Topic 1 Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
前者的圖書銷售額已經(jīng)超過了一半的美國線上圖書銷售額竞帽。
2. 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)
2015伊始，它的價(jià)格就以快前兩年七倍的速度枷畏，上升到之前的百分之173（這比S&P500還要快12倍）
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
隨著市值達(dá)到四百萬美元是目，它已經(jīng)成為世界上第五大最有價(jià)值的公司蝠引。
4. 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.
從未有一所公司能夠在賺這么少的錢的同時(shí)逢并，還能長期保持有價(jià)值的狀態(tài)：它百分之九十二的價(jià)值都?xì)w因于2020年之后的利潤弛矛。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪已經(jīng)掌握五百萬元的控股權(quán)浴麻，并加強(qiáng)了線上銷售運(yùn)營得问。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年（在投資之前）的現(xiàn)金流轉(zhuǎn)是十六萬美金，這比五年前還要多四倍白胀。
7. 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.
如果真能如投資者所愿，賺的如此豐厚的利潤抚岗，一項(xiàng)大概的計(jì)算揭示著或杠，它的收入可以同25%西方零售商和傳媒公司的利潤總額試比高。
8. 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.
懷疑者的立場并沒有達(dá)到這一點(diǎn)：亞馬遜為了證實(shí)它的價(jià)值宣蔚，將會以比史上任何一家公司都要快的速度發(fā)展向抢。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在一個(gè)運(yùn)營商時(shí)不時(shí)抱怨巨大短期生產(chǎn)總值壓力的時(shí)代，亞馬遜則把關(guān)注點(diǎn)放在長遠(yuǎn)的利益上胚委。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
Be?zos先生強(qiáng)調(diào)了不斷的投資可以推進(jìn)兩項(xiàng)基本商業(yè)的進(jìn)程挟鸠。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三次道德循環(huán)，正要席卷一個(gè)聲控公司的附屬機(jī)構(gòu)——Alexa亩冬。
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東在這一模型中保持良好的心態(tài)艘希，亞馬遜的價(jià)值將會在自我實(shí)現(xiàn)預(yù)言中聚集硼身。
13. Their faith is sustained by Amazon’s record.
他們的信念靠亞馬遜的記錄而維持。
14. It has had its failures—its attempt to make a smart-phone was a debacle. But the business is starting to crank out cash.
它已經(jīng)遭受過失敗了—— 它試圖生產(chǎn)智能手機(jī)的嘗試覆享，徹徹底底地失敗了佳遂。但是商業(yè)正處于好轉(zhuǎn)。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果亞馬采用時(shí)間框架的方法是非同尋常的撒顿，那么它所組織的活動也會有異曲同工之妙丑罪。
16. 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.
這么大的機(jī)翼比一個(gè)大的銷售企業(yè)更容易讓人想起，這使得亞馬遜的股市份額被貼上了“企業(yè)折扣”這一特殊的標(biāo)簽凤壁，以示他們工作效率的低下吩屹。
17. Seen through this lens, Amazon appears pristine.
通過這些顯微鏡可以看出，亞馬遜的出現(xiàn)非常趨于原始拧抖。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消費(fèi)者為此鼓掌煤搜，根據(jù)Harris民意測驗(yàn)顯示，這是美國最受認(rèn)可的公司徙鱼。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
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20. But as it grows, so will concerns about its power.
但是隨著它的增長，對它權(quán)利的擔(dān)憂也會隨之增大袱吆。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投資者估量亞馬遜的發(fā)展高于其利潤厌衙，這使得同行業(yè)的競爭者有了更多的價(jià)格幼兒。
