<p><strong>亞馬遜</strong>（AMZN -1.46%）是億萬富翁投資者中受歡迎的股票選擇。沃倫·巴菲特和 <strong>伯克希爾·哈撒韋</strong> 長期以來一直持有亞馬遜的股份，儘管他們最近沒有再增加任何股份。其他最近增加持倉的億萬富翁包括佩爾申廣場的比爾·阿克曼和老虎全球管理公司的切斯·科爾曼。</p>
<p>在第二季度，阿克曼在亞馬遜建立了一個全新的頭寸，購買了價值 12.8 億美元的股份。這使得亞馬遜在他的對沖基金中佔據了 9.3% 的頭寸，顯然是一個看漲的押注。</p>
<p>科爾曼在他的投資組合中已經有亞馬遜的頭寸，但在幾個季度內沒有進行有意義的增持。在第二季度，該基金將其頭寸增加了 62%，這是另一個看漲的信號。</p>
<p>那麼，這些億萬富翁對沖基金經理為什麼對亞馬遜如此看好呢？歸根結底是亞馬遜快速上升的利潤率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTEvaW1hZ2Utb2YtYS1zdG9jay1jaGFydC1yaXNpbmcuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTEvaW1hZ2Utb2YtYS1zdG9jay1jaGFydC1yaXNpbmcuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜的收入增長看起來相對緩慢</h2>
<p>從表面上看，亞馬遜似乎是一隻缺乏活力的成長股。亞馬遜的收入同比僅增長了 13%，這比一些大型科技公司要慢，但與更廣泛的市場相比並沒有顯著差異。儘管如此，亞馬遜在這個高個位數到低雙位數的增長率範圍內已經持續了一段時間。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png"/></p>
<p>AMZN 收入（季度同比增長）數據來源於 YCharts</p>
<p>這並不是一隻能夠在長期內擊敗市場的股票的配方，但如果你僅僅依靠這個指標，你就看錯了。相反，投資者應該關注亞馬遜的營業利潤增長。隨着亞馬遜業務的成熟，其利潤必須比收入增長得更快，這可以讓亞馬遜繼續在成長股的討論中佔有一席之地。</p>
<p>儘管亞馬遜的營業利潤增長速度不如以前那麼快，但該公司仍在實現令人印象深刻的增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png"/></p>
<p>AMZN 營業收入（季度同比增長）數據來源於 YCharts</p>
<p>可以肯定的是，31% 的營業收入增長是令人印象深刻的，並將亞馬遜與許多表現最好的科技股並列。但亞馬遜是如何實現相對於收入增長的超額營業利潤增長的呢？</p>
<h2>AWS 和廣告服務推動亞馬遜的利潤率上升</h2>
<p>儘管許多投資者將亞馬遜視為電子商務巨頭，但它的業務還有多個其他方面。對亞馬遜盈利能力最重要的兩個方面是亞馬遜網絡服務（AWS）和廣告服務。</p>
<p>AWS 是亞馬遜的雲計算部門，隨着人工智能（AI）工作負載的上線，正在經歷巨大的增長。亞馬遜的核心是構建多餘的計算能力，並將其租給客户以運行工作負載。這是一項昂貴的業務，這也是亞馬遜的自由現金流下降的原因，但這可能在未來幾年為其投資帶來巨大的回報。</p>
<p>AWS 是亞馬遜業務的關鍵組成部分。儘管在第二季度僅佔銷售額的 18%，但 AWS 卻貢獻了亞馬遜總營業收入的 53%。顯然，AWS 是亞馬遜的重要組成部分，其持續成功對亞馬遜的股票表現至關重要。</p>
<p>廣告服務是亞馬遜的另一個重要部分。不幸的是，亞馬遜並未單獨列出這一部分的營業利潤率，因為它與更廣泛的商業部門歸為一類。儘管如此，這一部分在過去幾年中一直是亞馬遜增長最快的部分。在第二季度，廣告服務同比增長了 23%，標誌着與過去幾個季度相比的增長重新加速。</p>
<p>雖然無法計算這一部門的利潤率，但可以安全地假設它們相當高，因為從廣告中獲得大量收入的公司（如 <strong>Meta Platforms</strong> 或 <strong>Alphabet</strong>）的營業利潤率都很可觀。</p>
<p>廣告服務是亞馬遜的關鍵部分，亞馬遜的商業部門營業利潤率在廣告服務崛起的同時迅速改善並非巧合。</p>
<p>儘管 AWS 和廣告服務在過去幾年中表現出色，但它們的增長遠未結束。因此，預計亞馬遜的營業利潤率將繼續改善，這將使其利潤增長相對於收入增長超出預期。這是一個成功的組合，難怪像切斯·科爾曼和比爾·阿克曼這樣的億萬富翁最近增加了股份。我認為亞馬遜現在是一個穩健的投資，跟隨這兩位傳奇投資者的腳步是一個明智的選擇。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>億萬富翁投資者，包括比爾·阿克曼和切斯·科爾曼，最近增加了他們在亞馬遜的股份，顯示出看漲的情緒。阿克曼投資了 12.8 億美元，而科爾曼則將其持倉提高了 62%。儘管亞馬遜的收入同比增長放緩至 13%，但其營業收入增長了 31%，這主要得益於亞馬遜雲服務（AWS）和廣告服務。AWS 對營業收入的貢獻顯著，而快速增長的廣告部門是改善利潤率的關鍵。這一趨勢表明，亞馬遜仍然是一個穩健的投資機會，與這些知名投資者的策略相一致</p>

<p><strong>Amazon</strong>(AMZN -1.46%) is a popular stock pick among billionaire investors. Warren Buffett and <strong>Berkshire</strong> <strong>Hathaway</strong> have owned Amazon for a long time, although they haven't added any more shares to their portfolio in a while. Other billionaires who have been increasing their positions lately include Bill Ackman at Pershing Square and Chase Coleman at Tiger Global Management.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>（AMZN -1.46%）是億萬富翁投資者中受歡迎的股票選擇。沃倫·巴菲特和 <strong>伯克希爾·哈撒韋</strong> 長期以來一直持有亞馬遜的股份，儘管他們最近沒有再增加任何股份。其他最近增加持倉的億萬富翁包括佩爾申廣場的比爾·阿克曼和老虎全球管理公司的切斯·科爾曼。</p>
</div><p>During the second quarter, Ackman created a brand-new position in Amazon, purchasing $1.28 billion worth of shares in the quarter. This puts Amazon at a 9.3% position in his hedge fund, a clearly bullish bet.</p>
<div class="lb-trans"><p>在第二季度，阿克曼在亞馬遜建立了一個全新的頭寸，購買了價值 12.8 億美元的股份。這使得亞馬遜在他的對沖基金中佔據了 9.3% 的頭寸，顯然是一個看漲的押注。</p>
