Topic 1 Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
这家卖书起家的公司占据了美国网购总额的一半。
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2015年初开始，亚马逊股价激增了173%，是前两年的七倍。（以及是标准普尔500指数的12倍）
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
亚马逊市值达到4亿亿，是全球排名第五的企业。
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.
长久以来，从未有过一家公司市值如此之高，然而盈利却如此之少：92%的价值要到2020年之后才开始盈利
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛总收益已接近5亿亿美元，其在线销量也在持续增长。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年投资前资金流动已达160亿美元，是五年前的四倍。
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.
如果亚马逊盈利达到投资者的预期，其收入约达到欧美上市零售公司和媒体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.
对此，质疑的声音也很大。亚马逊的增长须超过所有企业，来证明其价值。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
当其他企业的高管们一致抱怨创造短期收益所带来的压力时，亚马逊却毅然地将目光投向长久利益
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
Mr.Bezos重视持续的投资，来促进其两大支柱产业。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三个良性循环有关该公司的语音控制助手- Alexa。
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股东对这一模式保持信心，亚马逊的估值就是一个自我实现式的预言。
13. Their faith is sustained by Amazon’s record.
亚马逊的记录维持他们的信心。
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.
亚马逊也失败过-曾经开发智能手机的尝试就是一个灾难。但该公司已经开始源源不断的盈利。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果是亚马逊对长期利益的重视很不寻常，那么其涉及领域之广也是非比寻常。
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.
涉及领域之广，与其说亚马逊是零售商，倒不如说它是家企业集团。这使得其股价看起来虚高：股市通常通过“多元化折让”来反应低效率。（？）
17. Seen through this lens, Amazon appears pristine.
从这个角度来看，亚马逊未受其困扰
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消费者为之欢呼，据哈里斯民调显示，它是美国最受好评的企业
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果亚马逊能实现这些，它将会引来政府的注意。
20. But as it grows, so will concerns about its power.
但是随着它的发展，对其力量的担忧也会随着增长。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
比起利润 投资者更重视亚马逊价值的增长，这会导致掠夺性定价更具诱惑力