Topic 1Amazon’s Empire
1.Theformer bookselleraccounts formore thanhalf of every new dollar spent on line in U.S.
這家早前的書商的線上收入趁舀，占到全美線上消費支出的一半以上啡莉。
2.Sincethe beginning of 2015, its share pricehas jumped
by173%,seventimesquickerthanin the two previous years.(and12timesfasterthanthe S&P 500 Index)
自2015年始，他們的股價躍升了173％雷客，增速比兩年之前快7倍。（并且比同期標普500指數(shù)增速快12倍以上）
3.With a market capitalization ofsome 400bn, itisthe fifth most valuable firmin theworld.
憑借4000億的市值窗骑，亞馬遜成為全球市值排名第五的上市公司坑鱼。
4.Never before hasa companybeen
worth so much for so long while making so little money: 92% of its valueis due toprofits expected after 2020.
之前從來沒有過一家公司持灰，在盈利能力如此之低的情況下長時間保持如此高的市值：他們92％的估值源于對公司2020年之后的盈利預期。
5.Walmartalready has revenuesnudging500bn andis beefing uponline.
沃爾瑪?shù)臓I收已經(jīng)不斷積累至5000億怎燥，并且正在補強其線上業(yè)務瘫筐。
6.Last year cash-flow (before investment) was $16bn,more thanquadruple the level five years ago.
去年的現(xiàn)金流（再投資之前）達到160億，數(shù)量上超過5年前4倍以上铐姚。
7.If it makes as much money asinvestors hope, a rough calculation suggests its earningscould be worth the equivalent of25% ofthecombinedprofitsoflisted Western retail and media firms.
如果他們的營收如投資者所愿严肪，那么粗略估算其收入相當于上市的西方零售和媒體企業(yè)全部利潤總和的25％。
8.Ground for skepticism does not come much more
fertile than this: Amazon will have to grow faster than almost anybig company in modern history tojustify its
valuation.
讓人產(chǎn)生巨大疑慮的是：亞馬遜若要證明其價值谦屑，則必須以超越當代幾乎任何一家大型公司的發(fā)展速度驳糯，高速成長。
9.In an era when executives routinelywhinge aboutpressure to produce short-termresults, Amazon isresolutely focused onthedistant horizon.
當管理者們習慣性的對壓力產(chǎn)生抱怨氢橙，從而導致短視的后果時酝枢，亞馬遜毅然決然地將精力聚焦于長遠目標上來。
10.Mr.Bezos emphasizes continualinvestment topropel its two principal businesses.
貝佐斯先生強調(diào)用持續(xù)的投資來推動公司兩項主營業(yè)務悍手。
11.A thirdvirtuous
circle is starting to whirl aroundAlexa, the firm’s voice-activatedassistant:
三分之一的良性循環(huán)正在圍繞Alexa開展起來帘睦，這是公司的聲驅輔助設備。
12.So
long as shareholdersretaintheir faith inthis model, Amazon’sheadyvaluationresembles aself-fulfillingprophecy.
只要股東們對這種模式持續(xù)地抱有信心坦康，亞馬遜的估值就會像一個不斷自我強化和實現(xiàn)的神話竣付。
13.Theirfaith is sustained byAmazon’s record.
他們的信心得到了亞馬遜數(shù)據(jù)記錄的支撐。
14.It has had its failures—its attempt
to make a smart-phone was adebacle.But thebusinessisstarting to crank outcash.
他們已經(jīng)經(jīng)歷過失敗—他們制作智能手機的嘗試一敗涂地滞欠。但在其他業(yè)務上卻正在開始盈利古胆。？
15.If Amazon’sapproach totime-frames is unusual,so too
isthe sheerbreadth of its activities.
如果亞馬遜對于時間框架的理解是非同尋常的筛璧，那么他們業(yè)務所達到的廣度也會是極為深刻的逸绎。
16.Awingspan
this largeis morereminiscent ofaconglomerate than a retailer, which makes Amazon’sshare price seem even more bloated: stockmarkets typically apply a“conglomerate discount”to reflect their in-efficiencies.
如此豐滿的羽翼更加使人感覺到亞馬遜是一家多元化集團而非單純的零售商，這使得亞馬遜的股價看起來被高估了：股票市場通常會運用“多元化折讓”用以反映他們的效率低下夭谤。
17.Seen through thislens, Amazon appearspristine.
通過這個家獨來觀察棺牧，亞馬遜看來情況不錯。
18.Consumersapplaudit; it isthe most well-regarded companyin America,according to a Harris poll.
根據(jù)哈里斯調(diào)查數(shù)據(jù)顯示朗儒，消費者支持亞馬遜颊乘，亞馬遜是全美最受尊敬的公司参淹。
19.If itgets anywhere close tofulfilling them, itwill attract the attention of regulators.
如果他們?yōu)榱藢崿F(xiàn)目標而無所不用其極，那么他會吸引到監(jiān)管者的注意乏悄。
20.Butasit grows,so willconcerns about its power.
但是隨著公司的壯大承二，關注焦點自然而然會落到公司的影響力上
21.Investorsvalue
Amazon’s growth over pro-fits;that makespredatory pricingmore tempting.
投資者給予亞馬遜的估值高于其實際利潤水平，這使得掠奪性定價更具誘惑
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