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- TianZi81TianZi81
  ·2021-07-29
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  Will Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？需要考虑什么</blockquote>
  Summary Amazon is growing fast and generating solid free cash flows, but those are not used for div
  Will Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？需要考虑什么</blockquote>
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- TianZi81TianZi81
  ·2021-06-23
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  非常抱歉，此主贴已删除
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- TianZi81TianZi81
  ·2021-06-17
  Like and comment.. thanks
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- TianZi81TianZi81
  ·2021-06-16
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  Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>
  Novavax Inc COVID-19 vaccine, marketed as "Covovax," could see a launch in India as early as Septemb
  Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>
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- TianZi81TianZi81
  ·2021-06-16
  Like and share
  非常抱歉，此主贴已删除
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- TianZi81TianZi81
  ·2021-04-05
  Please comment and like.. thanks
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- TianZi81TianZi81
  ·2021-04-02
  Like and comment please
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- TianZi81TianZi81
  ·2021-03-29
  Hello.. comment and like please.. thank you
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- TianZi81TianZi81
  ·2021-03-23
  Comment and like please
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- TianZi81TianZi81
  ·2021-03-22
  Tesla!!!! Gambate!!!!
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19:41","market":"us","language":"en","title":"Will Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141389413","media":"seekingalpha","summary":"Summary\n\nAmazon is growing fast and generating solid free cash flows, but those are not used for div","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is growing fast and generating solid free cash flows, but those are not used for dividend payments for now.</li>  <li>Dividend payments would likely not impact total returns by a lot, and AMZN can use its cash flows for growth investments, which seems like the better idea for now.</li>  <li>Amazon will eventually mature at some point, and it seems possible that it will follow Apple's strategy of returning cash to its owners at that point.</li>  <li>Amazon is a great growth story, but its stock is also expensive. In the long run, returns should be solid, but will not be extremely high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92fdb38b961293c938988e9eaeb7df1d\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>marekuliasz/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊正在快速增长并产生稳定的自由现金流，但这些现金流目前尚未用于支付股息。</li><li>股息支付可能不会对总回报产生太大影响，亚马逊可以将其现金流用于增长投资，这似乎是目前更好的主意。</li><li>亚马逊最终会在某个时候成熟，它似乎有可能在那个时候效仿苹果将现金返还给其所有者的策略。</li><li>亚马逊是一个伟大的增长故事，但其股票也很昂贵。从长远来看，回报应该是稳定的，但不会太高。</li></ul><p class=\"t-img-caption\"><span>marekuliasz/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Amazon.com, Inc. (AMZN) has been a great investment in the past, and thanks to strong growth rates and a long growth runway, it could be a solid investment in the future, too - despite a rather high valuation. Since some income investors do wonder whether Amazon will ever pay dividends, we will try to evaluate that question in this report, and show a way for AMZN shareholders to generate income from their investment right now.</p><p><blockquote>亚马逊公司 (AMZN) 过去一直是一项伟大的投资，由于强劲的增长率和漫长的增长跑道，它在未来也可能是一项可靠的投资——尽管估值相当高。由于一些收入投资者确实想知道亚马逊是否会支付股息，我们将在本报告中尝试评估这个问题，并为亚马逊股东展示一种从投资中获得收入的方法。</blockquote></p><p> <b>Does Amazon Currently Pay Dividends?</b></p><p><blockquote><b>亚马逊目前支付股息吗？</b></blockquote></p><p> The answer to this question, which is surprisingly brought up often, is a clear no. Amazon does not pay any dividends, has never paid any dividends, and there is no statement by executives that indicates that Amazon is about to pay dividends any time soon. AMZN, in its current state, is a pure capital appreciation play.</p><p><blockquote>令人惊讶的是，这个问题经常被提出，但答案显然是否定的。亚马逊不支付任何股息，也从未支付过任何股息，而且高管也没有任何声明表明亚马逊即将支付股息。AMZN 目前的状态是纯粹的资本增值游戏。</blockquote></p><p> <b>Should Amazon Pay Dividends?</b></p><p><blockquote><b>亚马逊应该支付股息吗？</b></blockquote></p><p> The answer to this question is not as easy, as this depends on your viewpoint. Some shareholders that own AMZN stock but that generally prefer to invest in income-producing equities would surely like to see dividend declarations by Amazon. On the other hand, growth investors will point to the fact that the dividend yield would be rather low anyway, and that Amazon could put its cash flows to use in other ways, e.g. by spending on growth capital expenditures, or by acquiring other companies. One can certainly make a case for growth companies such as Amazon to invest in their business in order to drive future growth, instead of paying dividends.</p><p><blockquote>这个问题的答案并不容易，因为这取决于你的观点。一些持有亚马逊股票但通常更喜欢投资创收股票的股东肯定希望看到亚马逊宣布股息。另一方面，成长型投资者会指出，股息收益率无论如何都会相当低，亚马逊可以将其现金流用于其他方面，例如通过支出增长资本支出或收购其他公司。人们当然可以让亚马逊等成长型公司投资其业务，以推动未来的增长，而不是支付股息。</blockquote></p><p> I personally like to invest in income-producing stocks, but not solely, so I own a couple of capital appreciation plays as well, including Amazon. I do not think that dividend payments from Amazon would be a huge plus, as I think that Amazon is not the type of company that benefits a lot from paying out dividends. I also believe that dividends should only be paid out when a company has significant surplus cash flows, as paying dividends that are financed via debt is not creating value for shareholders. Looking at AMZN's cash flows, we see the following:</p><p><blockquote>我个人喜欢投资创收股票，但不仅仅是，所以我还拥有几家资本增值公司，包括亚马逊。