Topic 1Amazon’s Empire
The formerbookselleraccounts formore than half ofevery new dollar spent on line in U.S.
每在網(wǎng)上花一美元，其中就有超過一半是來自亞馬遜網(wǎng)站
Since thebeginning of 2015, its share pricehas jumped by173%,seven times quicker thanin the two previousyears.(and12times
fasterthanthe S&P 500 Index)
從2015年起柑船，亞馬遜的股票增幅達173%帽撑，比前兩年多七倍（比S&P指數(shù)快12倍）
With a market capitalization ofsome 400bn, it isthe fifth most valuable firmin the world.
亞馬遜因其市場資本金高達4000億，一躍成為世界上最具價值的第五個公司
Never before hasa companybeen
worth so much for so long while making so little money:92%
of its valueis due toprofits expected
after 2020.
從來沒有一個公司可以不怎么賺錢鞍时，卻維持其價值不變：92%的價值預計來自自2020年之后的
Walmartalready has revenuesnudging500bn andis beefing uponline.
沃爾瑪?shù)睦麧櫦磳⑼黄?000億大關(guān)亏拉，這一趨勢在互聯(lián)網(wǎng)的作用下不斷加強
Last
year cash-flow (before investment) was $16bn, more thanquadruple the level five
years ago.
去年資本流（投資前）為160億美元扣蜻，比五年前翻了4倍
If itmakes as much money as investors hope, a rough calculation suggests itsearningscould be worth the equivalent of25%ofthecombined
profitsoflisted Western retail andmedia firms.
如果亞馬遜能帶給投資商們預期的收益，那將相當于是西方零售商和媒體公司總利潤的25%
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 tojustify its valuation.
In an erawhen executives routinelywhinge aboutpressureto produce short-term results, Amazon isresolutely
focused onthedistant horizon.
在這個時代里及塘，當一些人還在為實現(xiàn)短期目標還倍感壓力時莽使，亞馬遜已經(jīng)開始著眼于未來。
Mr.Bezos emphasizes continual investment topropel its two principal businesses.
貝歐斯先生強調(diào)笙僚，要持續(xù)不斷地投資芳肌，以確保兩個主要項目的順利進行。
A thirdvirtuous circle is starting to whirl aroundAlexa,the firm’s voice-activated assistant:
第三個投資良性循環(huán)開始在亞馬遜語音助手亞歷山大上顯現(xiàn)出來肋层。
So long as shareholdersretain
their faith inthis model, Amazon’sheady valuationresembles
aself-fulfilling prophecy.
只要投資商對這個模式存有信心庇勃，亞馬遜就能帶來豐富的收益
Theirfaith is sustained byAmazon’s record.
亞馬遜良好的運營歷史讓投資者們信心倍增
It
has had its failures—its attempt to make a smart-phone was adebacle.But the business isstarting to crank out cash.
亞馬遜也曾失敗過——它曾想開發(fā)智能手機，結(jié)果以失敗告終槽驶。但這并不影響亞馬遜成為最賺錢的公司
IfAmazon’sapproach totime-frames is unusual,so too isthe sheerbreadth
of its activities.
Awingspan this largeis morereminiscent ofa conglomerate than a retailer,which makes Amazon’sshare price seem even more
bloated: stock markets typically apply a“conglomerate
discount”to reflect their in- efficiencies.
Seenthrough thislens, Amazon appearspristine.
從這一角度來看，亞馬遜還是富有活力的
Consumersapplaudit; it isthe most well-regarded companyin America,according to a Harris poll.
顧客們很喜歡亞馬遜鸳兽，根據(jù)哈瑞斯民意調(diào)查結(jié)果顯示掂铐，亞馬遜是美國最受歡迎的公司
If itgets anywhere close tofulfilling them, it willattract the attention of regulators.
如果公司太賺錢，那么監(jiān)管部門就會開始關(guān)注
Butasit grows,so willconcerns about its power.
但隨著亞馬遜的不斷壯大揍异，人們對它的擔憂也越來越多
Investorsvalue Amazon’s growth over pro-fits;that makespredatory pricingmore tempting.
比起蠅頭小利全陨，投資商們更關(guān)注亞馬遜的成長，后者才能讓暴利更加吸引
