Topic 1 ?Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
這家前書籍銷售商占據(jù)了美國線上消費的一半以上。
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)
自2015年初以來绘搞，亞馬遜的股票價格上漲了173%塑陵，其上漲速度是過去兩年的7倍（比標(biāo)準(zhǔn)普爾指數(shù)快了12倍）救湖。
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
亞馬遜公司是全球排名第五的最具價值的公司，擁有總值4000億美元的市場資本雌续。
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.
從來沒有一家公司在長時間內(nèi)利潤不高的情況下還能擁有如此大的價值：其92%的價值都是來自2020年以后的預(yù)期收益斟湃。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪?shù)膬r值已經(jīng)接近5000億美元联予，而且正在加強它的線上業(yè)務(wù)。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年現(xiàn)金流動（在投資前）達到160億美元率翅，此數(shù)值相比五年前翻了三倍练俐。
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.
如果它的盈利真的如投資者所希望的那么多，粗略估計它的利潤應(yīng)該相當(dāng)于西方零售媒體公司利潤的25%冕臭。
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.
然而對此也有很多懷疑的聲音腺晾，就是亞馬遜將會比任何一家大型企業(yè)成長得都要快，以此證明它的價值辜贵。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在一個執(zhí)行者們還在對制造短期效果不停埋怨的時代悯蝉，亞馬遜已經(jīng)著眼于遙遠(yuǎn)的未來。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
貝索斯強調(diào)持續(xù)投資來推動它的兩個主要業(yè)務(wù)托慨。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
一個第三方良性循環(huán)開始圍繞亞歷山大鼻由，公司的語音虛擬助理。
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東們對這種模式保持信心厚棵，亞馬遜令人興奮的估值就像一個會自我實現(xiàn)的預(yù)言蕉世。
13. Their faith is sustained by Amazon’s record.
亞馬遜的記錄讓他們充滿信心。
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.
亞馬遜也有過不成功的時候婆硬，對智能手機的嘗試讨彼，就是一個完全的失敗。但是業(yè)務(wù)正在開始帶來更多的現(xiàn)金柿祈。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果亞馬遜的時間框架的方法是不尋常的，那么它活動的長度也一樣。
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.
其翼幅之大很容易讓人聯(lián)想到一個大型企業(yè)而不是一個零售商躏嚎，這使亞馬遜的股票價格似乎更加膨脹——股票市場通常采用“集團折扣”來反映他們的效率蜜自。
17. Seen through this lens, Amazon appears pristine.
透過這個視角，亞馬遜顯得質(zhì)樸卢佣。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
根據(jù)哈里斯民意測驗重荠，消費者對此十分贊同，因為這是美國最受歡迎的公司虚茶。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果亞馬遜在所有領(lǐng)域都有所觸及戈鲁，那么它將吸引監(jiān)管機構(gòu)的注意。
20. But as it grows, so will concerns about its power.
但是在它發(fā)展的時候嘹叫，人們同樣會關(guān)注它的力量婆殿。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投資者看重亞馬遜的增長，而這使得掠奪性定價更加誘人罩扇。