我不认为亚马逊支付股息会是一个巨大的优势，因为我认为亚马逊不是那种从支付股息中受益匪浅的公司。我还认为，只有当公司拥有大量剩余现金流时，才应该支付股息，因为支付通过债务融资的股息不会为股东创造价值。从亚马逊的现金流来看，我们看到以下几点：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bb9d03526543be149e8628c2939208d\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The company currently trades at an 83x free cash flow multiple, which pencils out to a 1.2% free cash flow yield. Paying out all cash flows in the form of dividends would not be advisable anyway, so if AMZN were to pay out 50% of its free cash flow, its dividend yield would be just 0.6%. This is, by far, not high enough to attract a large number of income investors to the stock, and it does not meaningfully impact total returns, either.</p><p><blockquote>该公司目前的交易市盈率为 83 倍，自由现金流收益率为 1.2%。无论如何，以股息的形式支付所有现金流都是不可取的，因此如果 AMZN 支付其自由现金流的 50%，其股息收益率将仅为 0.6%。到目前为止，这个数字还不足以吸引大量收入投资者购买该股票，而且它也不会对总回报产生有意义的影响。</blockquote></p><p> The yield would be significantly below what income investors get from the broad market (SPY), at 1.3%, or income-investor-friendly sectors such as real estate (VNQ) or utilities (XLU), at 3%, respectively. There would thus, I think, not be a clear benefit if Amazon started to make dividend payments. On the other hand, even a dividend that results in a paltry yield of just 0.6% would eat up more than $10 billion a year in cash, which would then not be available for investments.</p><p><blockquote>收益率将大大低于投资者从大盘（SPDR标普500指数ETF）获得的收入（1.3%）或房地产（VNQ）或公用事业（XLU）等收入投资者友好行业获得的收入（分别为3%）。因此，我认为，如果亚马逊开始支付股息，不会有明显的好处。另一方面，即使是收益率仅为 0.6% 的股息，每年也会消耗超过 100 亿美元的现金，而这些现金将无法用于投资。</blockquote></p><p> Amazon's core business is not of a high-margin nature, but the company has managed to expand its size by investing in additional high-value businesses, such as cloud computing. These investments would not be possible, or only at a smaller scale if Amazon would pay out billions a year in dividends. As long as Amazon's management team can identify ways to invest its cash profitably, that is likely the better choice for shareholder value creation.</p><p><blockquote>亚马逊的核心业务并不具有高利润率性质，但该公司通过投资云计算等额外的高价值业务成功扩大了规模。如果亚马逊每年支付数十亿美元的股息，这些投资是不可能的，或者只能以较小的规模进行。只要亚马逊的管理团队能够找到盈利投资现金的方法，这可能是股东价值创造的更好选择。</blockquote></p><p> This does not mean that things can't change over time, as Amazon will mature at some point, as so many other companies did. Apple (AAPL), for example, eventually started to make dividend payments when its cash flows grew so large that there was no way to reinvest them all profitably. The same could easily happen to AMZN at some point as well, but for now, this does not seem to be the case.</p><p><blockquote>这并不意味着事情不能随着时间的推移而改变，因为亚马逊会在某个时候成熟，就像许多其他公司一样。例如，苹果 (AAPL) 最终开始支付股息，因为其现金流增长如此之大，以至于没有办法将其全部再投资以获利。同样的事情在某个时候也很容易发生在 AMZN 身上，但就目前而言，情况似乎并非如此。</blockquote></p><p></p><p> Amazon has been investing money into a wide range of acquisitions over the years, such as Metro-Goldwyn-Mayer (OTC:MGMB), which will be bought out for&nbsp;$8.5 billion&nbsp;in a deal that was announced two months ago. This move will boost AMZN's original content offerings and content creation abilities for its Prime Video segment, which should, in turn, help attract more users and which will make AMZN more competitive versus Disney (DIS) and Netflix (NFLX).</p><p><blockquote>多年来，亚马逊一直在进行广泛的收购，例如米高梅公司（OTC：MGMB），该公司将在两个月前宣布的交易中以 85 亿美元的价格被收购。此举将增强 AMZN 的原创内容产品和 Prime Video 细分市场的内容创作能力，进而有助于吸引更多用户，并使 AMZN 相对于迪士尼 (DIS) 和 Netflix (NFLX) 更具竞争力。</blockquote></p><p> Making these types of strategic acquisitions that have the goal of positioning the company for market share gains and future growth is likely more useful in the long run, compared to taking these billions and returning them to shareholders for a paltry yield of well below 1%. Last year's acquisition of autonomous vehicle tech company Zoox is another example of a takeover that fits well into Amazon's overall strategy.</p><p><blockquote>从长远来看，进行此类旨在使公司实现市场份额增长和未来增长的战略收购可能比将这些数十亿美元以远低于1%的微薄回报返还给股东更有用。去年对自动驾驶汽车技术公司 Zoox 的收购是另一个非常符合亚马逊整体战略的收购例子。</blockquote></p><p> Amazon naturally would benefit a lot if it were able to roll out autonomous delivery vehicles at some point, as this could improve its cost profile and allow for even faster delivery times. Spending money to bolster AMZN's capabilities in this area makes sense, and it allows AMZN to&nbsp;possibly enter the robo-taxi market&nbsp;on top of that. Taking the $1.2 billion that AMZN paid for Zoox and paying them out to shareholders would have equated to an abysmally small yield of 0.07% -- in other words, shareholders would basically not have gotten anything out of that.</p><p><blockquote>如果亚马逊能够在某个时候推出自动送货车，它自然会受益匪浅，因为这可以改善其成本状况，并允许更快的送货时间。花钱增强亚马逊在这一领域的能力是有意义的，而且它使亚马逊有可能进入机器人出租车市场。将 AMZN 为 Zoox 支付的 12 亿美元支付给股东，相当于 0.07% 的小收益率——换句话说，股东基本上不会从中得到任何东西。</blockquote></p><p> It should be noted that there is one possible benefit from introducing dividend payments. If AMZN started to make dividend payments today, even at a very low rate, it could start to build up a dividend growth track record, which could, at some point in the future, when growth has slowed down and payouts are growing, come in handy. Some investors are attracted to stocks that have raised their dividend by 10, 20, 25, or more years in a row, thus starting to build that track record today could have potential future benefits, although not in the near term.</p><p><blockquote>需要注意的是，引入股息支付可能有一个好处。如果 AMZN 今天开始支付股息，即使是以非常低的利率支付，它也可能开始建立股息增长记录，这可能会在未来某个时候派上用场，当增长放缓、派息增长时。一些投资者被连续 10 年、20 年、25 年或更长时间提高股息的股票所吸引，因此今天开始建立这一业绩记录可能会带来潜在的未来好处，尽管短期内不会。</blockquote></p><p> Overall, I think Amazon.com, Inc. shouldn't make dividend payments today, as growth should remain the priority for a company like AMZN. If Amazon planned to eventually become a regular dividend payer, it might make sense to introduce a very small dividend in order to build up a dividend growth track record.