Markets vote short term, weigh long term
“As the famed investor Benjamin Graham said, ‘‘In the short term, the stock market is a voting machine; in the long term, it’s a weighing machine.’’”
Investing
Jeff Bezos's 2000 letter to Amazon shareholders, one of the letters in Day 1: The Amazon Shareholder Letters, 1997–2020.
High fixed costs squeeze mid-sized e-commerce
“Online selling (relative to traditional retailing) is a scale business characterized by high fixed costs and relatively low variable costs. This makes it difficult to be a medium-sized e-commerce company.”