AMZN 是绝佳机会：过去五年其股价跑输标普500（61% 对 70%），但同期营收从 4700 亿增至 7200 亿，增长 20%，营业利润从 240 亿增至 800 亿，增长 43%；其远期市盈率从 56 降至 17.5，而按 3.5 倍市销率，你得到的是一个拥有护城河、垂直整合的云业务。
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我还想在这里给你展示的另一个箭头是这一个。Amazon。我也把 Amazon 加进了我最看好的股票名单。它并没有实现1400%的涨幅。事实上，它实现的涨幅要小得多。我实现了61%。
但这正是关键所在。因为过去五年它一直落后于标普500指数，61%对70%，这就是机会，明白吗？你现在是以3.5倍市销率买入。你得到的是云领域最大的垂直整合，再加上 Google 的训练芯片和 TPU。
这个生态系统有护城河，转换成本也都摆在那里。整体市场在扩张，这些全都在。需求源源不断。
Another arrow I want to show you here is this one. Amazon. We also added Amazon to my list of favorite stocks. It did not achieve 1400%. In fact, it achieved much less . I achieved 61%.
But , that's the crux of the matter. Because it has been lagging behind the S&P 500 for the past five years by 61 % versus 70%, this is the opportunity, okay? You are now buying at a 3.5x sales multiple.
What you get is the largest vertical integration in the cloud field, along with Google training chips and TPUs. The ecosystem is moated, and the costs of switching are all there .
An expanding overall market , all of that is there. A request that never ends.
这是最大的云业务，它和 Google 一样是垂直整合的，有生态系统和护城河，而过去五年它一直落后于标普500指数。
This is the largest cloud, it is vertically integrated just like Google, it has an ecosystem and a moat, and it has lagged behind the S&P 500 in the last five years .
顺便说一句，在它落后于标普500指数的那五年里，看看这些数字发生了什么变化。营收从4700亿增长到7200亿，目前正以每年20%的速度增长。营业利润从240亿上升到800亿，几乎翻了四倍，正以每年43%的速度增长。
远期市盈率从56倍降到17.5倍。仅在过去一年里就已经下降了20%。所以，公司越来越便宜，基本面却越来越好，而它远远落后于标普500指数。这是一个黄金机会。
And by the way, during those five years that it lagged behind the S&P 500, look at what the numbers did. Revenues have increased from 470 billion to 720 billion, and are currently growing at a rate of 20% annually .
Operating income rose from 24 billion to 80 billion, almost four times, and is growing at a rate of 43% annually. The forward price-to-earnings ratio fell from 56 to 17.5. It has already decreased by 20 % in the last year alone.
So, the company gets cheaper and cheaper, while the fundamentals get better and better, and it lags far behind the S& P 500 index. This is a golden opportunity.