</p><p><blockquote>总体而言，我认为亚马逊公司今天不应该支付股息，因为增长仍然是像亚马逊这样的公司的首要任务。如果亚马逊计划最终成为定期股息支付者，那么引入非常小的股息以建立股息增长记录可能是有意义的。</blockquote></p><p> <b>Create Your Own Income Using Options</b></p><p><blockquote><b>使用选项创建自己的收入</b></blockquote></p><p> Amazon's stock can be volatile, and that allows users to create income using option strategies such as selling covered calls.</p><p><blockquote>亚马逊的股票可能会波动，这使得用户可以使用期权策略（例如出售备兑评级）来创造收入。</blockquote></p><p> If, for example, an investor owns 100 shares of Amazon and was to sell one&nbsp;call option contract&nbsp;with a strike price of $4,500 and an expiry date in January 2022, the investor would receive $46 per share, or $4,600 in total. Relative to a current investment value of $363,000 that equates to a cash on cash return of 1.3%. The same process could be done again half a year from now, which would then allow for an annual yield of around 2.6%.</p><p><blockquote>例如，如果投资者拥有 100 股亚马逊股票，并出售一份执行价格为 4,500 美元、到期日为 2022 年 1 月的看涨期权期权合约，则该投资者将获得每股 46 美元，即总计 4,600 美元。相对于当前363,000美元的投资价值，相当于1.3%的现金回报率。同样的过程可以在半年后再次进行，届时年收益率将达到 2.6% 左右。</blockquote></p><p> Using this strategy, investors could thus create an income yield that is substantially higher than what one can get from the broad market today. The strategy has the downside of shares potentially getting called away, which limits the potential upside. If shares were to run above $4,500 by January, where they would then get called away, the upside would still be 24%, however.</p><p><blockquote>因此，使用这种策略，投资者可以创造远高于当今大盘所能获得的收入收益率。该策略的缺点是股票可能被撤回，这限制了潜在的上涨空间。然而，如果到 1 月份股价达到 4,500 美元以上，然后被撤销，那么上涨空间仍将是 24%。</blockquote></p><p> The strategy also only works well if you own at least 100 shares of AMZN, which requires a huge portfolio size due to AMZN's high price per share. Nevertheless, this strategy could be of use for some investors that like to own Amazon, but that do want or need some income from their investments.</p><p><blockquote>该策略只有在您拥有至少 100 股 AMZN 股票的情况下才能奏效，而由于 AMZN 的每股价格较高，这需要巨大的投资组合规模。尽管如此，这种策略可能对一些喜欢拥有亚马逊，但确实希望或需要从投资中获得一些收入的投资者有用。</blockquote></p><p> <b>Is Amazon A Buy Or Sell Now?</b></p><p><blockquote><b>亚马逊现在是买入还是卖出？</b></blockquote></p><p> Amazon.com, Inc. is, I believe, a quality company with a huge moat and a great growth outlook. It is well-positioned to capitalize on megatrends such as cloud computing, online shopping, and online advertisement. On the other hand, shares are pretty expensive, changing hands for valuations that are significantly higher than those of most other stocks:</p><p><blockquote>我相信，亚马逊公司是一家优质公司，拥有巨大的护城河和良好的增长前景。它处于有利地位，可以利用云计算、在线购物和在线广告等大趋势。另一方面，股票相当昂贵，易手后的估值明显高于大多数其他股票：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdf764ff4b0eca336f5b0f39fc149329\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> At 66x this year's expected net profits, and at 50x next year's profits, AMZN is far from a bargain. It also is noteworthy that valuations have expanded over the last couple of months, shares were trading at 20% lower multiples in March. A couple of weeks ago,I estimated&nbsp;that AMZN could deliver high single-digit returns in the long run, which is not unattractive. But shares will, I believe, not generate the returns we have seen over the last couple of years in the future. AMZN is a quality pick, and returns in the 7%-8% a year range from a quality company are nothing to sneeze at, but AMZN is currently a little too expensive to warrant a strong buy rating.</p><p><blockquote>AMZN 今年预期净利润的 66 倍，明年利润的 50 倍，远非便宜货。还值得注意的是，过去几个月估值有所扩大，3 月份股票交易倍数下降了 20%。几周前，我估计 AMZN 从长远来看可以提供高个位数的回报，这并非没有吸引力。但我相信，股票在未来不会产生我们过去几年所看到的回报。AMZN 是一家优质公司，优质公司每年 7%-8% 的回报率不容忽视，但 AMZN 目前的价格有点太贵，不值得给予强烈的买入评级。</blockquote></p><p></p><p> Amazon is closer to being a buy than a sell, however, I think, and in case valuations come back by a bit, it could be quite attractive - e.g. at the $3,000 it traded at in March. Whether Amazon is a good choice for your portfolio depends on your investment goals, time horizon, and risk tolerance, of course, but I believe that AMZN's shares are a solid hold, and a potential buy, for those that want to participate in one of the best growth stories one can invest in today.</p><p><blockquote>然而，我认为，亚马逊更接近于买入而不是卖出，如果估值回升一点，它可能会非常有吸引力——例如，在 3 月份的交易价格为 3,000 美元。当然，亚马逊是否是您投资组合的好选择取决于您的投资目标、时间范围和风险承受能力，但我相信，对于那些想要参与的人来说，亚马逊的股票是一个可靠的持有，也是一个潜在的买入机会。今天可以投资的最佳增长故事之一。</blockquote></p><p> It is, due to AMZN's high valuation, very much possible that shares will decline in the near or medium term, however. We have seen this from time to time in the past, thus it may be prudent to wait for an eventual pullback before entering or expanding a position if you want to maximize the chance for a more favorable entry price.</p><p><blockquote>然而，由于 AMZN 的高估值，其股价在中短期内很可能会下跌。我们过去不时看到这种情况，因此，如果您想最大限度地提高获得更有利入场价格的机会，在进场或扩大头寸之前等待最终回调可能是谨慎的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？需要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-29 19:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is growing fast and generating solid free cash flows, but those are not used for dividend payments for now.</li>  <li>Dividend payments would likely not impact total returns by a lot, and AMZN can use its cash flows for growth investments, which seems like the better idea for now.</li>  <li>Amazon will eventually mature at some point, and it seems possible that it will follow Apple's strategy of returning cash to its owners at that point.</li>  <li>Amazon is a great growth story, but its stock is also expensive. In the long run, returns should be solid, but will not be extremely high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92fdb38b961293c938988e9eaeb7df1d\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>marekuliasz/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊正在快速增长并产生稳定的自由现金流，但这些现金流目前尚未用于支付股息。