1.The former bookselleraccounts formore than half of every new dollar spent on line in U.S.
accounts for：占比重，
Eg.Coursework accounts for 40% of the final marks.
这句话的理解：前身销售书籍的亚马逊帝国（浏览量）占美国每一个新的美元消费量的一半。
故而言之：在美国，每一个美元的消费中就有一半是亚马逊的消费量。
2.Since the beginning of 2015, its share pricehas jumped by173%,seventimesquickerthanin the two previous years.(and12timesfasterthanthe S&P 500 Index)
Jumpby：激增了..（jump :to rise suddenly by a large amount突升；猛涨；激增）
Eg.Prices jumped by 60% last year.去年，物价暴涨了60%
这句话的理解：自从2015年初开始，它的股票价格就激增了173%，这比过去两年（的增长）要快7倍。（同时也比S&P 500指数快12倍。）
3.With a market capitalization ofsome 400bn, it isthe fifth most valuable firmin the world.
With a market capitalization of：拥有......的市值
Eg.The U.S. GDP is approximately $ 10 trillion, thus the market capitalization is 84 % of the GDP.
这句话的理解：拥有大约4000亿的市场总值的它，是全球第五个最具有价值的公司。
4.Never before hasa companybeen worth so much for so long while making so little money:92% of its valueis due toprofits expected after 2020.
is due to由于;起因于;
Eg. The problem may be due to poor workmanship.问题可能在于工艺太差。
它的92%的价值是由于2020后期望的利润，从没有过一家公司在赚如此少的钱的情况下，一直以来还都那么有价值。
5.Walmart already has revenuesnudging500bn andis beefing uponline.
Nudge：to reach or make sth reach a particular level（使）达到，接近
Eg.This afternoon's sunshine could nudge the temperature above freezing.今天下午的阳光可使温度达到冰点以上。
bebeefing up：beef sth↔up
(informal) to make sth bigger, better, more interesting, etc.使更大（或更好、更有意思等）
Eg.Both sides are still beefing up their military strength.双方仍在增强各自的军事力量。
沃尔玛的总收入已经达到了5000亿，同时还在上涨中。
6.Last year cash-flow (before investment) was $16bn, more thanquadruple the level five years ago.
Quadruple四倍
去年的现金流（投资之前）是160亿，比过去5年的基线要高4倍以上。
7.If it makes as much money as investors hope, a rough calculation suggests its earningscould be worth the equivalent of25% ofthecombinedprofitsoflisted Western retail and media firms.
如果它能赚到投资者期望金额的水平，那么粗略的估计其赚到的相当于西方零售业及媒体公司利润总和的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 tojustify its valuation.
Justify：to show that sb/sth is right or reasonable证明…正确（或正当、有理）
Eg.How can they justify paying such huge salaries?他们怎能证明付这么大笔薪金是正当的呢？
justify its valuation：证明它真正的价值
最大值得质疑的一点就是：亚马逊需要去快速发展，比当代以来几乎所有的大公司发展都要快，来证明它真正的价值。
9.In an era when executives routinelywhinge aboutpressure to produce short-term results, Amazon isresolutely focused onthedistant horizon.
the executive：the part of a government responsible for putting laws into effect（政府的）行政部门
whinge about：没完没了的抱怨
Resolutely：having or showing great determination坚决的；有决心的
在这个政府一直强调要创造短期成果的时代，亚马逊仍决心要集中在长远发展上。
10.Mr.Bezos emphasizes continual investment topropel its two principal businesses.
propel its two principal businesses.：推动它的两项主要的商业
Propel：to move, drive or push sth forward or in a particular direction推动；驱动；推进
Mr.Bezos强调要持续对亚马逊两项主要的商业进行投资。
11.A thirdvirtuous circle is starting to whirl aroundAlexa, the firm’s voice-activated assistant:
virtuous circle：良性循环
这家公司的声控助手Alexa正开始出现良性循环。
12.So long as shareholdersretaintheir faith inthis model, Amazon’sheadyvaluationresembles aself-fulfilling prophecy.
retain their faith in保持信念
self-fulfilling prophecy本身会成为事实的预言;
只要持股人们在这个模式上保持信念，亚马逊过高的估值就能够得以实现。
13.Theirfaith is sustained byAmazon’s record.
is sustained by：是持续的
Eg.Man's flight through life is sustained by the power of his knowledge. 生命航程是知识的能量支持的.
它们的信念的持续基于亚马逊的成绩。
14.It has had its failures—its attempt to make a smart-phone was adebacle.But thebusinessisstarting to crank out cash.
Debacle：大败；崩溃；垮台；灾祸
crank out：to produce a lot of sth quickly, especially things of low quality大量地快速制造；（尤指）粗制滥造
它已经有它的失败之处，即它企图尝试制造智能手机。但是这项商业正开始赚钱。
15.If Amazon’sapproach totime-frames is unusual,so too isthe sheerbreadth of its activities.
如果说亚马逊的时间框架方法是不一般的，那么它未来的活动宏图也是不一般的。
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.
多元化折让(conglomerate discount):对综合多元化的企业进行估值时,在每个业务单元的估值基础上加总,然后扣除一定比例,得出企业的合适估值。
亚马逊的大发展更像是大企业而不是零售商，这使得其股票价格虚高，股票市场用“多元化折让”来反映它们的收益。
17.Seen through thislens, Amazon appearspristine.
Pristine：fresh and clean, as if new崭新的；清新的
透过这个层面看，亚马逊似乎是一个新兴企业。
18.Consumersapplaudit; it isthe most well-regarded companyin America, according to a Harris poll.
the most well-regarded：备受关注的
消费者对之很满意，根据一项哈里斯民意调查，它是美国备受关注的公司。
19.If itgets anywhere close tofulfilling them, it will attract the attention of regulators.
Getclose to：接近
Eg.His dog is very aggressive, so I never get close to it.他的狗有攻击性,所以我从来不接近它.
如果它能广泛地近乎满足他们的需求，那将吸引监管者的注意。
20.Butasit grows,so willconcerns about its power.
但是随着它的发展，就将会关注它的能力。
21.Investorsvalue Amazon’s growth over profits;that makespredatory pricingmore tempting.
value Amazon’s growth over profits看中亚马逊的发展要大于利润收益
predatory pricing掠夺性定价；为挤垮对手的大削价
比起利润收益，投资商更看中亚马逊的发展，这使得掠夺性的价格更具有吸引力。
