Topic 1? Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
在美國(guó)線(xiàn)上銷(xiāo)售額的每一美元中漓踢，這個(gè)前書(shū)商的銷(xiāo)售額占了一半以上咽弦。
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)
從2015年初開(kāi)始，它的股票價(jià)格漲了173%巷波，比前兩年快了7倍（是標(biāo)準(zhǔn)普爾指數(shù)增長(zhǎng)速度的12倍）沧竟。
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
它市值約四千億前翎，是世界上價(jià)值最高的五所公司之一杆融。
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.
此前從未有一家公司能夠在長(zhǎng)期盈利如此之少的情況下維持如此巨大的市值：它市值的92%都來(lái)源于2020年之后的目標(biāo)盈利燃乍。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪已經(jīng)有了將近五千億的盈利唆樊，并且正在加強(qiáng)他的線(xiàn)上系統(tǒng)。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年刻蟹，投資前的資金流是160億逗旁，是五年前的四倍還多。
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.
一個(gè)粗略的估算表明舆瘪，如果它能賺得像投資者希望的那么多片效，那它的盈利會(huì)相當(dāng)于記錄在冊(cè)的西方所有零售商和傳媒公司盈利總和的四分之一红伦。
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.
懷疑論的依據(jù)僅僅止于：為了證明自己的價(jià)值，亞馬遜不得不比現(xiàn)當(dāng)代歷史上的幾乎所有公司都要有更快的增長(zhǎng)淀衣。
9. 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(gè)管理者們慣常對(duì)著短期產(chǎn)出的壓力發(fā)牢騷的時(shí)代昙读，亞馬遜堅(jiān)定地將目光投向了長(zhǎng)遠(yuǎn)。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
貝索斯先生強(qiáng)調(diào)以持續(xù)投資來(lái)推動(dòng)亞馬遜的兩項(xiàng)主要業(yè)務(wù)舌缤。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東們對(duì)它的理論模型保持信心箕戳，亞馬遜那令人興奮的估值就會(huì)像預(yù)言一樣自我實(shí)現(xiàn)。
13. Their faith is sustained by Amazon’s record.
他們的信任是由亞馬遜的記錄維持的国撵。
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.（陵吸？）
它有過(guò)失敗——對(duì)智能手機(jī)的嘗試就是一個(gè)徹底的失敗。但是這項(xiàng)業(yè)務(wù)正在開(kāi)始粗制濫造地生產(chǎn)現(xiàn)金介牙。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.（壮虫？）
如果亞馬遜對(duì)付時(shí)間框架的手段是非常規(guī)的，那它的活動(dòng)的环础？也是囚似。
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.
17. Seen through this lens, Amazon appears pristine.
從這個(gè)角度來(lái)看，亞馬遜是嶄新的线得。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消費(fèi)者贊賞它饶唤；根據(jù)哈里斯民意調(diào)查顯示，它是美國(guó)最受認(rèn)可的公司贯钩。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果它在一定程度上接近于實(shí)現(xiàn)這一價(jià)值募狂，就會(huì)引來(lái)調(diào)控者的注意。
20. But as it grows, so will concerns about its power.
但當(dāng)它發(fā)展壯大時(shí)角雷，對(duì)它控制力的憂(yōu)慮也會(huì)增長(zhǎng)祸穷。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投資者對(duì)亞馬遜的估價(jià)超過(guò)了它自身的盈利；這使得它的掠奪性定價(jià)更加誘人勺三。
思維導(dǎo)圖：
