Investing
Jeff Bezos's 2008 letter to Amazon shareholders, one of the letters in Day 1: The Amazon Shareholder Letters, 1997–2020.
“Long-term thinking levers our existing abilities and lets us do new things we couldn’t otherwise contemplate. [Long-term thinking] supports the failure and iteration required for invention, and it frees us to pioneer in unexplored spaces.”
“Seek instant gratification – or the elusive promise of it – and chances are you’ll find a crowd there ahead of you.”
“If we can identify a customer need and if we can further develop conviction that that need is meaningful and durable, [long-term orientation] permits us to work patiently for multiple years to deliver a solution.”
“The skills-forward approach says, ‘We are really good at X. What else can we do with X?’ That’s a useful and rewarding business approach. However, if used exclusively, the company employing it will never be driven to develop fresh skills.”
“Working backwards from customer needs often demands that we acquire new competencies and exercise new muscles, never mind how uncomfortable and awkward-feeling those first steps might be.”
“Our belief in the durability of [low prices, selection, delivery] is what gives us the confidence required to invest in strengthening them.”
“Our pricing objective is to earn customer trust, not to optimize short-term profit dollars.”
“Customers are well-informed and smart, and they evaluate the total cost, including delivery charges, when making their purchasing decisions.”