1.The former book seller accounts for more than half of every new dollar spent on line in U.S.
美國人在線消費每增加壹美元，前網絡售書公司--亞馬遜，就能從中獲得壹半多的收入。
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年初至今，亞馬遜股票價格已經上漲了173%，增長速度是前兩年的7倍（比標準普爾500指數快了12倍）
3.With a market capitalization of some 400 bn, it is the fifth most valuable firm in the world.
它的市值約4000億美元，位列全球第五
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.
以前從來沒有哪家公司能維持這麽高的市值這麽久卻只賺很少的錢：它的市值有92%來自於2020年以後的預期盈利
5.Walmart already has revenues nudging 500 bn and is beefing upon line.
.Last 沃爾瑪的營收已經逼近5000億美元，並且正在 加強 在線業務
6。Last year cash-flow (before investment) was $16bn, more than quadruple the level
去年的現金流（投資前）為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，它的盈利將相當於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.
對這些期盼的懷疑最有力的依據是：為了證明它的市值合理，亞馬遜的增長將必須快過現代歷史上幾乎所有的大公司。它能做到嗎？
9.In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
其壹是時間。在這個時代，高管們壹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於長遠的未來。
10. Mr.Bezos emphasizes continual investment to propel its two principal businesses.
貝索斯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
12.So long as share holders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股東們對這壹模式保持信心，亞馬遜令人興奮的估值就會像壹個自我應驗的預言
13.Their faith is sustained by Amazon’s record.
支撐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.
如果說亞馬遜的時間規劃不同尋常，那麽它所涉獵的範圍之廣，也壹如前者
16.A wing span this large is more reminiscent of a than a retailer, which makes Amazon’s share price seem even more bloated: stockmarkets typically apply a“conglomerate discount”to reflect their inefficiencies.
如此龐大的覆蓋範圍，令人們想到的是壹家聯合大公司，而遠非壹家零售企業。這點也更令亞馬遜的股價顯得虛高：在股票市場上，人們常用“多元化折讓”這個詞來反映這種浮誇股價的低能無用。
17.Seen through this lens, Amazon appears pristine.
從這壹角度來看，亞馬遜還很質樸
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的壹項調查顯示，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.
壹旦真的接近這些目標，它就會招來監管部門的註意
20.But as it grows,so will concerns about its power.
它影響力的擔憂也在增長
21.Investors value Amazon’s growth over pro-fits;that makes predatory pricing more tempting.
投資者看重亞馬遜的增長更甚於盈利，這讓掠奪性定價愈發具有誘惑力