</li><li>股息支付可能不会对总回报产生太大影响，亚马逊可以将其现金流用于增长投资，这似乎是目前更好的主意。</li><li>亚马逊最终会在某个时候成熟，它似乎有可能在那个时候效仿苹果将现金返还给其所有者的策略。</li><li>亚马逊是一个伟大的增长故事，但其股票也很昂贵。从长远来看，回报应该是稳定的，但不会太高。</li></ul><p class=\"t-img-caption\"><span>marekuliasz/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Amazon.com, Inc. (AMZN) has been a great investment in the past, and thanks to strong growth rates and a long growth runway, it could be a solid investment in the future, too - despite a rather high valuation. Since some income investors do wonder whether Amazon will ever pay dividends, we will try to evaluate that question in this report, and show a way for AMZN shareholders to generate income from their investment right now.</p><p><blockquote>亚马逊公司 (AMZN) 过去一直是一项伟大的投资，由于强劲的增长率和漫长的增长跑道，它在未来也可能是一项可靠的投资——尽管估值相当高。由于一些收入投资者确实想知道亚马逊是否会支付股息，我们将在本报告中尝试评估这个问题，并为亚马逊股东展示一种从投资中获得收入的方法。</blockquote></p><p> <b>Does Amazon Currently Pay Dividends?</b></p><p><blockquote><b>亚马逊目前支付股息吗？</b></blockquote></p><p> The answer to this question, which is surprisingly brought up often, is a clear no. Amazon does not pay any dividends, has never paid any dividends, and there is no statement by executives that indicates that Amazon is about to pay dividends any time soon. AMZN, in its current state, is a pure capital appreciation play.</p><p><blockquote>令人惊讶的是，这个问题经常被提出，但答案显然是否定的。亚马逊不支付任何股息，也从未支付过任何股息，而且高管也没有任何声明表明亚马逊即将支付股息。AMZN 目前的状态是纯粹的资本增值游戏。</blockquote></p><p> <b>Should Amazon Pay Dividends?</b></p><p><blockquote><b>亚马逊应该支付股息吗？</b></blockquote></p><p> The answer to this question is not as easy, as this depends on your viewpoint. Some shareholders that own AMZN stock but that generally prefer to invest in income-producing equities would surely like to see dividend declarations by Amazon. On the other hand, growth investors will point to the fact that the dividend yield would be rather low anyway, and that Amazon could put its cash flows to use in other ways, e.g. by spending on growth capital expenditures, or by acquiring other companies. One can certainly make a case for growth companies such as Amazon to invest in their business in order to drive future growth, instead of paying dividends.</p><p><blockquote>这个问题的答案并不容易，因为这取决于你的观点。一些持有亚马逊股票但通常更喜欢投资创收股票的股东肯定希望看到亚马逊宣布股息。另一方面，成长型投资者会指出，股息收益率无论如何都会相当低，亚马逊可以将其现金流用于其他方面，例如通过支出增长资本支出或收购其他公司。人们当然可以让亚马逊等成长型公司投资其业务，以推动未来的增长，而不是支付股息。</blockquote></p><p> I personally like to invest in income-producing stocks, but not solely, so I own a couple of capital appreciation plays as well, including Amazon. I do not think that dividend payments from Amazon would be a huge plus, as I think that Amazon is not the type of company that benefits a lot from paying out dividends. I also believe that dividends should only be paid out when a company has significant surplus cash flows, as paying dividends that are financed via debt is not creating value for shareholders. Looking at AMZN's cash flows, we see the following:</p><p><blockquote>我个人喜欢投资创收股票，但不仅仅是，所以我还拥有几家资本增值公司，包括亚马逊。我不认为亚马逊支付股息会是一个巨大的优势，因为我认为亚马逊不是那种从支付股息中受益匪浅的公司。我还认为，只有当公司拥有大量剩余现金流时，才应该支付股息，因为支付通过债务融资的股息不会为股东创造价值。从亚马逊的现金流来看，我们看到以下几点：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bb9d03526543be149e8628c2939208d\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The company currently trades at an 83x free cash flow multiple, which pencils out to a 1.2% free cash flow yield. Paying out all cash flows in the form of dividends would not be advisable anyway, so if AMZN were to pay out 50% of its free cash flow, its dividend yield would be just 0.6%. This is, by far, not high enough to attract a large number of income investors to the stock, and it does not meaningfully impact total returns, either.</p><p><blockquote>该公司目前的交易市盈率为 83 倍，自由现金流收益率为 1.2%。无论如何，以股息的形式支付所有现金流都是不可取的，因此如果 AMZN 支付其自由现金流的 50%，其股息收益率将仅为 0.6%。到目前为止，这个数字还不足以吸引大量收入投资者购买该股票，而且它也不会对总回报产生有意义的影响。</blockquote></p><p> The yield would be significantly below what income investors get from the broad market (SPY), at 1.3%, or income-investor-friendly sectors such as real estate (VNQ) or utilities (XLU), at 3%, respectively. There would thus, I think, not be a clear benefit if Amazon started to make dividend payments. On the other hand, even a dividend that results in a paltry yield of just 0.6% would eat up more than $10 billion a year in cash, which would then not be available for investments.</p><p><blockquote>收益率将大大低于投资者从大盘（SPDR标普500指数ETF）获得的收入（1.3%）或房地产（VNQ）或公用事业（XLU）等收入投资者友好行业获得的收入（分别为3%）。因此，我认为，如果亚马逊开始支付股息，不会有明显的好处。另一方面，即使是收益率仅为 0.6% 的股息，每年也会消耗超过 100 亿美元的现金，而这些现金将无法用于投资。</blockquote></p><p> Amazon's core business is not of a high-margin nature, but the company has managed to expand its size by investing in additional high-value businesses, such as cloud computing. These investments would not be possible, or only at a smaller scale if Amazon would pay out billions a year in dividends. As long as Amazon's management team can identify ways to invest its cash profitably, that is likely the better choice for shareholder value creation.</p><p><blockquote>亚马逊的核心业务并不具有高利润率性质，但该公司通过投资云计算等额外的高价值业务成功扩大了规模。如果亚马逊每年支付数十亿美元的股息，这些投资是不可能的，或者只能以较小的规模进行。只要亚马逊的管理团队能够找到盈利投资现金的方法，这可能是股东价值创造的更好选择。</blockquote></p><p> This does not mean that things can't change over time, as Amazon will mature at some point, as so many other companies did. Apple (AAPL), for example, eventually started to make dividend payments when its cash flows grew so large that there was no way to reinvest them all profitably. The same could easily happen to AMZN at some point as well, but for now, this does not seem to be the case.</p><p><blockquote>这并不意味着事情不能随着时间的推移而改变，因为亚马逊会在某个时候成熟，就像许多其他公司一样。例如，苹果 (AAPL) 最终开始支付股息，因为其现金流增长如此之大，以至于没有办法将其全部再投资以获利。同样的事情在某个时候也很容易发生在 AMZN 身上，但就目前而言，情况似乎并非如此。