Topic 1 Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
这家前书籍销售商占据了美国线上消费的一半以上。
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年初以来，亚马逊的股票价格上涨了173%，其上涨速度是过去两年的7倍（比标准普尔指数快了12倍）。
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
亚马逊公司是全球排名第五的最具价值的公司，拥有总值4000亿美元的市场资本。
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长时间内利润不高的情况下还能拥有如此大的价值：其92%的价值都是来自2020年以后的预期收益。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛的价值已经接近5000亿美元，而且正在加强它的线上业务。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年现金流动（在投资前）达到160亿美元，此数值相比五年前翻了三倍。
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.
如果它的盈利真的如投资者所希望的那么多，粗略估计它的利润应该相当于西方零售媒体公司利润的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.
然而对此也有很多怀疑的声音，就是亚马逊将会比任何一家大型企业成长得都要快，以此证明它的价值。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在一个执行者们还在对制造短期效果不停埋怨的时代，亚马逊已经着眼于遥远的未来。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
贝索斯强调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:
一个第三方良性循环开始围绕亚历山大，公司的语音虚拟助理。
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股东们对这种模式保持信心，亚马逊令人兴奋的估值就像一个会自我实现的预言。
13. Their faith is sustained by Amazon’s record.
亚马逊的记录让他们充满信心。
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.
亚马逊也有过不成功的时候，对智能手机的尝试，就是一个完全的失败。但是业务正在开始带来更多的现金。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果亚马逊的时间框架的方法是不寻常的，那么它活动的长度也一样。
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.
其翼幅之大很容易让人联想到一个大型企业而不是一个零售商，这使亚马逊的股票价格似乎更加膨胀——股票市场通常采用“集团折扣”来反映他们的效率。
17. Seen through this lens, Amazon appears pristine.
透过这个视角，亚马逊显得质朴。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
根据哈里斯民意测验，消费者对此十分赞同，因为这是美国最受欢迎的公司。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果亚马逊在所有领域都有所触及，那么它将吸引监管机构的注意。
20. But as it grows, so will concerns about its power.
但是在它发展的时候，人们同样会关注它的力量。
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，而这使得掠夺性定价更加诱人。
