Because adding more capacity to Visa's payments network is cheap, its costs have grown far more slowly than revenues in the past decade.
Visa can thus get away with charging more for its services-sometimes considerably more-than its marginal cost of providing them.
The windfall profits are funnelled to Visa's shareholders, whose returns (including dividends) have averaged 24 % a year since 2008.
Investors, who value the firm at nearly 30 times its most recent annual earnings, against less than ten times for fellow finance firms in the S&P 500 index, clearly believe no competitor will challenge its dominance anytime soon.
這是《經濟學人》2020年3月刊的一篇文章'Processing power'第5段，共4句。
1、
{'capacity':'n.容量、容積'}
因為Visa支付網絡擴容很便宜，所以在過去十年裡，成本上的花費的增速遠比利潤低。
2、
因此，Visa可以免去對其服務收取更多的費用，有時遠遠超過其提供服務的邊際成本。
3、
{'windfall':'意外獲得之財'}
{'funnelled':'傳遞'}
這些意外之財被輸送到維薩的股東手中，他們的回報率（包括股息）自2008年以來平均每年24%。
4、
投資者對該公司的估值接近其最近年度收益的30倍，而標準普爾500指數（S&P 500）中的其他金融公司的估值不到10倍，他們顯然認為，短期內不會有競爭對手挑戰其主導地位。
--總結--
【詞彙部分】
{'capacity':'n.容量、容積'}
{'windfall':'意外獲得之財'}
{'funnelled':'傳遞'}
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