1.The former bookseller accounts for more than half of every new dollar spent on line in U.S.
翻译：在美国以前的书商销售额占在网上消费的每一分美元总额一半以上。
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)
翻译：从2015年开始，其销售额已经上涨了173%，比前两年的销售额增长速率快7倍（比标准值500快12倍）。
3.With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
翻译：拥有4亿美元的股票市值，亚马逊是这个世界上第五个最有价值的公司。
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.
翻译：从来没有一间公司长期几乎不挣钱却很值钱，预计2020年后92%的价值来自自身收益。
5.Walmart already has revenues nudging 500bn and is beefing up online.
翻译：沃尔玛超市的税收已经打到5亿，其在线销售正在加强。
6.Last year cash-flow (before investment) was $16bn,more than quadruple the level five years ago.
翻译：在投资之前去年的现金流是1600万美元，比五年前的平均水平高四倍。
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.
翻译：如果真的如投资商所愿挣那么多钱，粗略计算所挣的钱相当于所有所列西部零售商和传媒公司总收益的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.
翻译：亚马逊公司将会比近代任何一家大公司都发展的更快，由此来证明其价值。
9.In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
翻译：在这个高层经常抱怨自己压力而得到短期结果的时代，亚马逊坚决坚持自己。
10.Mr.Bezos emphasizes continual investment topropel its two principal businesses.
翻译：贝索斯先生强调要不断投入来推进两个主营业务。
11.A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
翻译：良性循环又一次环绕着公司的声控助理亚力克莎。
12.So long as shareholders retaintheir faith in this model, Amazon’s heady valuation resembles as elf-fulfilling prophecy.
翻译：股东长期坚持对这个模型的信任，亚马逊的发展价值实现了自己的预想。
13.Their faith is sustained by Amazon’s record.
翻译：他们的信任来自亚马逊不断破记录而维持。
14.It has had its failures—its attempt to make a smart-phone was adebacle.But the businessis starting to crank out cash.
翻译：亚马逊也失败过，尝试错一款智能手机但最终失败。但是这项业务现在已经开始盈利。
15.If Amazon’s approach to time-frames is unusual,so too is the sheer breadth of its activities.
翻译：如果亚马逊跟时间框架一样不寻常，其发展宽度会跟他的活跃领域一样宽。
16.A wingspan this largeis more reminiscent of aconglomerate 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.
翻译：这个大翅膀更让人联想起一个联盟商而不是一个零售商，这个让亚马逊的股票价值看起来更多：在股票市场中可以申请一个联盟折扣来反映其无能。
17.Seen through this lens, Amazon appears pristine.
翻译：透过这个镜头，体现出亚马逊的朴实。
18.Consumers applaud it; it isthe most well-regarded company in America, according to a Harris poll.
翻译：通过哈里斯民意调查发现消费者都称赞亚马逊，认为他是在美国最好的公司。
19.If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
翻译：如果亚马逊取得一点成就，就会引起监管者的注意。
20.But as it grows,so will concerns about its power.
21.Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
翻译：投资者在收益上评估亚马逊的发展，使其价值得到飞速发展。
