Day2

Topic 1 Amazon’s Empire

1. The former bookseller accounts for more than halfof every new dollar spent on line in U.S

在美国，原来的书商占了在线销售一半以上的每一个新美元。

2. Since the beginning of 2015, its share price hasjumped by 173%, seven times quicker than in the two previous years.(and 12times faster than the S&P 500 Index)

自从2015年开始，它的股票价格跳跃至173%，比前两年快了7倍。（比标准普尔500指数快了12倍）

3. With a market capitalization of some 400bn, it isthe fifth most valuable firm in the world.

拥有400bn市值，在世界上，它是第五个最有价值的公司。?

4. Never before has a company been worth so much forso long while making so little money: 92% of its value is due to profitsexpected after 2020.

从来没有一个公司值那么多钱，同时那么久挣了那么少的钱，92%的价值是由于2020年后被期望的红利。

5. Walmart already has revenues nudging 500bn and isbeefing up online.

沃尔玛已经有逼近500bn并且在线上正在上升。

6. Last year cash-flow (before investment) was $16bn,more than quadruple the level five years ago.

去年现金转流（投资之前）是16bn美元，是五年前的四倍多。

7. If it makes as much money as investors hope, a

rough calculation suggests its earnings could be worth the equivalent of（相当于）25%of the combined profits of listed Western retail and media firms.

如果它挣得和投资者希望的一样多的钱，一个粗略的推算暗示它的收入值相当于已经列出的西方零售和媒体公司的25%的联合盈利。

8. Ground for skepticism does not come much morefertile than this: Amazon will have to grow faster than almost any big companyin modern history to justify its valuation.

基于这样的怀疑没有比这样情况更有富饶：亚马逊将不得不比在现代历史中为了证实自己价值的几乎任何大的公司快。

9. In an era when executives routinely whinge aboutpressure to produce short-term results, Amazon is resolutely focused on thedistant horizon.

在这个时代，当高管经常抱怨产生短期结果的压力时，亚马逊坚决聚焦在遥远的视野。

10. Mr. Bezos emphasizes continual investment topropel its two principal businesses.

Mr. Bezos强调持续的投资为了推动它的两个主要的商业。

11. A third virtuous circle is starting to whirl

around Alexa, the firm’s voice-activated assistant:

第三个良性循环的圈子正开始围绕在Alexa,这个公司的语音激活的助理

12. So long as shareholders retain their faith in this

model, Amazon’s heady valuation resembles a self-fulfilling prophecy.

只要股东对这个模式保留自信，亚马逊的兴奋的估值就类似自我应验的语言。

13. Their faith is sustained by Amazon’srecord.

他们的信心被亚马逊的记录所维持。

14. It has had its failures—itsattempt to make a smart-phone was a debacle. But the business is starting tocrank out cash.

它已经失败了——它的制作智能机的尝试崩溃了。但是商业正在产生现金。

15. If Amazon’s approach to time-frames isunusual, so too is the sheer breadth of its activities.

如果亚马逊接近时间架构的方式是不同寻常的，它的活动的绝对的宽度也是这样的。

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.

这个大的条幅是一个企业集团的要比一个零售商的更能引人联想，这使得亚马逊的股价看起来甚至更加膨胀：股票市场典型的应用综合折价到反映他们的效率。

17. Seen through this lens, Amazon appears pristine.

通过这个镜头观察，亚马逊显得纯朴。

18. Consumers applaud it; it is the most well-regardedcompany in America, according to a Harris poll.

根据哈里斯民意测验，消费者赞同它，它是美国最受好评的公司。

19. If it gets anywhere close to fulfilling them, itwill attract the attention of regulators.

如果它在任何地方都紧密的满足它们，它将吸引监管者的注意。

20. But as it grows, so will concerns about its power.

但是随着它上升，这样将关注于它的全力。

21. Investors value Amazon’sgrowth over pro-fits; that makes predatory pricing more tempting.

投资者重视亚马逊增长的过度适应；那就使得掠夺性订价更加有人。