Jeff Bezos may run around Seattle, war paint daubed on his head, barking orders into his Fire Phone, urging employees to be nasty to each other.杰夫贝佐斯(Jeff Bezos)有可能于是以铆足了劲在西雅图四处活动，为他家的Fire Phone大声吆喝，并希望员工相互咬。The Amazon founder claims to be running a gentler company than his critics portray. But whatever he’s doing, investors like it a lot.这位亚马逊(Amazon)创始人声称，他经营的公司没批评者叙述的那么高傲。

不过，不论他在做到的是什么，都深得投资者的宠信。There was great fanfare in July when Amazon’s market capitalisation surpassed Walmart’s. There was none on Monday when its enterprise value, which discounts cash and includes debt, rose to $251bn, overtaking the supermarket chain to become — for real this time — the world’s most valuable retailer.今年7月，当亚马逊市值多达沃尔玛(Walmart)时，曾引发极大震撼。

而周一的另一则消息却没引发丝毫的波澜：亚马逊的企业价值（相等市值乘以现金、再加债务）上升至2510亿美元，多达了沃尔玛，沦为全球（名副其实的）最有价值的零售商。Earlier this year, its value overtook that of another company whose founder has magnetic appeal: Jack Ma’s Alibaba. Even though the Chinese ecommerce company enjoys superior revenue growth and fatter margins, its value is sinking. The first anniversary of its initial public offering was on Friday. The shares are below the IPO price and half their high point.今年早些时候，该公司的市值多达了另一家其创始人具有磁石般吸引力的公司：马云的阿里巴巴(Alibaba)。尽管这家中国电子商务企业享有更高的营收增长率和更加可观的利润率，它的市值却在大大大跌。

上周五是阿里巴巴首次公开发表认购(IPO)一周年纪念日。该公司股价目前已高于发行价，只有其历史最高价的一半。There are some good reasons for reappraising Alibaba, notably Chinese economic worries and the slowest revenue growth in three years recorded in August. Yet Alibaba’s return on invested capital is 8 per cent; Amazon’s is minus 3 per cent. Even at a slightly slower pace, Alibaba’s revenue is growing at 40 per cent against Amazon’s 17 per cent. It is Amazon, though, that now commands a premium valuation: its enterprise value is 20 times next year’s forecast earnings before interest, tax, depreciation and amortisation compared with Alibaba at 19 times.新的对阿里巴巴估值少有充份理由，特别是在是环绕中国经济的忧虑，以及今年8月袭港3年来最快营收快速增长。不过，阿里巴巴的投入资本回报率(ROIC)是8%，亚马逊只有-3%。

即便营收增长速度有所上升，阿里巴巴目前的营收增长速度也有40%，而亚马逊的这个数字为17%。然而，如今拥有估值溢价的毕竟亚马逊：该公司市值是明年预计息税保险费及摊销前利润(EBITDA)的20倍，而阿里巴巴的这一比例只有19倍。The suspension of disbelief in Alibaba has been punctured. A lock-up expired on Monday, enabling large investors (including Mr Ma) to sell. They said they would not. The stock still fell 3 per cent. Its strange governance structure and the precarious ways in which value trickles to common stockholders are all part of the problem, yet they are nothing new.对阿里巴巴一度中断的猜测再次完全恢复。

周一，阿里巴巴股票中止停售，令其还包括马云在内的该公司大股东需要挤兑手中的股票。这些投资者此前回应，他们会买。虽然如此，该公司股价仍暴跌了3%。

阿里巴巴奇特的管理结构，以及其企业价值较慢期望普通股权者的方式充满著不确定性，都是其股票遇冷的原因，然而这些并不是新近才经常出现的问题。The worry that Alibaba might disappoint has taken hold; the worry that Amazon might disappoint has — in spite of its lengthy record of doing precisely that — vanished.对阿里巴巴有可能令其投资者沮丧的忧虑早已扎根，对亚马逊有可能令其投资者沮丧的忧虑却早已消失——尽管亚马逊长期以来才是在令投资者沮丧。

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