</blockquote></p><p></p><p> Amazon has been investing money into a wide range of acquisitions over the years, such as Metro-Goldwyn-Mayer (OTC:MGMB), which will be bought out for&nbsp;$8.5 billion&nbsp;in a deal that was announced two months ago. This move will boost AMZN's original content offerings and content creation abilities for its Prime Video segment, which should, in turn, help attract more users and which will make AMZN more competitive versus Disney (DIS) and Netflix (NFLX).</p><p><blockquote>多年来，亚马逊一直在进行广泛的收购，例如米高梅公司（OTC：MGMB），该公司将在两个月前宣布的交易中以 85 亿美元的价格被收购。此举将增强 AMZN 的原创内容产品和 Prime Video 细分市场的内容创作能力，进而有助于吸引更多用户，并使 AMZN 相对于迪士尼 (DIS) 和 Netflix (NFLX) 更具竞争力。</blockquote></p><p> Making these types of strategic acquisitions that have the goal of positioning the company for market share gains and future growth is likely more useful in the long run, compared to taking these billions and returning them to shareholders for a paltry yield of well below 1%. Last year's acquisition of autonomous vehicle tech company Zoox is another example of a takeover that fits well into Amazon's overall strategy.</p><p><blockquote>从长远来看，进行此类旨在使公司实现市场份额增长和未来增长的战略收购可能比将这些数十亿美元以远低于1%的微薄回报返还给股东更有用。去年对自动驾驶汽车技术公司 Zoox 的收购是另一个非常符合亚马逊整体战略的收购例子。</blockquote></p><p> Amazon naturally would benefit a lot if it were able to roll out autonomous delivery vehicles at some point, as this could improve its cost profile and allow for even faster delivery times. Spending money to bolster AMZN's capabilities in this area makes sense, and it allows AMZN to&nbsp;possibly enter the robo-taxi market&nbsp;on top of that. Taking the $1.2 billion that AMZN paid for Zoox and paying them out to shareholders would have equated to an abysmally small yield of 0.07% -- in other words, shareholders would basically not have gotten anything out of that.</p><p><blockquote>如果亚马逊能够在某个时候推出自动送货车，它自然会受益匪浅，因为这可以改善其成本状况，并允许更快的送货时间。花钱增强亚马逊在这一领域的能力是有意义的，而且它使亚马逊有可能进入机器人出租车市场。将 AMZN 为 Zoox 支付的 12 亿美元支付给股东，相当于 0.07% 的小收益率——换句话说，股东基本上不会从中得到任何东西。</blockquote></p><p> It should be noted that there is one possible benefit from introducing dividend payments. If AMZN started to make dividend payments today, even at a very low rate, it could start to build up a dividend growth track record, which could, at some point in the future, when growth has slowed down and payouts are growing, come in handy. Some investors are attracted to stocks that have raised their dividend by 10, 20, 25, or more years in a row, thus starting to build that track record today could have potential future benefits, although not in the near term.</p><p><blockquote>需要注意的是，引入股息支付可能有一个好处。如果 AMZN 今天开始支付股息，即使是以非常低的利率支付，它也可能开始建立股息增长记录，这可能会在未来某个时候派上用场，当增长放缓、派息增长时。一些投资者被连续 10 年、20 年、25 年或更长时间提高股息的股票所吸引，因此今天开始建立这一业绩记录可能会带来潜在的未来好处，尽管短期内不会。</blockquote></p><p> Overall, I think Amazon.com, Inc. shouldn't make dividend payments today, as growth should remain the priority for a company like AMZN. If Amazon planned to eventually become a regular dividend payer, it might make sense to introduce a very small dividend in order to build up a dividend growth track record.</p><p><blockquote>总体而言，我认为亚马逊公司今天不应该支付股息，因为增长仍然是像亚马逊这样的公司的首要任务。如果亚马逊计划最终成为定期股息支付者，那么引入非常小的股息以建立股息增长记录可能是有意义的。</blockquote></p><p> <b>Create Your Own Income Using Options</b></p><p><blockquote><b>使用选项创建自己的收入</b></blockquote></p><p> Amazon's stock can be volatile, and that allows users to create income using option strategies such as selling covered calls.</p><p><blockquote>亚马逊的股票可能会波动，这使得用户可以使用期权策略（例如出售备兑评级）来创造收入。</blockquote></p><p> If, for example, an investor owns 100 shares of Amazon and was to sell one&nbsp;call option contract&nbsp;with a strike price of $4,500 and an expiry date in January 2022, the investor would receive $46 per share, or $4,600 in total. Relative to a current investment value of $363,000 that equates to a cash on cash return of 1.3%. The same process could be done again half a year from now, which would then allow for an annual yield of around 2.6%.</p><p><blockquote>例如，如果投资者拥有 100 股亚马逊股票，并出售一份执行价格为 4,500 美元、到期日为 2022 年 1 月的看涨期权期权合约，则该投资者将获得每股 46 美元，即总计 4,600 美元。相对于当前363,000美元的投资价值，相当于1.3%的现金回报率。同样的过程可以在半年后再次进行，届时年收益率将达到 2.6% 左右。</blockquote></p><p> Using this strategy, investors could thus create an income yield that is substantially higher than what one can get from the broad market today. The strategy has the downside of shares potentially getting called away, which limits the potential upside. If shares were to run above $4,500 by January, where they would then get called away, the upside would still be 24%, however.</p><p><blockquote>因此，使用这种策略，投资者可以创造远高于当今大盘所能获得的收入收益率。该策略的缺点是股票可能被撤回，这限制了潜在的上涨空间。然而，如果到 1 月份股价达到 4,500 美元以上，然后被撤销，那么上涨空间仍将是 24%。</blockquote></p><p> The strategy also only works well if you own at least 100 shares of AMZN, which requires a huge portfolio size due to AMZN's high price per share. Nevertheless, this strategy could be of use for some investors that like to own Amazon, but that do want or need some income from their investments.</p><p><blockquote>该策略只有在您拥有至少 100 股 AMZN 股票的情况下才能奏效，而由于 AMZN 的每股价格较高，这需要巨大的投资组合规模。尽管如此，这种策略可能对一些喜欢拥有亚马逊，但确实希望或需要从投资中获得一些收入的投资者有用。</blockquote></p><p> <b>Is Amazon A Buy Or Sell Now?</b></p><p><blockquote><b>亚马逊现在是买入还是卖出？</b></blockquote></p><p> Amazon.com, Inc. is, I believe, a quality company with a huge moat and a great growth outlook. It is well-positioned to capitalize on megatrends such as cloud computing, online shopping, and online advertisement. On the other hand, shares are pretty expensive, changing hands for valuations that are significantly higher than those of most other stocks:</p><p><blockquote>我相信，亚马逊公司是一家优质公司，拥有巨大的护城河和良好的增长前景。它处于有利地位，可以利用云计算、在线购物和在线广告等大趋势。