Topic 1 ?Amazon’s Empire

1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.

這家前暢銷書店占據了一半以上在美國消費的每一新的美元。

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)

自從2015年初以來，它的股價已經上漲了173%，比前兩年快了七倍（比標準普爾500指數快了超過12倍）

3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.

它擁有的市值大約為4,000億美元，在世界最有價值的公司中排名第五。

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.

從來沒有一家公司掙錢這么少，但是在這么長時間值這么多錢：92%的價值是因為2020年后預期的利潤。

5. Walmart already has revenues nudging 500bn and is beefing up online.

沃爾瑪的收入已經接近5,000億美元，它正在增強網上業(yè)務。

6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.

去年流動資金（投資前）是160億美元，超過了五年前水平的四倍。

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.

如果它真的可以如投資者所愿賺那么多錢大約估算表明它所賺的錢相當于登記注冊的西方零售業(yè)和媒體公司所賺的總和利潤。

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.

懷疑主義的的理由不過如此：亞馬遜必須比現代歷史任何一家大公司發(fā)展得更快，以證明它的價值所在。

9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.

在一個高管們經常抱怨生產短期成效所帶來的壓力的時代，亞馬遜卻堅決地專注于遠期的未來。

10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.

Mr. Bezos強調持續(xù)的投資來推動它的兩個主要業(yè)務。

11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:

第三個良性循環(huán)開始圍繞著Alexa旋轉，這家公司的聲控助理。

12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.

只要股東對這種模式保持信心，亞馬遜的領先價值代表自我實現的預言。

13. Their faith is sustained by Amazon’s record.

亞馬遜的記錄維持著他們對它的信心。

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.

它也有過失敗—嘗試制造智能手機就是一個失敗。但是這個業(yè)務開始可以賺錢。

15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.

如果說亞馬遜對于時間限制的途徑不同尋常，同樣它所涉及的活動的寬度也是不同尋常的。

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.

亞馬遜涉獵如此之大，令人更容易聯想到的是一個企業(yè)集團而不是零售商，這使得亞馬遜的股價更加膨脹，證券市場通常采用多元化集團折扣來反映他們的低效。

17. Seen through this lens, Amazon appears pristine.

站在這個角度來看，亞馬遜看起來是純樸的。

18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.

根據哈里斯民意調查顯示，它獲得消費者的稱贊，它是美國最被看好的公司。

19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.

如果它能在任何地方近乎實現自我，它將會引起管理機構的注意。

20. But as it grows, so will concerns about its power.

但是隨著它的成長，它的力量也會受到關注。

21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.

投資者通過獲利來評估亞馬遜的增長，這使得掠奪性的價格更為誘惑。