Topic 1 Amazon’s Empire
1.The former book seller accounts for more than half of every new dollar spent on line in U.S.
美国人在线消费每增加一美元，前网络售书公司--亚马逊，就能从中获得一半多的收入。
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年初至今，亚马逊股票价格已经上涨了173%，增长速度是前两年的7倍（比标准普尔500指数快了12倍）
3.With a market capitalization of some 400 bn, it is the fifth most valuable firm in the world.
它的市值约4000亿美元，位列全球第五
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.
以前从来没有哪家公司能维持这么高的市值这么久却只赚很少的钱：它的市值有92%来自于2020年以后的预期盈利
5.Walmart already has revenues nudging 500 bn and is beefing upon line.
.Last 沃尔玛的营收已经逼近5000亿美元，并且正在加强在线业务
6。Last year cash-flow (before investment) was $16bn, more than quadruple the level
去年的现金流（投资前）为160亿美元，比五年前的四倍还多。
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.
如果它像投资人所希望的那样赚得盆满钵满，粗略算下来，它的盈利将相当于西方所有上市零售公司和媒体公司总盈利的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.
对这些期盼的怀疑最有力的依据是：为了证明它的市值合理，亚马逊的增长将必须快过现代历史上几乎所有的大公司。它能做到吗？
9.In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
其一是时间。在这个时代，高管们一贯都会抱怨要创造短期业绩的压力太大，而亚马逊却毅然着眼于长远的未来。
10. Mr.Bezos emphasizes continual investment to propel its two principal businesses.
贝索斯重视持续投资以推动其两大主要业务
11.A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三个良性循环则是围绕该公司的语音助手Alexa展开
12.So long as share holders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股东们对这一模式保持信心，亚马逊令人兴奋的估值就会像一个自我应验的预言
13.Their faith is sustained by Amazon’s record.
支撑股东信心的是亚马逊的业绩
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.
它曾经失败过，制造智能手机的尝试便是个灾难。但是公司正开始大量产生现金
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规划不同寻常，那么它所涉猎的范围之广，也一如前者
16.A wing span this large is more reminiscent of a than a retailer, which makes Amazon’s share price seem even more bloated: stockmarkets typically apply a“conglomerate discount”to reflect their inefficiencies.
如此庞大的覆盖范围，令人们想到的是一家联合大公司，而远非一家零售企业。这点也更令亚马逊的股价显得虚高：在股票市场上，人们常用“多元化折让”这个词来反映这种浮夸股价的低能无用。
17.Seen through this lens, Amazon appears pristine.
从这一角度来看，亚马逊还很质朴
18.Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消费者为它拍手叫好；Harris的一项调查显示，它是美国声誉最好的公司.
19.If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
一旦真的接近这些目标，它就会招来监管部门的注意
20.But as it grows,so will concerns about its power.
它影响力的担忧也在增长
21.Investors value Amazon’s growth over pro-fits;that makes predatory pricing more tempting.
投资者看重亚马逊的增长更甚于盈利，这让掠夺性定价愈发具有诱惑力
