Core Viewpoint - Amazon is expected to spend approximately $200 billion on capital expenditures (capex) in 2026, which may impact its attractiveness as a long-term investment [1] Group 1: Investment Insights - The long-term return on a stock is closely tied to the underlying business's performance, with a business earning 6% on capital over 40 years yielding similar returns for investors [1] - A business that earns 18% on capital over 20 to 30 years can still provide good returns even if purchased at a high price [1] - The impact of taxes on investment returns is significant, with different tax payment structures leading to varying effective returns over long holding periods [1]