Topic 1 Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
这家前畅销书店占据了一半以上在美国消费的每一新的美元。
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)
自从2015年初以来，它的股价已经上涨了173%，比前两年快了七倍（比标准普尔500指数快了超过12倍）
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
它拥有的市值大约为4,000亿美元，在世界最有价值的公司中排名第五。
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.
从来没有一家公司挣钱这么少，但是在这么长时间值这么多钱：92%的价值是因为2020年后预期的利润。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛的收入已经接近5,000亿美元，它正在增强网上业务。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年流动资金（投资前）是160亿美元，超过了五年前水平的四倍。
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.
如果它真的可以如投资者所愿赚那么多钱大约估算表明它所赚的钱相当于登记注册的西方零售业和媒体公司所赚的总和利润。
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.
怀疑主义的的理由不过如此：亚马逊必须比现代历史任何一家大公司发展得更快，以证明它的价值所在。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在一个高管们经常抱怨生产短期成效所带来的压力的时代，亚马逊却坚决地专注于远期的未来。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
Mr. Bezos强调持续的投资来推动它的两个主要业务。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三个良性循环开始围绕着Alexa旋转，这家公司的声控助理。
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股东对这种模式保持信心，亚马逊的领先价值代表自我实现的预言。
13. Their faith is sustained by Amazon’s record.
亚马逊的记录维持着他们对它的信心。
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.
它也有过失败—尝试制造智能手机就是一个失败。但是这个业务开始可以赚钱。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果说亚马逊对于时间限制的途径不同寻常，同样它所涉及的活动的宽度也是不同寻常的。
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.
亚马逊涉猎如此之大，令人更容易联想到的是一个企业集团而不是零售商，这使得亚马逊的股价更加膨胀，证券市场通常采用多元化集团折扣来反映他们的低效。
17. Seen through this lens, Amazon appears pristine.
站在这个角度来看，亚马逊看起来是纯朴的。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
根据哈里斯民意调查显示，它获得消费者的称赞，它是美国最被看好的公司。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果它能在任何地方近乎实现自我，它将会引起管理机构的注意。
20. But as it grows, so will concerns about its power.
但是随着它的成长，它的力量也会受到关注。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投资者通过获利来评估亚马逊的增长，这使得掠夺性的价格更为诱惑。
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