1.The former book seller accounts for more than half of every new dollar spent on line in U.S. 美国线上每消费一美元，这家前书商都要占据一半以上。
2.Since the beginning of 2015, its share price has jumped by173%,seven times quicker than in the two previous years.(and12 times faster than the S&P 500 Index) 自从2015年开始，他（亚马逊）的股价已经上涨了173%，比前两年的速度加快了七倍（比标准普尔股价指数快了12倍之多）
3.With a market capitalization of some 400bn, it is the fifth most valuable firm in the world. 它在世界最有价值的公司中排名第五，拥有大约4000亿美元的市值。
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.从来没有一家公司在很长时间内挣钱很少的情况下可以价值那么多：92%的价值是来源于2020年后的预期利润。
5.Walmart already has revenues nudging 500bn and is beefing up online. 沃尔玛收入已经接近5000亿美金，并且它正在加强线上业务。
6.Last year cash-flow (before investment) was $16bn,more than quadruple the level five years ago. 去年的现金流（投资前）是160亿美金，比五年前的水平翻了四倍之多。
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.如果它真赚的如投资者期望的那么多钱，粗略估算表明它的盈利相当于西方零售业和媒介公司的利润总和的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 to justify its valuation. 令人怀疑的土壤从来没有比这更肥沃：亚马逊将必须比现代史上任何一家大公司都发展的要快，来证明他的价值。
9.In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.在一个高管们经常喋喋不休地抱怨产生短期效果带来的压力的时代，亚马逊坚定地将目光聚焦在遥远的未来。
10.Mr.Bezos emphasizes continual investment to propel its two principal businesses.
Mr.Bezos 总着重于持续投资来推动它的两个主要业务。
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着公司的声控助理Alexa已经开始运转。
12.So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.只要股东们保持对这个模式的信心，亚马逊那令人陶醉的价值看起来像是一个会自我应验的预言。
13.Thei rfaith is sustained byAmazon’s record.他们的信心由亚马逊的记录支撑着。
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. 它也有它的失败--之前对智能手机的尝试就是一个崩溃。不过这个业务开始带来现金。
15.If Amazon’s approach to time-frames is unusual,so too is the sheer breadth of its activities.
如果说亚马逊对时间框架的勾勒方法不寻常，同样它涉及的范围广度也是不寻常。
16.A wingspan this large is more reminiscent of a conglomerate than a retailer, which makes Amazon’s share price seem even more bloated: stockmarkets typically apply a“conglomerate discount”to reflect their in-efficiencies. （亚马逊的）翼幅之大使人更容易联想到一个企业集团而不是一家零售商，这会使亚马逊的股价看起来更臃肿：股票市场通常采用”多元化集团折扣“来反射他们的低效率。
17.Seen through this lens, Amazon appears pristine.透过这个角度来看，亚马逊似乎还是一片净土。
18.Consumers applaud it; it is the most well-regarded company in America,according to a Harris poll.据哈里斯民意调查显示，消费者称赞它是美国最受好评的公司。
19.If it gets anywhere close to fulfilling them, it will attract the attention of regulators. 如果它能够在任何地方趋于实现自我满足的成就，它必然会引起监管机构的注意。
20.But as it grows,so will concerns about its power.但是随着它的成长，它的为量也会受到关注。
21.Investors value Amazon’s growth over pro-fits;that makes predatory pricing more tempting. 投资者评估亚马逊的增长是看利润，这就使得掠夺性定价更为诱人。