另一方面，股票相当昂贵，易手后的估值明显高于大多数其他股票：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdf764ff4b0eca336f5b0f39fc149329\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> At 66x this year's expected net profits, and at 50x next year's profits, AMZN is far from a bargain. It also is noteworthy that valuations have expanded over the last couple of months, shares were trading at 20% lower multiples in March. A couple of weeks ago,I estimated&nbsp;that AMZN could deliver high single-digit returns in the long run, which is not unattractive. But shares will, I believe, not generate the returns we have seen over the last couple of years in the future. AMZN is a quality pick, and returns in the 7%-8% a year range from a quality company are nothing to sneeze at, but AMZN is currently a little too expensive to warrant a strong buy rating.</p><p><blockquote>AMZN 今年预期净利润的 66 倍，明年利润的 50 倍，远非便宜货。还值得注意的是，过去几个月估值有所扩大，3 月份股票交易倍数下降了 20%。几周前，我估计 AMZN 从长远来看可以提供高个位数的回报，这并非没有吸引力。但我相信，股票在未来不会产生我们过去几年所看到的回报。AMZN 是一家优质公司，优质公司每年 7%-8% 的回报率不容忽视，但 AMZN 目前的价格有点太贵，不值得给予强烈的买入评级。</blockquote></p><p></p><p> Amazon is closer to being a buy than a sell, however, I think, and in case valuations come back by a bit, it could be quite attractive - e.g. at the $3,000 it traded at in March. Whether Amazon is a good choice for your portfolio depends on your investment goals, time horizon, and risk tolerance, of course, but I believe that AMZN's shares are a solid hold, and a potential buy, for those that want to participate in one of the best growth stories one can invest in today.</p><p><blockquote>然而，我认为，亚马逊更接近于买入而不是卖出，如果估值回升一点，它可能会非常有吸引力——例如，在 3 月份的交易价格为 3,000 美元。当然，亚马逊是否是您投资组合的好选择取决于您的投资目标、时间范围和风险承受能力，但我相信，对于那些想要参与的人来说，亚马逊的股票是一个可靠的持有，也是一个潜在的买入机会。今天可以投资的最佳增长故事之一。</blockquote></p><p> It is, due to AMZN's high valuation, very much possible that shares will decline in the near or medium term, however. We have seen this from time to time in the past, thus it may be prudent to wait for an eventual pullback before entering or expanding a position if you want to maximize the chance for a more favorable entry price.</p><p><blockquote>然而，由于 AMZN 的高估值，其股价在中短期内很可能会下跌。我们过去不时看到这种情况，因此，如果您想最大限度地提高获得更有利入场价格的机会，在进场或扩大头寸之前等待最终回调可能是谨慎的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442367-will-amazon-stock-ever-pay-dividends\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4442367-will-amazon-stock-ever-pay-dividends","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141389413","content_text":"Summary\n\nAmazon is growing fast and generating solid free cash flows, but those are not used for dividend payments for now.\nDividend payments would likely not impact total returns by a lot, and AMZN can use its cash flows for growth investments, which seems like the better idea for now.\nAmazon will eventually mature at some point, and it seems possible that it will follow Apple's strategy of returning cash to its owners at that point.\nAmazon is a great growth story, but its stock is also expensive. In the long run, returns should be solid, but will not be extremely high.\n\nmarekuliasz/iStock Editorial via Getty Images\nArticle Thesis\nAmazon.com, Inc. (AMZN) has been a great investment in the past, and thanks to strong growth rates and a long growth runway, it could be a solid investment in the future, too - despite a rather high valuation. Since some income investors do wonder whether Amazon will ever pay dividends, we will try to evaluate that question in this report, and show a way for AMZN shareholders to generate income from their investment right now.\nDoes Amazon Currently Pay Dividends?\nThe answer to this question, which is surprisingly brought up often, is a clear no. Amazon does not pay any dividends, has never paid any dividends, and there is no statement by executives that indicates that Amazon is about to pay dividends any time soon. AMZN, in its current state, is a pure capital appreciation play.\nShould Amazon Pay Dividends?\nThe answer to this question is not as easy, as this depends on your viewpoint. Some shareholders that own AMZN stock but that generally prefer to invest in income-producing equities would surely like to see dividend declarations by Amazon. On the other hand, growth investors will point to the fact that the dividend yield would be rather low anyway, and that Amazon could put its cash flows to use in other ways, e.g. by spending on growth capital expenditures, or by acquiring other companies. One can certainly make a case for growth companies such as Amazon to invest in their business in order to drive future growth, instead of paying dividends.\nI personally like to invest in income-producing stocks, but not solely, so I own a couple of capital appreciation plays as well, including Amazon. I do not think that dividend payments from Amazon would be a huge plus, as I think that Amazon is not the type of company that benefits a lot from paying out dividends. I also believe that dividends should only be paid out when a company has significant surplus cash flows, as paying dividends that are financed via debt is not creating value for shareholders. Looking at AMZN's cash flows, we see the following:\nData by YCharts\nThe company currently trades at an 83x free cash flow multiple, which pencils out to a 1.2% free cash flow yield. Paying out all cash flows in the form of dividends would not be advisable anyway, so if AMZN were to pay out 50% of its free cash flow, its dividend yield would be just 0.6%. This is, by far, not high enough to attract a large number of income investors to the stock, and it does not meaningfully impact total returns, either.\nThe yield would be significantly below what income investors get from the broad market (SPY), at 1.3%, or income-investor-friendly sectors such as real estate (VNQ) or utilities (XLU), at 3%, respectively. There would thus, I think, not be a clear benefit if Amazon started to make dividend payments. On the other hand, even a dividend that results in a paltry yield of just 0.6% would eat up more than $10 billion a year in cash, which would then not be available for investments.