Topic 1 Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
在美国线上销售额的每一美元中，这个前书商的销售额占了一半以上。
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)
从2015年初开始，它的股票价格涨了173%，比前两年快了7倍（是标准普尔指数增长速度的12倍）。
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
它市值约四千亿，是世界上价值最高的五所公司之一。
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.
此前从未有一家公司能够在长期盈利如此之少的情况下维持如此巨大的市值：它市值的92%都来源于2020年之后的目标盈利。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛已经有了将近五千亿的盈利，并且正在加强他的线上系统。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年，投资前的资金流是160亿，是五年前的四倍还多。
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.
一个粗略的估算表明，如果它能赚得像投资者希望的那么多，那它的盈利会相当于记录在册的西方所有零售商和传媒公司盈利总和的四分之一。
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.
怀疑论的依据仅仅止于：为了证明自己的价值，亚马逊不得不比现当代历史上的几乎所有公司都要有更快的增长。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在这个管理者们惯常对着短期产出的压力发牢骚的时代，亚马逊坚定地将目光投向了长远。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
贝索斯先生强调以持续投资来推动亚马逊的两项主要业务。
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.
只要股东们对它的理论模型保持信心，亚马逊那令人兴奋的估值就会像预言一样自我实现。
13. Their faith is sustained by Amazon’s record.
他们的信任是由亚马逊的记录维持的。
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.（？）
它有过失败——对智能手机的尝试就是一个彻底的失败。但是这项业务正在开始粗制滥造地生产现金。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.（？）
如果亚马逊对付时间框架的手段是非常规的，那它的活动的？也是。
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.
从这个角度来看，亚马逊是崭新的。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消费者赞赏它；根据哈里斯民意调查显示，它是美国最受认可的公司。
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实现这一价值，就会引来调控者的注意。
20. But as it grows, so will concerns about its power.
但当它发展壮大时，对它控制力的忧虑也会增长。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投资者对亚马逊的估价超过了它自身的盈利；这使得它的掠夺性定价更加诱人。
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