Day 1：
【單詞作業】
一、從句子看詞匯
The former bookseller?accounts for more than?half of every new dollar spent?online in America.?
美國在線消費每增加一美元，就有一半多給了這家曾經的圖書銷售公司。
account for?
釋：If a particular thing accounts for a part or proportion of something, that part or proportion consists of that thing, or is used or produced by it. (數量、比例上) 占
例：Computers account for 5% of the country's commercial electricity consumption.?電腦占了這個國家商業用電的5%。
It is the?world’s leading provider of?cloud computing.
它是世界領先的云計算供應商。
Its own-brand?physical products include batteries, almonds, suits and speakers?linked to a virtual voice-activated assistant that can control,?among other things, your lamps and sprinkler.
公司自有品牌的實體產品包括電池、杏仁、西裝以及音箱。這種音箱與虛擬語音助手相連接，可以控制你的臺燈、灑水器等裝置。
That is because investors anticipate both an extraordinary?rise in revenue, from sales of $136bn last year to half a trillion?over the next decade, and a jump in profits.
這是因為投資人既盼望其收入猛增，銷售額能從去年的1360億美元漲至十年后的5000億美元，也期待著利潤飆升。
Ground for scepticism 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. Can it possibly do so?
對這些期盼最有利的懷疑最有利的依據是：為了證明它的市值合理，亞馬遜的增長必須快過現代歷史上幾乎所有的大公司。它能做到嗎？
fertile
釋：Land or soil that is fertile is able to support the growth of a large number of strong healthy plants. 肥沃的
例：...fertile soil. ? ? ? ?…肥沃的土壤。
PS：原文中與ground連用，表示比喻意義。
justify
釋：To justify a decision, action, or idea means to show or prove that it is reasonable or necessary. 證明…有理
例：Her success had justified the faith her teacher had put in her.
? ? ? ?The Prime Minister has been asked to justify the decision to Parliament.
? ? ? ?How can they justify paying such huge salaries?
In an era?when executives routinely whinge about pressure to produce?short-term results, Amazon is resolutely focused on the distant?horizon.
在這個時代，高管們一貫都會抱怨要創造短期業績的壓力太大，而亞馬遜卻毅然著眼于長遠的未來。
routinely
釋：If something happens routinely, it happens repeatedly and is not surprising, unnatural, or new. 照例地
例：Any outside criticism is routinely dismissed as interference.?任何外來批評照例都被當作干涉而不予理睬。
Mr Bezos emphasises continual investment to propel?its two principal businesses, e-commerce and Amazon Web?Services (AWS), its cloud-computing arm.?
貝索斯重視持續投資以推動其兩大主要業務--電子商務和它的云計算部門Amazon Web Services (AWS)。
A third virtuous circle is starting to whirl?around Alexa, the firm’s voice-activated assistant: as developers build?services for Alexa, it becomes more useful to consumers,?giving developers reason to create yet more services.
第三個良性循環則是圍繞該公司的語音助手Alexa展開：有了開發者為Alexa設計服務，它對消費者來說就越來越有用，開發者繼而就有理由去創造更多的服務。
developer
?釋： A developer is someone who develops something such as an idea, a design, or a product. 開發者
例：John Bardeen was also co-developer of the theory of superconductivity.?約翰·巴丁也是超導理論的共同發展人。
So long as shareholders retain their faith in this model, Amazon’s?heady valuation resembles a self-fulfilling prophecy.
只要股東們對這一模式保持信心，亞馬遜令人興奮的估值就會像一個自我應驗的預言。
Their faith is sustained by?Amazon’s record.
支持股東信心的是亞馬遜的業績。
Last year cashflow (before investment) was $16bn,?more than quadruple the level five years ago.
去年的現金流（投資前）為160億美元，比五年前的四倍還多。
If Amazon’s approach to time-frames is unusual, so too is?the sheer breadth of its activities.
如果說亞馬遜對投資時間期限的態度非同尋常，那么它對公司經營的廣度也是如此。
The company’s list of current?and possible competitors, as described in its annual filings, includes?logistics firms, search engines, social networks, food?manufacturers and producers of “physical, digital and interactive?media of all types”.
如其年報所述，公司目前以及未來可能的競爭對手包括物流公司、搜索引擎、社交網絡、食品制造商和“各種各樣的實體、數字和交互式媒體”的制造商。
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 inefficiencies.