</div><p>Coleman already had an Amazon position in his portfolio, but hadn't made a meaningful addition to it in a few quarters. During Q2, the fund increased its position by 62%, another bullish sign.</p>
<div class="lb-trans"><p>科爾曼在他的投資組合中已經有亞馬遜的頭寸，但在幾個季度內沒有進行有意義的增持。在第二季度，該基金將其頭寸增加了 62%，這是另一個看漲的信號。</p>
</div><p>So, why are these billionaire hedge fund managers so bullish on Amazon? It boils down to Amazon's rapidly rising margins.</p>
<div class="lb-trans"><p>那麼，這些億萬富翁對沖基金經理為什麼對亞馬遜如此看好呢？歸根結底是亞馬遜快速上升的利潤率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTEvaW1hZ2Utb2YtYS1zdG9jay1jaGFydC1yaXNpbmcuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830851%2Fimage-of-a-stock-chart-rising.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><h2>Amazon's revenue growth looks fairly slow</h2>
<div class="lb-trans"><h2>亞馬遜的收入增長看起來相對緩慢</h2>
</div><p>On the surface, Amazon appears to be a lackluster growth stock. Amazon's revenue rose by only 13% year over year, which is slower than some of its big tech peers, but not significantly so compared to the broader market. Still, Amazon has been in this high-single-digit to low-double-digit growth rate range for some time.</p>
<div class="lb-trans"><p>從表面上看，亞馬遜似乎是一隻缺乏活力的成長股。亞馬遜的收入同比僅增長了 13%，這比一些大型科技公司要慢，但與更廣泛的市場相比並沒有顯著差異。儘管如此，亞馬遜在這個高個位數到低雙位數的增長率範圍內已經持續了一段時間。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png" alt="" original-src="https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png"/></p>
<p>AMZN Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 收入（季度同比增長）數據來源於 YCharts</p>
</div><p>That's not a recipe for a stock that can crush the market over the long term, but if you're going by that, you're looking at the wrong metric. Instead, investors should focus on Amazon's operating profit growth. As Amazon becomes a more mature business, its profits must rise faster than revenue, which can keep Amazon in the discussion of growth stocks.</p>
<div class="lb-trans"><p>這並不是一隻能夠在長期內擊敗市場的股票的配方，但如果你僅僅依靠這個指標，你就看錯了。相反，投資者應該關注亞馬遜的營業利潤增長。隨着亞馬遜業務的成熟，其利潤必須比收入增長得更快，這可以讓亞馬遜繼續在成長股的討論中佔有一席之地。</p>
</div><p>Although Amazon's operating profits aren't growing as fast as they once were, the company is still posting impressive growth.</p>
<div class="lb-trans"><p>儘管亞馬遜的營業利潤增長速度不如以前那麼快，但該公司仍在實現令人印象深刻的增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png" alt="" original-src="https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png"/></p>
<p>AMZN Operating Income (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 營業收入（季度同比增長）數據來源於 YCharts</p>
</div><p>To be sure, 31% operating income growth is impressive and places Amazon alongside many of the highest-performing tech stocks. But how is Amazon achieving outsized operating profit growth compared to revenue growth?</p>
<div class="lb-trans"><p>可以肯定的是，31% 的營業收入增長是令人印象深刻的，並將亞馬遜與許多表現最好的科技股並列。但亞馬遜是如何實現相對於收入增長的超額營業利潤增長的呢？</p>
</div><h2>AWS and advertising services are pushing Amazon's profit margins higher</h2>
<div class="lb-trans"><h2>AWS 和廣告服務推動亞馬遜的利潤率上升</h2>
</div><p>Although many investors view Amazon as an e-commerce giant, it has multiple other facets to its business. Two of the most important for Amazon's profitability are Amazon Web Services (AWS) and advertising services.</p>
