Topic 1 Amazon’s Empire
The former bookseller accounts for more than half of every new dollar spent on line in U.S.
這個靠買書起家的公司的線上銷售額占據(jù)大半個美國線上銷售市場。
Since the beginning of 2015, its share price has jumped by 173%, seven times quicker than in the two previous years.(and 12 times faster than the S&P 500 Index)
自2015年年初起吁津，他的股價飆升了173%考榨，比前兩年快七倍肋僧。（比標普指數(shù)快12倍）
With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
這家公司市值約為4千億美元，是全球第五家最有價值的公司嫉髓。
Never before has a company been worth so much for so long while making so little money: 92% of its value is due to profits expected after 2020.
以前從未有過一家公司賺這么少的錢卻在這么短的時間內(nèi)這么有價值：92%的價值都來自于對它2020年后預估的利潤姻灶。
Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪?shù)臓I收已接近5千億美元，并且在加強線上銷售業(yè)務(wù)舞吭。
Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年的現(xiàn)金流（投資前）是160億美元，比五年前多四倍析珊。
If it makes as much money as investors hope, a rough calculation suggests its earnings could be worth the equivalent of 25% of the combined profits of listed Western retail and media firms.
如果它如投資者所希望的那樣賺那么多錢羡鸥，經(jīng)過粗略計算，它的利潤可能是所有西方零售和媒體公司所賺利潤的25%忠寻。
Ground for skepticism does not come much more fertile than this: Amazon will have to grow faster than almost any big company in modern history to justify its valuation.
質(zhì)疑的理由沒有比這個更充分的了：亞馬遜將必須比現(xiàn)代歷史上任何一家大公司成長的更快才能讓這個估值變現(xiàn)惧浴。
In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在這個管理者普遍抱怨要產(chǎn)生短期效益的壓力的時代，亞馬遜堅定地把目光放在長遠利益上奕剃。
Mr. Bezos emphasizes continual investment to propel its two principal businesses.
貝佐斯先生強調(diào)一定要把資金持續(xù)投資到亞馬遜兩大主干業(yè)務(wù)上衷旅，以推動其進一步發(fā)展。
A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三個良性循環(huán)開始圍繞這家公司的語音助手壓亞力科薩打轉(zhuǎn)纵朋。
So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東對這種經(jīng)營模式還有信心柿顶，那么亞馬遜振奮人心的估值就像自我實現(xiàn)的預言一樣可能變成現(xiàn)實。
Their faith is sustained by Amazon’s record.
亞馬遜的成績使他們一直懷有信心操软。
It has had its failures—its attempt to make a smart-phone was a debacle. But the business is starting to crank out cash.
它也曾失敗過嘁锯，曾經(jīng)嘗試做智能手機，結(jié)果慘敗，但是這個業(yè)務(wù)正在開始盈利家乘。
If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果說亞馬遜對于中長期目標的處理方法是不尋常的蝗羊，那么它的業(yè)務(wù)延伸范圍之廣也令人驚嘆。
A wingspan this large is more reminiscent of a conglomerate than a retailer, which makes Amazon’s share price seem even more bloated: stock markets typically apply a “conglomerate discount” to reflect their in- efficiencies.
經(jīng)營范圍如此之廣仁锯，讓我們覺得它更像是一個大公司而非一個零售商耀找，這個特征讓亞馬遜的股價似乎變得更加虛高：股市經(jīng)常采用“大公司打折”的方式來顯示它們的低效。
Seen through this lens, Amazon appears pristine.
從這個角度看扑馁，亞馬遜似乎還是個新手涯呻。
Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消費者為它鼓掌凉驻，因為據(jù)哈里斯民調(diào)顯示腻要，亞馬遜是美國認可度最高的公司。
If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果它快要實現(xiàn)這個目標了涝登，那么它必然會引起管理者的注意雄家。
But as it grows, so will concerns about its power.
但是隨著它不斷發(fā)展壯大，關(guān)于它權(quán)力的擔憂也日益加深胀滚。
Investors value Amazon’s growth over profits; that makes predatory pricing more tempting.
相比利潤趟济，投資者更看重的是亞馬遜的發(fā)展前景，這讓即將到手的利益變得更有吸引力咽笼。
