1.The former bookseller accounts for more than half of every new dollar spent on line in U.S.
这个前图书商占据了一半的线上图书销售份额。
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)
从2015年初开始，亚马逊的股价迅速攀升了173%，比前2年快了7倍之多（比标准普尔500指数快了12倍）。
S&P 500 Index：标准普尔500指数。
3.With a market capitalization of some $400bn, it is the fifth most valuable firm in the world.
亚马逊的市场总值高达近4000亿，位居世界第五。
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.
从没有一个公司像亚马逊一样维持这么久高市值却只赚这么少的钱，亚马逊的92%的市值都来源于其2020后的预估利润。
5.Walmart already has revenues nudging 500bn and is beefing up online.
沃尔玛的利润已接近5000亿美元，而且已向线上市场进军。
6.Last year cash-flow (before investment) was $16bn,more than quadruple the level five years ago.
去年流动资金（投资前）已达160亿美元，相比5年前翻了4翻还多。
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.
如果它的利润真的达到了投资者的预期，粗略计算其收入将相当于整个西方零售和音像媒体公司总收入的25%。（media？）
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.
对这些期盼的怀疑最有力的依据就是，亚马逊必须比现代历史上几乎所有大公司成长得都快才能坐实其现有估值。
9.In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
当今社会，高管们都在为增加短期收益而苦恼不休，然而亚马逊却坚持放眼长远收益。
10.Mr.Bezos emphasizes continual investment to propel its two principal businesses.
Bezos先生持续加大投入，来促进其两大基本产业。
11.A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
公司的语音助手Alexa又开始为其创造第三个良心循环。
12.So long as share holders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
只要股东们相信这一模型，亚马逊这一令人兴奋的估值就会轻易应验。
13.Their faith is sustained by Amazon’s record.
股东们的信心正来源于亚马逊的业绩❤。
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.
亚马逊也曾经历过挫折，其对于智能手机的尝试就是一大败笔。但是这一产业也开始为其盈利了（？）。
15.If Amazon’s approach to time-frames is unusual,so too is the sheer breadth of its activities.
如果说亚马逊对于时间架构的投入非比寻常，那么它所涉及的产业跨度更是如此了。
16.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 in-efficiencies.
如此巨大的产业跨度无疑比普通零售企业更有凝聚性，这也使得亚马逊的股价进一步膨胀（虚高？）：股市通常会采用“抱团价”来反应其股价的低效性。
17.Seen through this lens, Amazon appears pristine.
从这一角度来看，亚马逊还是很保守的。
18.Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
消费者们拍手叫好。哈里斯民意调查显示，亚马逊是全美最受民众爱戴的公司。
❤Harris poll：美国哈里斯民意调查
19.If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果其真正接近目标，无疑会吸引政策调控者们的注意。
20.But as it grows,so will concerns about its power.
但是伴随其发展的，还有对其权利的担忧。
21.Investors value Amazon’s growth over profits; that makes predatory pricing more tempting.
相比收益，投资者们更看重的是亚马逊的发展前景，这也使得这一带有掠夺性质的股价更为诱人。
逻辑梳理：暂缺，明日补上。