如此廣的跨度更像是一個企業集團而不是一個零售商，這愈加讓亞馬遜的股價看起來虛高：股市通常會對股價打一個“企業集團折扣”來反映他們的低效。
conglomerate
釋： A conglomerate is a large business firm consisting of several different companies. 企業集團 [商業]
例： ...the world's second-largest media conglomerate. ? ? ? ??…世界第二大傳媒集團。
It is building a $1.5bn air-freight hub in Kentucky.
它正在肯塔基州建造一個價值15億美元的空運中心。
It is testing?technology in stores to let consumers skip the cash register altogether,?and experimenting with drone deliveries to the?home.
它正在門店測試新技術，讓消費者完全跳過收銀臺結賬的環節，它還在嘗試用無人機送貨到家。
Some think that Amazon could become a new kind of utility:?one that provides the infrastructure of commerce, from?computing power to payments to logistics.
有些人認為亞馬遜也許會成為一種新型的公用事業，提供從云計算能力、支付到物流的商務基礎設施。
utility
釋： A utility is an important service such as water, electricity, or gas that is provided for everyone, and that everyone pays for. 公用事業
例： ...public utilities such as gas, electricity and phones. ? ? ? ? ?…煤氣、電和電話等公用事業。
For now, Amazon is unlikely?to trigger antitrust action.
目前看來他還不大可能會觸發反壟斷行動。
antitrust
釋： In the United States, antitrust laws are intended to stop big companies taking over their competitors, fixing prices with their competitors, or interfering with free competition in any way. 反壟斷的
例：?The jury found that the NFL had violated antitrust laws.?該陪審團判定全美橄欖球聯盟違反了反壟斷法規。
Seen through this lens, Amazon appears pristine.?
從這一角度來看，亞馬遜還很質樸。
AWS is a boon to startups, too.
AWS對于創業公司來說也是一大福音。
boon
釋： You can describe something as a boon when it makes life better or easier for someone. 福音
例： It is for this reason that television proves such a boon to so many people.?正是這個原因電視機成為這么多人的一大福音。
Even on?standard antitrust grounds, that may pose a problem: 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.
即便是從通常的反壟斷角度來看，這也會是一個問題：如果它像投資人所希望的那樣賺得盆滿缽滿，粗略算下來，它的盈利將相當于西方所有上市零售公司和媒體公司總盈利的25%。
In Europe, Google stands accused of using its clout as a?search engine to extend its power to adjacent businesses.
在歐洲，谷歌遭到指控，有人認為它利用自己作為搜索引擎的影響力來擴展其他業務。
The?comparative immunity from legal liability of digital platforms—for the posting of inflammatory content on Facebook,?say, or the vetting of drivers on Uber—is being chipped away.
數字平臺原本相對而言享有更多的法律責任豁免--比如在Facebook上發布煽動性內容或是審核優步司機這類事件上，但這種特權如今也在逐漸削弱。
Investors value Amazon’s growth over profits;?that makes predatory pricing more tempting.
投資者看重亞馬遜的增長更甚于盈利，這讓掠奪性定價愈發具有誘惑力。
predatory pricing
釋： If a company practises predatory pricing, it charges a much lower price for its products or services than its competitors in order to force them out of the market. (為擊垮競爭對手的)掠奪性定價 [商業]
例： Predatory pricing by large supermarkets was threatening the livelihood of smaller businesses.?大型超市的掠奪性定價正威脅著小商店的生計。
But success will bring it?into conflict with an even stronger beast: government.
但成功會把它推向與另一頭更強大的猛獸對抗：政府。
二、相關背景詞匯
1. HBO:
? ? ?Home Box Office ? ?美國紐約的有線電視網絡媒體公司
2. shareholder:
? ? ?釋：A shareholder is a person who owns shares in a company. 股東 [商業]
? ? ?例：...a shareholders' meeting. ? ? ? ??…一次股東會議。
3. S&P index:
? ? ?Standard and Poor’s Composite Index ? ??標準·普爾股票價格指數
4. Jeff Bezos
? ? ?杰夫·貝索斯（亞馬遜網絡購物中心締造者）
5. two-hour shipping
? ? ?兩小時送達
? ?streaming video and music
? ? 流媒體視頻和音樂
6. debacle
? ? ?釋： A debacle is an event or attempt that is a complete failure. 徹底失敗
7. crank?out cash?
