圍內。</p>
</div><p>Even achieving a fraction of its performance between 1997 and 2024, however, would still be an incredible run, making newcomers very rich as a result. There's certainly still plenty of opportunity to produce that growth.</p>
<div class="lb-trans"><p>然而，即使在 1997 年至 2024 年之間實現其表現的一小部分，仍然會是一次令人難以置信的增長，令新投資者非常富有。顯然，仍然有很多機會可以實現這樣的增長。</p>
</div><p>Long-term investors need not be too intimidated by this year's extreme bullishness too much either, by the way.</p>
<div class="lb-trans"><p>順便説一下，長期投資者也不必過於畏懼今年的極端樂觀情緒。</p>
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Could Buying Amazon Today Set You Up for Life?

- 亞馬遜自 1997 年上市以來股價上漲了 275,000%。  
- 該公司在美國在線消費中佔據約 40% 的市場份額。  
- 亞馬遜的雲計算和廣告業務也在持續增長，未來仍有發展潛力。  

今天購買亞馬遜股票能讓你一生無憂嗎？