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)
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
亞馬遜是市值約達4000億美元的世界第五大公司
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.
從未有過哪家公司收入如此少卻能有這么高的市值：92%的市值是因為2020年后的預期盈利
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪的營業額已經約達5000億美元并加強在線服務
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
去年現金流量（在投資前）是160億美元，比五年前的四倍還多
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.
如果它像投資者期望的那樣賺許多盈利，大略估算它的盈利數目相當于西方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.
對這一懷疑最有說服力的依據是：為了證明它的價值，亞馬遜的增長速度必須超過幾乎所有現代歷史上的大公司
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在這一時代，高層管理者們都抱怨創造短期盈利的壓力太大，而亞馬遜卻堅決致力著眼于長遠的發展
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
Bezos先生著重于不停地進行投資以推進亞馬遜的兩個重要的業務發展
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三種良性循環是關于一個語音系統的開發
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只有股東們保持對亞馬遜經營模式的信心，亞馬遜令人興奮的高估值就會像自我實現的預言似的
13. Their faith is sustained by Amazon’s record.
他們的信心因亞馬遜的業績而維持
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.
亞馬遜也曾失敗過，它制造智能手機的嘗試崩潰了，但這一業務現在也開始盈利了
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果說亞馬遜長期投資的時間期限的戰略是不尋常的，那他的業務擴張也是如此
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.