\nAmazon's core business is not of a high-margin nature, but the company has managed to expand its size by investing in additional high-value businesses, such as cloud computing. These investments would not be possible, or only at a smaller scale if Amazon would pay out billions a year in dividends. As long as Amazon's management team can identify ways to invest its cash profitably, that is likely the better choice for shareholder value creation.\nThis does not mean that things can't change over time, as Amazon will mature at some point, as so many other companies did. Apple (AAPL), for example, eventually started to make dividend payments when its cash flows grew so large that there was no way to reinvest them all profitably. The same could easily happen to AMZN at some point as well, but for now, this does not seem to be the case.\nAmazon has been investing money into a wide range of acquisitions over the years, such as Metro-Goldwyn-Mayer (OTC:MGMB), which will be bought out for $8.5 billion in a deal that was announced two months ago. This move will boost AMZN's original content offerings and content creation abilities for its Prime Video segment, which should, in turn, help attract more users and which will make AMZN more competitive versus Disney (DIS) and Netflix (NFLX).\nMaking these types of strategic acquisitions that have the goal of positioning the company for market share gains and future growth is likely more useful in the long run, compared to taking these billions and returning them to shareholders for a paltry yield of well below 1%. Last year's acquisition of autonomous vehicle tech company Zoox is another example of a takeover that fits well into Amazon's overall strategy.\nAmazon naturally would benefit a lot if it were able to roll out autonomous delivery vehicles at some point, as this could improve its cost profile and allow for even faster delivery times. Spending money to bolster AMZN's capabilities in this area makes sense, and it allows AMZN to possibly enter the robo-taxi market on top of that. Taking the $1.2 billion that AMZN paid for Zoox and paying them out to shareholders would have equated to an abysmally small yield of 0.07% -- in other words, shareholders would basically not have gotten anything out of that.\nIt should be noted that there is one possible benefit from introducing dividend payments. If AMZN started to make dividend payments today, even at a very low rate, it could start to build up a dividend growth track record, which could, at some point in the future, when growth has slowed down and payouts are growing, come in handy. Some investors are attracted to stocks that have raised their dividend by 10, 20, 25, or more years in a row, thus starting to build that track record today could have potential future benefits, although not in the near term.\nOverall, I think Amazon.com, Inc. shouldn't make dividend payments today, as growth should remain the priority for a company like AMZN. If Amazon planned to eventually become a regular dividend payer, it might make sense to introduce a very small dividend in order to build up a dividend growth track record.\nCreate Your Own Income Using Options\nAmazon's stock can be volatile, and that allows users to create income using option strategies such as selling covered calls.\nIf, for example, an investor owns 100 shares of Amazon and was to sell one call option contract with a strike price of $4,500 and an expiry date in January 2022, the investor would receive $46 per share, or $4,600 in total. Relative to a current investment value of $363,000 that equates to a cash on cash return of 1.3%. The same process could be done again half a year from now, which would then allow for an annual yield of around 2.6%.\nUsing this strategy, investors could thus create an income yield that is substantially higher than what one can get from the broad market today. The strategy has the downside of shares potentially getting called away, which limits the potential upside. If shares were to run above $4,500 by January, where they would then get called away, the upside would still be 24%, however.\nThe strategy also only works well if you own at least 100 shares of AMZN, which requires a huge portfolio size due to AMZN's high price per share. Nevertheless, this strategy could be of use for some investors that like to own Amazon, but that do want or need some income from their investments.\nIs Amazon A Buy Or Sell Now?\nAmazon.com, Inc. is, I believe, a quality company with a huge moat and a great growth outlook. It is well-positioned to capitalize on megatrends such as cloud computing, online shopping, and online advertisement. On the other hand, shares are pretty expensive, changing hands for valuations that are significantly higher than those of most other stocks:\nData by YCharts\nAt 66x this year's expected net profits, and at 50x next year's profits, AMZN is far from a bargain. It also is noteworthy that valuations have expanded over the last couple of months, shares were trading at 20% lower multiples in March. A couple of weeks ago,I estimated that AMZN could deliver high single-digit returns in the long run, which is not unattractive. But shares will, I believe, not generate the returns we have seen over the last couple of years in the future. AMZN is a quality pick, and returns in the 7%-8% a year range from a quality company are nothing to sneeze at, but AMZN is currently a little too expensive to warrant a strong buy rating.