Topic 1Amazon’s Empire亚马逊帝国
1.The former bookseller accounts for more than half of every new dollar spent on line in U.S.
曾经的书商如今占美国线上交易的一半以上。
2.Since the beginning of 2015, its share pricehas jumped by173%,seventimesquickerthanin the twoprevious years.(and12timesfasterthanthe S&P 500 Index)
自2015年初，其股价迅速增长了173%，增速比过去两年快了7倍。（增速比标准普尔500指数快了12倍。）
3.With a market capitalization ofsome 400bn,it isthe fifth most valuable firmin theworld.
亚马逊市值达4000亿美元，在世界上最有价值公司中名列第五。
4.Never before hasa companybeen worth so much for so long while making so little money: 92% of its value is due to profits expected after 2020.
以前没有哪个公司市值飙高而盈利甚低：92%的市值产生于2020年后的利益预期。
5.Walmart already has revenuesnudging500bn and is beefing up online.
沃尔玛收益逼近5000亿美元，正加强其线上发展。
6.Last year cash-flow(before investment) was $16bn, more than quadruple the level five years ago.
去年，获得投资之前，其现金流为160亿美元，比五年前翻了两番还不止。
7.If it makes as much money asinvestors hope, a rough calculation suggests its earningscould be worth the equivalent of25% ofthecombinedprofitsoflisted Western retail and media firms.
如果亚马逊盈利能达投资者预期，粗略估计，其收益可能要达到西方所有零售及媒体上市公司收益总和的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.
对于此，怀疑的声音四起：为了证明其估值，亚马逊发展速度必须要快于几乎任何一个现代大公司。
9.In anera when executives routinelywhinge aboutpressureto produce short-term results, Amazon is resolutely focused on the distant horizon.
在如今这个年代，董事会会定期施压，要求取得短期收益，而亚马逊则坚定地专注其长远的发展。
10.Mr.Bezos emphasizes continual investment topropel its two principal businesses.
Bezos先生强调说，会一直进行投资以促进其两项主要业务的发展。
11.Athirdvirtuous circle is starting to whirl aroundAlexa,the firm’s voice-activated assistant:
第三个良性循环开始围绕着公司的语音助手Alexa展开。
12.So long as share holders retain their faith in this model, Amazon’s heady valuation resembles as elf-fulfillingprophecy.
只要股东们对该模式持有信心，亚马逊这令人兴奋的估值就像自我应验的预言。
13.Theirfaith is sustained byAmazon’s record.
亚马逊创下的记录给了他们信心。
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.
它曾有过失败---尝试制造智能手机就获得了惨败。但是，该公司现如今开始快速产出现金。
15.If Amazon’sapproach totime-frames is unusual,so too isthe sheerbreadth of its activities.
如果说亚马逊发展目标的时间框架与众不同，其广泛的业务范围也是非比寻常。
16.Awingspan this largeis morereminiscent ofa conglomerate than a retailer,which makes Amazon’sshare
price seem even more bloated: stockmarkets typically apply a“conglomerate discount”to reflect their in-efficiencies.
亚马逊发展规模如此之大，更像是联合企业，而不是零售商。这使得亚马逊股价看起来更为虚高：股市为反映联合企业的低效，估价时往往会打个“联合企业折扣”。
17.Seen through thislens,Amazon appearspristine.
从这个角度看，亚马逊暂未受到影响。
18.Consumersapplaudit; itisthe most well-regarded company in America, according to a Harris poll.
消费者对此拍手叫好。据一项哈里斯民意调查显示，亚马逊被评为全美最受推崇的公司。
19.If itgets anywhere close tofulfilling them, it willattract the attention of regulators.
一旦亚马逊的发展接近其既定目标，便会引起监管机构的注意。
20.Butasit grows,so willconcerns about its power.
但是，随着亚马逊不断发展，对于其影响力的担忧也会随之增长。
21.Investorsvalue Amazon’s growth over profits; that makes predatory pricing more tempting.
投资者通过预期收益对亚马逊发展进行估值；这使得掠夺性定价愈发诱人。
