Topic 1Amazon’s Empire
The formerbookselleraccounts formore than half ofevery new dollar spent on line in U.S.
每在网上花一美元，其中就有超过一半是来自亚马逊网站
Since thebeginning of 2015, its share pricehas jumped by173%,seven times quicker thanin the two previousyears.(and12times
fasterthanthe S&P 500 Index)
从2015年起，亚马逊的股票增幅达173%，比前两年多七倍（比S&P指数快12倍）
With a market capitalization ofsome 400bn, it isthe fifth most valuable firmin the world.
亚马逊因其市场资本金高达4000亿，一跃成为世界上最具价值的第五个公司
Never before hasa companybeen
worth so much for so long while making so little money:92%
of its valueis due toprofits expected
after 2020.
从来没有一个公司可以不怎么赚钱，却维持其价值不变：92%的价值预计来自自2020年之后的
Walmartalready has revenuesnudging500bn andis beefing uponline.
沃尔玛的利润即将突破5000亿大关，这一趋势在互联网的作用下不断加强
Last
year cash-flow (before investment) was $16bn, more thanquadruple the level five
years ago.
去年资本流（投资前）为160亿美元，比五年前翻了4倍
If itmakes as much money as investors hope, a rough calculation suggests itsearningscould be worth the equivalent of25%ofthecombined
profitsoflisted Western retail andmedia firms.
如果亚马逊能带给投资商们预期的收益，那将相当于是西方零售商和媒体公司总利润的25%
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 tojustify its valuation.
In an erawhen executives routinelywhinge aboutpressureto produce short-term results, Amazon isresolutely
focused onthedistant horizon.
在这个时代里，当一些人还在为实现短期目标还倍感压力时，亚马逊已经开始着眼于未来。
Mr.Bezos emphasizes continual investment topropel its two principal businesses.
贝欧斯先生强调，要持续不断地投资，以确保两个主要项目的顺利进行。
A thirdvirtuous circle is starting to whirl aroundAlexa,the firm’s voice-activated assistant:
第三个投资良性循环开始在亚马逊语音助手亚历山大上显现出来。
So long as shareholdersretain
their faith inthis model, Amazon’sheady valuationresembles
aself-fulfilling prophecy.
只要投资商对这个模式存有信心，亚马逊就能带来丰富的收益
Theirfaith is sustained byAmazon’s record.
亚马逊良好的运营历史让投资者们信心倍增
It
has had its failures—its attempt to make a smart-phone was adebacle.But the business isstarting to crank out cash.
亚马逊也曾失败过——它曾想开发智能手机，结果以失败告终。但这并不影响亚马逊成为最赚钱的公司
IfAmazon’sapproach totime-frames is unusual,so too isthe sheerbreadth
of its activities.
Awingspan this largeis morereminiscent ofa conglomerate than a retailer,which makes Amazon’sshare price seem even more
bloated: stock markets typically apply a“conglomerate
discount”to reflect their in- efficiencies.
Seenthrough thislens, Amazon appearspristine.
从这一角度来看，亚马逊还是富有活力的
Consumersapplaudit; it isthe most well-regarded companyin America,according to a Harris poll.
顾客们很喜欢亚马逊，根据哈瑞斯民意调查结果显示，亚马逊是美国最受欢迎的公司
If itgets anywhere close tofulfilling them, it willattract the attention of regulators.
如果公司太赚钱，那么监管部门就会开始关注
Butasit grows,so willconcerns about its power.
但随着亚马逊的不断壮大，人们对它的担忧也越来越多
Investorsvalue Amazon’s growth over pro-fits;that makespredatory pricingmore tempting.
比起蝇头小利，投资商们更关注亚马逊的成长，后者才能让暴利更加吸引
