<p>股市在長期財富創造方面有着令人印象深刻的記錄，我們可以合理地預期它在未來 20 年內將繼續提供優異的回報。投資者可以通過購買跟蹤主要指數的 ETF，或投資於表現良好的個股來利用這一機會。</p>
<p>在未來幾十年中，有兩個優秀的投資前景是 <strong>微軟</strong>（MSFT 1.58%）和 <strong>直覺外科</strong>（ISRG 0.72%）。以下是原因。</p>
<h2>1. 微軟</h2>
<p>每個人都熟悉微軟品牌，但許多人仍將其與公司的傳統計算機操作系統（OS）業務聯繫在一起。這是有充分理由的。微軟在個人和商業計算領域的操作軟件市場依然是絕對的領導者，這一領域繼續為公司的總收入和盈利做出重要貢獻。然而，微軟目前最重要的增長動力是其雲計算業務——微軟 Azure。</p>
<p>在雲計算領域，這家科技巨頭僅次於 <strong>亞馬遜</strong>，實際上，它在逐漸縮小與這家長期競爭對手的差距。</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>圖片來源：Getty Images。</p>
<p>亞馬遜的首席執行官安迪·賈西表示，儘管雲計算帶來了好處，但超過 85% 的 IT 支出仍然發生在本地（即非雲端）。這為包括微軟在內的雲計算領導者提供了充足的可開發市場，未來 20 年內可以利用。微軟在這個細分市場中應至少保持領先地位，原因有二。首先，由於轉換成本，它受益於護城河。</p>
<p>其次，微軟產生了大量現金用於投資業務。</p>
<p>在過去 12 個月中，該公司產生了 694 億美元的自由現金流。此外，微軟在人工智能（AI）方面的工作也為其提供了另一個助力。在未來 20 年內，藉助這一順風，微軟的股票應能實現穩定的盈利和超越市場的表現，這也是微軟長期以來一直在做的事情。</p>
<p>最後，微軟是一隻優秀的分紅股票。確實，尋求收益的投資者在這裏可能找不到他們想要的。該公司的前瞻性收益率僅為 0.7%，低於 <strong>標準普爾 500</strong> 的 1.3% 的平庸平均水平。然而，憑藉堅實的基礎業務和出色的業績記錄——微軟在過去十年中幾乎將分紅提高了 168%——該公司可以為尋求收入的投資者以及以增長為導向的投資者提供豐厚的回報。</p>
<h2>2. 直覺外科</h2>
<p>直覺外科在過去 20 年中主導了機器人輔助手術（RAS）市場。幾乎沒有競爭對手，這加上其對著名的達芬奇手術系統的持續創新和改進，導致了強勁的財務業績。然而，其他公司，特別是 <strong>美敦力</strong>，似乎正接近對直覺外科的領導地位構成更大的直接威脅。</p>
<p>以下是投資者不必擔心的原因。首先，即使是像美敦力這樣的醫療設備巨頭，也需要數年時間才能在達芬奇系統獲得批准的絕大多數領域獲得其設備 Hugo 系統的許可。其次，直覺外科也受益於轉換成本。其設備價格不菲，培訓醫療人員使用這些設備需要時間。</p>
<p>在達芬奇系統上投入了時間、精力、努力和資金後，醫療機構不願意轉向競爭對手的設備。第三，或許最重要的是，RAS 市場存在巨大的機會。這是更多公司進入市場的關鍵原因。正如美敦力兩年前指出的，當時不到 5% 的符合條件的手術是通過機器人進行的。</p>
<p>自那時以來，這一比例不太可能有太大變化。更不用説，隨着全球人口老齡化，未來對這些機器人手術的需求將會更高。直覺外科在未來 20 年內比任何其他公司都更好地定位於乘風破浪，尤其是它不斷創新。去年，它推出了第五代達芬奇系統，並開始將人工智能集成到其某些功能中。</p>
<p>儘管競爭加劇，直覺外科的未來看起來依然光明，這也是該公司股票在長期內仍然值得投資的原因。</p>

