Topic 1? Amazon’s Empire
1. The former bookseller accounts for more than half of every new dollar spent on line in U.S.
這個前書商占美國新增的網絡消費的50%。
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年起，他的股價增長了172%，比頭兩年快了7倍（比S&P500 指數快了12倍）。
3. With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
隨著400bn的市場資本化，它成為了世界估值排名第五的公司。
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.
從來沒有一家長時間以來估值這么高的公司，獲利卻這么低：其92%的估值都來源于2020年以后的預期收益。
5. Walmart already has revenues nudging 500bn and is beefing up online.
沃爾瑪收益接近500bn，并且他們也在增強網絡競爭力。
6. Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
其去年的現金流（包含用于投資的部分）達16bn美元，四倍于其五年前的水平。
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.
如果亞馬遜的收益符合投資者的預期，經過粗略計算，這意味著他的收入相當于上市公司-Western retail and media firms 估值的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.
基于懷疑主義，沒有比這更有想象力的：亞馬遜必須比有史以來的任何一家大公司發展更快才能證明其估值。
9. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
在一個經理總是抱怨完成短期收益壓力重重的時代，亞馬遜堅定的著眼于長遠目標。
10. Mr. Bezos emphasizes continual investment to propel its two principal businesses.
Mr. Bezos 強調需要持續投入來推動他的兩個主要業務。
11. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三個良性循環圍繞Alexa開始，該公司的語音激活助手：
12. So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東堅信這種模式，亞馬遜的激動人心的估值就是一個自證式預言。
13. Their faith is sustained by Amazon’s record.
他們的信心有亞馬遜的記錄維系。
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.
亞馬遜也有過失敗——它嘗試制造智能手機就是一次慘敗。但是這種商業模式已經開始大把撈錢了。
15. If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果說亞馬遜的時間模型不同尋常，那么它所涉足領域的廣泛性也一樣。
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.
涉及如此廣泛的領域讓人更容易想象它是一個聯合企業，而非零售商。這也似乎使得亞馬遜的股值更加虛高：資本市場常常使用“多元化折讓”影射其低效。
17. Seen through this lens, Amazon appears pristine.
從這個角度看，亞馬遜還是一片凈土。
18. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消費者贊譽亞馬遜，根據哈里斯民調，它也是沒有最受好評的企業。
19. If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
一旦它接近他們的目標，就會引起監管者的注意。
20. But as it grows, so will concerns about its power.
但是隨著它的成長，其自身的權利也令人擔憂。
21. Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
投資者注重亞馬遜的估值而非利潤；這也使得掠奪式定價更加誘人。
