Topic 1Amazon’s Empire
1.Theformer bookselleraccounts formore thanhalf of every new dollar spent on line in U.S.
这家早前的书商的线上收入，占到全美线上消费支出的一半以上。
2.Sincethe beginning of 2015, its share pricehas jumped
by173%,seventimesquickerthanin the two previous years.(and12timesfasterthanthe S&P 500 Index)
自2015年始，他们的股价跃升了173％，增速比两年之前快7倍。（并且比同期标普500指数增速快12倍以上）
3.With a market capitalization ofsome 400bn, itisthe fifth most valuable firmin theworld.
凭借4000亿的市值，亚马逊成为全球市值排名第五的上市公司。
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.
之前从来没有过一家公司，在盈利能力如此之低的情况下长时间保持如此高的市值：他们92％的估值源于对公司2020年之后的盈利预期。
5.Walmartalready has revenuesnudging500bn andis beefing uponline.
沃尔玛的营收已经不断积累至5000亿，并且正在补强其线上业务。
6.Last year cash-flow (before investment) was $16bn,more thanquadruple the level five years ago.
去年的现金流（再投资之前）达到160亿，数量上超过5年前4倍以上。
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.
如果他们的营收如投资者所愿，那么粗略估算其收入相当于上市的西方零售和媒体企业全部利润总和的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.
让人产生巨大疑虑的是：亚马逊若要证明其价值，则必须以超越当代几乎任何一家大型公司的发展速度，高速成长。
9.In an era when executives routinelywhinge aboutpressure to produce short-termresults, Amazon isresolutely focused onthedistant horizon.
当管理者们习惯性的对压力产生抱怨，从而导致短视的后果时，亚马逊毅然决然地将精力聚焦于长远目标上来。
10.Mr.Bezos emphasizes continualinvestment topropel its two principal businesses.
贝佐斯先生强调用持续的投资来推动公司两项主营业务。
11.A thirdvirtuous
circle is starting to whirl aroundAlexa, the firm’s voice-activatedassistant:
三分之一的良性循环正在围绕Alexa开展起来，这是公司的声驱辅助设备。
12.So
long as shareholdersretaintheir faith inthis model, Amazon’sheadyvaluationresembles aself-fulfillingprophecy.
只要股东们对这种模式持续地抱有信心，亚马逊的估值就会像一个不断自我强化和实现的神话。
13.Theirfaith is sustained byAmazon’s record.
他们的信心得到了亚马逊数据记录的支撑。
14.It has had its failures—its attempt
to make a smart-phone was adebacle.But thebusinessisstarting to crank outcash.
他们已经经历过失败—他们制作智能手机的尝试一败涂地。但在其他业务上却正在开始盈利。？
15.If Amazon’sapproach totime-frames is unusual,so too
isthe sheerbreadth of its activities.
如果亚马逊对于时间框架的理解是非同寻常的，那么他们业务所达到的广度也会是极为深刻的。
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.
如此丰满的羽翼更加使人感觉到亚马逊是一家多元化集团而非单纯的零售商，这使得亚马逊的股价看起来被高估了：股票市场通常会运用“多元化折让”用以反映他们的效率低下。
17.Seen through thislens, Amazon appearspristine.
通过这个家独来观察，亚马逊看来情况不错。
18.Consumersapplaudit; it isthe most well-regarded companyin America,according to a Harris poll.
根据哈里斯调查数据显示，消费者支持亚马逊，亚马逊是全美最受尊敬的公司。
19.If itgets anywhere close tofulfilling them, itwill attract the attention of regulators.
如果他们为了实现目标而无所不用其极，那么他会吸引到监管者的注意。
20.Butasit grows,so willconcerns about its power.
但是随着公司的壮大，关注焦点自然而然会落到公司的影响力上
21.Investorsvalue
Amazon’s growth over pro-fits;that makespredatory pricingmore tempting.
投资者给予亚马逊的估值高于其实际利润水平，这使得掠夺性定价更具诱惑
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