\nAmazon is closer to being a buy than a sell, however, I think, and in case valuations come back by a bit, it could be quite attractive - e.g. at the $3,000 it traded at in March. Whether Amazon is a good choice for your portfolio depends on your investment goals, time horizon, and risk tolerance, of course, but I believe that AMZN's shares are a solid hold, and a potential buy, for those that want to participate in one of the best growth stories one can invest in today.\nIt is, due to AMZN's high valuation, very much possible that shares will decline in the near or medium term, however. We have seen this from time to time in the past, thus it may be prudent to wait for an eventual pullback before entering or expanding a position if you want to maximize the chance for a more favorable entry price.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123276509,"gmtCreate":1624427191901,"gmtModify":1634006253734,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123276509","repostId":"2145067279","repostType":4,"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163243553,"gmtCreate":1623887285272,"gmtModify":1634026517951,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Like and comment.. thanks","listText":"Like and comment.. thanks","text":"Like and comment.. thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163243553","isVote":1,"tweetType":1,"viewCount":3004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169675985,"gmtCreate":1623835540147,"gmtModify":1634027362811,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169675985","repostId":"1107989851","repostType":4,"repost":{"id":"1107989851","kind":"news","pubTimestamp":1623833866,"share":"https://www.laohu8.com/m/news/1107989851?lang=zh_CN&edition=full","pubTime":"2021-06-16 16:57","market":"us","language":"en","title":"Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107989851","media":"benzinga","summary":"Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as Septemb","content":"<p><div> Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday. What Happened:Covovax trials have reached an advanced stage ...</p><p><blockquote><div>据Moneycontrol周三报道，Novavax Inc.的新冠肺炎疫苗以“Covovax”上市，最早可能于9月在印度上市。发生了什么：Covovax试验已进入后期阶段...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-16 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday. What Happened:Covovax trials have reached an advanced stage ...</p><p><blockquote><div>据Moneycontrol周三报道，Novavax Inc.的新冠肺炎疫苗以“Covovax”上市，最早可能于9月在印度上市。发生了什么：Covovax试验已进入后期阶段...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107989851","content_text":"Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday.\nWhat Happened:Covovax trials have reached an advanced stage of completion in India following which the U.S.-based vaccine maker’s India partner Serum Institute of India (SII) will launch the vaccine, the report said citing Adar Poonawalla, chief executive officer at SII.\nNovavax’s coronavirus vaccine trial in India is likely to conclude by November, however, the pharma company can apply for a license for the vaccine on the basis of global data, Poonawalla noted.\nThe U.S.-based biotechnology firm had earlier this week said that its COVID-19vaccine demonstratedover 90.4% efficacy. The study enrolled 29,960 participants.\nNovavax is also planning to start clinical trials of Covovax for children in July, the report added. Novavax and SII had in September partnered for the former's COVID-19 vaccine candidate NVX-CoV2373.\nAstraZeneca Inc's vaccine, marketed as \"Covishied\" in the country, is currently being widely administered as part of the vaccination drive in India, alongside locally produced Covaxin and Russia's Sputnik V.\nOcugen Inc. is the U.S. partner for Covaxin.\nPrice Action:Novavax shares closed 9.94% at $187.07 on Tuesday and were down 0.68% in extended hours.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":3343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169672739,"gmtCreate":1623835494121,"gmtModify":1634027362934,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Like and share","listText":"Like and share","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169672739","repostId":"2143335187","repostType":4,"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349890446,"gmtCreate":1617585436385,"gmtModify":1634520448433,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Please comment and like.. thanks","listText":"Please comment and like.. thanks","text":"Please comment and like.. thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349890446","isVote":1,"tweetType":1,"viewCount":1719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357748789,"gmtCreate":1617316362941,"gmtModify":1634521503297,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/357748789","isVote":1,"tweetType":1,"viewCount":2518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352542024,"gmtCreate":1616988501368,"gmtModify":1634523276923,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Hello.. comment and like please.. thank you","listText":"Hello.. comment and like please.. thank you","text":"Hello.. comment and like please.. thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352542024","isVote":1,"tweetType":1,"viewCount":3659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353378001,"gmtCreate":1616465433403,"gmtModify":1634525681181,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Comment and like please","listText":"Comment and like please","text":"Comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353378001","isVote":1,"tweetType":1,"viewCount":3272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359635259,"gmtCreate":1616390738671,"gmtModify":1634526090204,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"title":"","htmlText":"Tesla!!!! Gambate!!!!","listText":"Tesla!!!! Gambate!!!!","text":"Tesla!!!! Gambate!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359635259","isVote":1,"tweetType":1,"viewCount":1963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}