? ? ?大量產生現金
? ? crank out
? ? ?釋：If you say that a company or person cranks out a quantity of similar things, you mean they produce them quickly, in the same way, and are usually implying that the things are not original or are of poor quality. 迅速地大量濫制
? ? ?例： In 1933 the studio cranked out fifty-five feature films.?1933年，這家電影公司粗制濫造了55部故事片。
8. ?regulator
? ? ? 釋： A regulator is a person or organization appointed by a government to regulate an area of activity such as banking or industry. 監管人; 監管機構
9. business model
? ? ? 商業模式
三、詞匯小拓展
1. 近義詞
? ? ?吸引： entice;?attract;?lure
2. 同類詞
? ? 上升：rise; arise; increase (in);raise; lift; ascend; climb; soar;mount; go up
? ? 下降：descend; go down; come down; drop; fall; decrease (in); decline; fall off; downgrade; ? ? ? ? ? ? ? ? ? ? ? ?descend; fall; sink
Day 2：
【邏輯導圖+神句翻譯】
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
書商起家的亞馬遜占美國線上消費一半以上份額。
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年年初起，亞馬遜公司股價飆升173%，增速比前兩年快七倍。（為標準普爾500指數的13倍）
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
亞馬遜市值約達4000億美元，全球排名第五。
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.
亞馬遜開創了先例---能在盈利如此有限的情況下，長久維持如此之高的估值：其中92%來自人們對于2020年以后的盈利預期。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪的營收已接近5000億，并且進軍線上業務。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年投資前的現金流為160億美元，是五年前的四倍。
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.
如果它像投資人所希望的那樣賺得盆滿缽滿，粗略算下來，它的盈利將相當于西方所有上市零售公司和媒體公司總盈利的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.
最強有力的質疑莫過于：為了證明它的市值合理，亞馬遜的發展速度必須超過現代歷史上幾乎所有大公司。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
當今時代，高管們常常抱怨創造短期業績的壓力太大，而亞馬遜卻堅定不移地著眼于長遠未來。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
貝索斯先生重視持續投資以推動其兩大主要業務。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三個良性循環則是圍繞該公司的語音助手Alexa展開的。
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東們對這一模式保持信心，那么亞馬遜的超高估值就會像一個自我應驗的預言。
13. Their faith is sustained by Amazon’s record.
支持股東信心的是亞馬遜的業績。
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.
它曾經失敗過，制造智能手機的嘗試便是個災難。但是公司正開始大量產生現金。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果說亞馬遜對投資時間期限的態度非同尋常，那么它對公司經營的廣度也是如此。
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.
如此之廣的跨度更像是一個企業集團而不是一個零售商，這越加讓亞馬遜的股價看起來虛高：股市通常會對股價打一個“企業集團折扣”來體現他們的低效。
17. Seen through this lens, Amazon appears pristine.
從這一角度來看，亞馬遜似乎還很質樸。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消費者為它拍手叫好；Harris的一項調查顯示，它是美國聲譽最好的公司。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
一旦真的接近這些目標，它就會招來監管部門的注意。
20. But as it grows, so will concerns about its power.
但隨著亞馬遜的發展，對它影響力的擔憂也在增長。
21. Investors value Amazon’s growth over profits; that makes predatory pricing more tempting.
投資者更看重亞馬遜的增長而非其盈利，這讓掠奪性定價越發具有吸引力。
Day 3：
【總結反思】
【收獲】
這三天下來，覺得學到了很多??！
首先是篤師給的分析和群里同學們的討論能夠讓我對這篇文章有更透徹的理解，不再像是之前自己看的時候那樣草草地一遍掃過。更加精讀啦~
其次就是覺得June讓我們自己翻譯神句，之后又給了參考以及解析，這樣子非常好！一方面對比我自己的譯文和June的翻譯版本能夠讓我的翻譯更加準確，另一方面，又讓我get了好多相關知識。不但是背景知識，還有篤師給的溫馨小貼士，比如說“提醒大家注意常見搭配，propel搭配business”或者是“justify希望大家好好吃透它的用法，變為active vocabulary”，特別有針對性，特別高效！
然后就是思維導圖啦，雖然自己第一次動手做，覺得還不怎么熟練，但是確實感覺到了思維導圖對于精讀的重要性，能夠讓我們更加清晰地去理解原文啊！
【反思】
反思主要是兩個方面。
第一是各種工具的應用，包括簡書、Xmind等，覺得自己還是不夠熟練，需要多加揣摩，才能更加得心應手地加以應用。
第二就是自己的整個狀態，感覺還是沒有找到那個平衡點，看文章、做作業什么的還是匆匆忙忙，甚至帶點手忙腳亂，也沒有在群里和大家進行什么討論。希望能夠調整地更好來適應吧~
BTW，對于篤師關于第二句句子翻譯中的兩個倍數的翻譯，我覺得有點不能理解，所以還是按自己的方式來翻譯的，之后會再去查證一下~
Michelle
2017.4.12
