神句翻译
The former bookseller accounts for more than half of every new dollar spent on line in U.S.
这家前书商占美国线上每一美元新消费的一半以上。
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年年初起，其股票价格增长173个百分点，与前两年相比加快了七倍（比标准 普尔指数快12倍）。
With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
亚马逊以4000亿的市值位列全球第五。
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，从未有过任何一个公司在很长一段时间内如此值钱，但又盈利如此之少，其市值的92%来自于对2020年及以后盈利的估算。
Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛的盈利已经缓慢接近5000亿美元，并且其线上收益正在持续增加。
Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年有160亿美元的资金流动（投资前），与五年前相比增加了三倍多。
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.
如果可以如投资者所愿盈利，粗略的估计认为，其收入可能相当于榜上所有西方零售与媒体公司利润的总和。
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.
对这些怀疑最有利的证据是，为了证明其价值，亚马逊的发展将会比现代社会中几乎任何一个大公司都快。
In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在这个领导们例行公事般施压要求产生短期收益的时代，亚马逊坚决保持长远的发展眼光。
Mr. Bezos emphasizes continual investment to propel its two principal businesses.
贝索斯先生强调持续投资以推动其两个主要业务的发展。
A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三个良性循环围绕公司的智能语音助手Alexa展开。
So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要公司的股东保持对这个模型的信心，亚马逊夸张的估值就如同一个自我满足的预言。
Their faith is sustained by Amazon’s record.
他们的信息靠亚马逊的销售记录维持。
It has had its failures—its attempt to make a smart-phone was a debacle. But the business is starting to crank out cash.
他的失败之处在于，制造智能手机的企图完全失败。但是这项业务却带来了大量的资金。
If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果亚马逊靠近时间期限是不正常的，那么就其经营范围来说也是如此。
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.
如此之大的覆盖面更容易让人联想到大型的企业，而不是零售公司。这使亚马逊的股价显得更加的虚假：为了反映这类公司的低效，股市通常会对此类企业应用“多元化折让”。
Seen through this lens, Amazon appears pristine.
由此看来，亚马逊表现的十分平常。
Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
哈里斯民意调查显示，消费者称赞亚马逊是美国最受好评的企业。
If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
一旦接近这些目标，他将会招来监管部门的注意。
But as it grows, so will concerns about its power.
但是随着他的发展，对其影响力也会加强关注。
Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
与盈利相比，投资人更关注亚马逊的发展，这使得低价倾销行为更加的具有诱惑力。
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