<div class="lb-trans"><p>儘管許多投資者將亞馬遜視為電子商務巨頭，但它的業務還有多個其他方面。對亞馬遜盈利能力最重要的兩個方面是亞馬遜網絡服務（AWS）和廣告服務。</p>
</div><p>AWS is Amazon's cloud computing division, which is experiencing a massive growth surge as artificial intelligence (AI) workloads come online. At its core, Amazon is building excess computing power and renting that out to clients to run workloads on. This is an expensive business, which is why Amazon's free cash flow is down, but it could yield massive returns on its investments years down the road.</p>
<div class="lb-trans"><p>AWS 是亞馬遜的雲計算部門，隨着人工智能（AI）工作負載的上線，正在經歷巨大的增長。亞馬遜的核心是構建多餘的計算能力，並將其租給客户以運行工作負載。這是一項昂貴的業務，這也是亞馬遜的自由現金流下降的原因，但這可能在未來幾年為其投資帶來巨大的回報。</p>
</div><p>AWS is a crucial component of Amazon's business. Despite accounting for 18% of sales in Q2, AWS generated 53% of Amazon's total operating income. Clearly, AWS is a critical piece for Amazon, and its continued success is key to Amazon's stock performance.</p>
<div class="lb-trans"><p>AWS 是亞馬遜業務的關鍵組成部分。儘管在第二季度僅佔銷售額的 18%，但 AWS 卻貢獻了亞馬遜總營業收入的 53%。顯然，AWS 是亞馬遜的重要組成部分，其持續成功對亞馬遜的股票表現至關重要。</p>
</div><p>Advertising services are another huge part of Amazon. Unfortunately, Amazon doesn't break out the operating margin for this segment, as it's grouped with its broader commerce divisions. Still, this segment has been Amazon's fastest-growing over the past few years. In Q2, ad services grew 23% year over year, marking a reacceleration of growth compared to the last few quarters.</p>
<div class="lb-trans"><p>廣告服務是亞馬遜的另一個重要部分。不幸的是，亞馬遜並未單獨列出這一部分的營業利潤率，因為它與更廣泛的商業部門歸為一類。儘管如此，這一部分在過去幾年中一直是亞馬遜增長最快的部分。在第二季度，廣告服務同比增長了 23%，標誌着與過去幾個季度相比的增長重新加速。</p>
</div><p>Although it's impossible to calculate what the margins are for this division, it's safe to assume they are quite high, considering that companies that derive a ton of money from advertising (like <strong>Meta Platforms</strong> or <strong>Alphabet</strong>) have impressive operating margins.</p>
<div class="lb-trans"><p>雖然無法計算這一部門的利潤率，但可以安全地假設它們相當高，因為從廣告中獲得大量收入的公司（如 <strong>Meta Platforms</strong> 或 <strong>Alphabet</strong>）的營業利潤率都很可觀。</p>
</div><p>Ad services are a key part of Amazon, and it's no coincidence that its commerce divisions' operating margins have improved rapidly during the same time ad services have risen to prominence.</p>
<div class="lb-trans"><p>廣告服務是亞馬遜的關鍵部分，亞馬遜的商業部門營業利潤率在廣告服務崛起的同時迅速改善並非巧合。</p>
</div><p>Although both AWS and advertising services have had an impressive run over the past few years, their growth is far from over. As a result, Amazon's operating margins are expected to continue improving, which will enable outsized profit growth compared to revenue growth. This is a winning combination, and it's no wonder that billionaires like Chase Coleman and Bill Ackman have recently added shares. I think Amazon is a solid investment right now, and following in the footsteps of these two legendary investors is a smart idea.</p>
<div class="lb-trans"><p>儘管 AWS 和廣告服務在過去幾年中表現出色，但它們的增長遠未結束。因此，預計亞馬遜的營業利潤率將繼續改善，這將使其利潤增長相對於收入增長超出預期。這是一個成功的組合，難怪像切斯·科爾曼和比爾·阿克曼這樣的億萬富翁最近增加了股份。我認為亞馬遜現在是一個穩健的投資，跟隨這兩位傳奇投資者的腳步是一個明智的選擇。</p>
</div>

These 2 Billionaires Just Loaded Up on Amazon Stock. Should You?

- 亞馬遜吸引了億萬富翁投資者的關注，巴菲特和阿克曼等人增持股份。  
- 亞馬遜的營收增長緩慢，但其運營利潤增長達到 31%，顯示出強勁的盈利能力。  
- AWS 和廣告服務推動了亞馬遜的利潤率提升，未來仍有增長潛力。  

這兩位億萬富翁剛剛大量買入亞馬遜股票。你是否也應該跟進呢？