亚马逊持久的电商护城河以及当前255美元股价相对于308美元公允价值的低估，支持长期买入并持有的投资论点。
逐段跳播
接下来我要重点介绍的一只股票，是你可以买入并几乎永远持有的，那就是亚马逊。亚马逊最强大的竞争优势，也是极难被复制的，是其电商业务的履约网络和物流体系。
The next stock I'm going to highlight as one you can buy and keep almost forever is Amazon. Amazon's strongest competitive advantage , which will be very difficult to replicate , is its fulfillment networks and logistics for its e-commerce business.
该公司已投入数千亿美元建设这一网络，了解其效率，寻找降低客服成本的方法，并从客户的购买方式、下单方式、下单时间等数据中学习。
The company has spent hundreds of billions of dollars developing this network, learning how effective it is, finding ways to reduce customer service costs , and learning data from how customers buy, how they order , when they order, and so on.
除了沃尔玛，几乎没有人能与之竞争。因此，如果你是一家在全球只有一个主要竞争对手的公司，从长远来看，这将是一种盈利的商业模式。
It would be extremely difficult for anyone outside of Walmart to possibly compete against it. Thus, if you are a company with only one major competitor worldwide , that will be a profitable business model in the long run.
顺便提一下，亚马逊目前正在加强其在云服务领域的竞争优势，此前已投入数千亿美元开发其人工智能增强的数据中心。它以非常经济高效的方式构建专有芯片技术，如CPU和GPU，这是一个竞争对手难以复制的新类别。
Incidentally, Amazon is now working to strengthen its competitive advantage in cloud services after spending hundreds of billions of dollars to develop its AI-enhanced data centers . It builds proprietary chip technology such as CPUs and GPUs in a very cost-effective way , and this is a new category that competitors will find difficult to replicate.
然而，我对亚马逊长期电商优势更有信心，而云服务领域则将在近期产生盈利回报。从长远来看，还存在更大的问号。它最终可能成为一种盈利的商业模式，但就目前而言，它正在产生可观的利润和很高的利润率，从长远来看，它可能成为推动收入和利润并保持其竞争优势的另一个催化剂。
However, I am more confident about its long-term e-commerce advantages, and the cloud services sector is something that will generate profitable returns in the near term. In the long run, there are even bigger question marks. It may end up being a profitable business model in the long run, but for now, it is generating substantial profits and great profit margins, and in the long run, it may become another catalyst that drives revenues and profits and maintains its competitive advantages.
现在，如果你对估值感兴趣，我计算出亚马逊股票的合理价值为308美元。当前市场价格为255美元。
Now, if you are interested in the valuation, I have calculated a fair value of $308 for Amazon stock. The current market price is $255.
所以，你不仅仅是以合理的价格买入亚马逊，实际上，你买入的价格比其价值低约20%。和Visa一样，我的投资组合中也持有亚马逊股票，我实际上有兴趣增持更多亚马逊股票，并持有更多年。
So, you're not just getting Amazon at a fair price , in fact, you're getting Amazon at a price that's about 20% less than its value. Like Visa, I own Amazon stock in my portfolio, and I am actually interested in adding more Amazon shares and holding them for many more years.
这个频道对 $AMZN 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。