微軟

直覺外科

2 倍做多 MSFT ETF - GraniteShares

MSFO

微軟每日 1 倍做空 ETF - Direxion

微軟每日 2 倍做多 ETF - Direxion

MSFX

MSFY

<p>股票市場預計在未來 20 年將繼續提供優異的回報。兩個適合長期投資的有前景的股票是微軟和直覺外科。微軟在操作軟件領域處於領先地位，並且在雲計算方面通過 Azure 不斷取得進展，受益於高現金流和人工智能的進步。直覺外科在機器人輔助手術市場佔據主導地位，雖然面臨競爭，但受益於高轉換成本和不斷增長的市場。兩家公司在未來幾十年都具備持續增長和強勁財務表現的良好基礎</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>股市在長期財富創造方面有着令人印象深刻的記錄，我們可以合理地預期它在未來 20 年內將繼續提供優異的回報。投資者可以通過購買跟蹤主要指數的 ETF，或投資於表現良好的個股來利用這一機會。</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>在未來幾十年中，有兩個優秀的投資前景是 <strong>微軟</strong>（MSFT 1.58%）和 <strong>直覺外科</strong>（ISRG 0.72%）。以下是原因。</p>
</div><h2>1. Microsoft</h2>
<div class="lb-trans"><h2>1. 微軟</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>每個人都熟悉微軟品牌，但許多人仍將其與公司的傳統計算機操作系統（OS）業務聯繫在一起。這是有充分理由的。微軟在個人和商業計算領域的操作軟件市場依然是絕對的領導者，這一領域繼續為公司的總收入和盈利做出重要貢獻。然而，微軟目前最重要的增長動力是其雲計算業務——微軟 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>在雲計算領域，這家科技巨頭僅次於 <strong>亞馬遜</strong>，實際上，它在逐漸縮小與這家長期競爭對手的差距。</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>圖片來源：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>亞馬遜的首席執行官安迪·賈西表示，儘管雲計算帶來了好處，但超過 85% 的 IT 支出仍然發生在本地（即非雲端）。這為包括微軟在內的雲計算領導者提供了充足的可開發市場，未來 20 年內可以利用。微軟在這個細分市場中應至少保持領先地位，原因有二。首先，由於轉換成本，它受益於護城河。</p>
</div><p>Second, Microsoft generates a substantial amount of cash to invest in the business.</p>
<div class="lb-trans"><p>其次，微軟產生了大量現金用於投資業務。</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>在過去 12 個月中，該公司產生了 694 億美元的自由現金流。此外，微軟在人工智能（AI）方面的工作也為其提供了另一個助力。在未來 20 年內，藉助這一順風，微軟的股票應能實現穩定的盈利和超越市場的表現，這也是微軟長期以來一直在做的事情。</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>最後，微軟是一隻優秀的分紅股票。確實，尋求收益的投資者在這裏可能找不到他們想要的。該公司的前瞻性收益率僅為 0.7%，低於 <strong>標準普爾 500</strong> 的 1.3% 的平庸平均水平。然而，憑藉堅實的基礎業務和出色的業績記錄——微軟在過去十年中幾乎將分紅提高了 168%——該公司可以為尋求收入的投資者以及以增長為導向的投資者提供豐厚的回報。</p>
</div><h2>2. Intuitive Surgical</h2>
<div class="lb-trans"><h2>2. 直覺外科</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>直覺外科在過去 20 年中主導了機器人輔助手術（RAS）市場。幾乎沒有競爭對手，這加上其對著名的達芬奇手術系統的持續創新和改進，導致了強勁的財務業績。然而，其他公司，特別是 <strong>美敦力</strong>，似乎正接近對直覺外科的領導地位構成更大的直接威脅。</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>以下是投資者不必擔心的原因。首先，即使是像美敦力這樣的醫療設備巨頭，也需要數年時間才能在達芬奇系統獲得批准的絕大多數領域獲得其設備 Hugo 系統的許可。其次，直覺外科也受益於轉換成本。其設備價格不菲，培訓醫療人員使用這些設備需要時間。</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>在達芬奇系統上投入了時間、精力、努力和資金後，醫療機構不願意轉向競爭對手的設備。第三，或許最重要的是，RAS 市場存在巨大的機會。這是更多公司進入市場的關鍵原因。正如美敦力兩年前指出的，當時不到 5% 的符合條件的手術是通過機器人進行的。</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>自那時以來，這一比例不太可能有太大變化。更不用説，隨着全球人口老齡化，未來對這些機器人手術的需求將會更高。直覺外科在未來 20 年內比任何其他公司都更好地定位於乘風破浪，尤其是它不斷創新。去年，它推出了第五代達芬奇系統，並開始將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>儘管競爭加劇，直覺外科的未來看起來依然光明，這也是該公司股票在長期內仍然值得投資的原因。</p>
</div>

2 Unstoppable Growth Stocks to Hold for the Next 20 Years

- 股票市場長期以來創造了可觀的財富，預計未來 20 年將繼續提供優異回報。  
- 微軟和 Intuitive Surgical 是未來幾十年的優秀投資選擇，前者在雲計算和 AI 領域具備強勁增長潛力。  
- Intuitive Surgical 在機器人輔助手術市場佔據主導地位，儘管面臨競爭，但仍有巨大的市場機會。  

兩隻勢不可擋的增長型股票，適合持有未來 20 年