亚马逊是我最大的投资，目前从市价对经营现金流比率来看，它看起来便宜，但可能没有我想象的那么便宜。
Amazon is my largest investment, and right now, on a price-to-operating-cash-flow basis, it looks cheap, but it may not be as cheap as I think
亚马逊的经营论点仍然强劲，但股价已经反映了大量的执行力。AWS、广告和AI相关增长的增长。这些是我自己非常看好的东西。资产负债表稳健，而自由现金流对资本支出的敏感度高于表面上的经营现金流。
所以，这让我觉得，与其只看市价对经营现金流比率，我现在需要开始考虑亚马逊的自由现金流，因为他们的大投资周期。所以，这对我来说很有趣。
Amazon's operating thesis remains strong, but the stock price already discounts substantial execution. Growth in AWS, advertising, and AI-related growth. These are the things that I'm a big fan of myself.
The balance sheet is robust, while free cash flow is more sensitive to capital expenditures than the headline operating cash flow suggests. So, that right there makes me think instead of just looking at it on a price to operating cash flow basis, I need to now start thinking about free cash flow with Amazon because of their big investment cycle. So, that right there is interesting to me.