Topic 1 Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
这个前书商占美国新增的网络消费的50%。
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年起，他的股价增长了172%，比头两年快了7倍（比S&P500 指数快了12倍）。
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
随着400bn的市场资本化，它成为了世界估值排名第五的公司。
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.
从来没有一家长时间以来估值这么高的公司，获利却这么低：其92%的估值都来源于2020年以后的预期收益。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛收益接近500bn，并且他们也在增强网络竞争力。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
其去年的现金流（包含用于投资的部分）达16bn美元，四倍于其五年前的水平。
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.
如果亚马逊的收益符合投资者的预期，经过粗略计算，这意味着他的收入相当于上市公司-Western retail and media firms 估值的25%。
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.
基于怀疑主义，没有比这更有想象力的：亚马逊必须比有史以来的任何一家大公司发展更快才能证明其估值。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在一个经理总是抱怨完成短期收益压力重重的时代，亚马逊坚定的着眼于长远目标。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
Mr. Bezos 强调需要持续投入来推动他的两个主要业务。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三个良性循环围绕Alexa开始，该公司的语音激活助手：
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股东坚信这种模式，亚马逊的激动人心的估值就是一个自证式预言。
13. Their faith is sustained by Amazon’s record.
他们的信心有亚马逊的记录维系。
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.
亚马逊也有过失败——它尝试制造智能手机就是一次惨败。但是这种商业模式已经开始大把捞钱了。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果说亚马逊的时间模型不同寻常，那么它所涉足领域的广泛性也一样。
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.
涉及如此广泛的领域让人更容易想象它是一个联合企业，而非零售商。这也似乎使得亚马逊的股值更加虚高：资本市场常常使用“多元化折让”影射其低效。
17. Seen through this lens, Amazon appears pristine.
从这个角度看，亚马逊还是一片净土。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消费者赞誉亚马逊，根据哈里斯民调，它也是没有最受好评的企业。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
一旦它接近他们的目标，就会引起监管者的注意。
20. But as it grows, so will concerns about its power.
但是随着它的成长，其自身的权利也令人担忧。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投资者注重亚马逊的估值而非利润；这也使得掠夺式定价更加诱人。