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People

Jeff Bezos

Founder of Amazon; its chief executive from 1994 to 2021

Sources

3 ideas

  • FrameworkLeadershipLetter

    Day 2 begins when a company manages to proxies and treats decisions as one-way doors

    Check whether the metric is still the goal or has become the goal, and reserve the heavy process for decisions that cannot be undone.

    Product and leadership questions, assessing a large company's culture, and deciding how much process a decision deserves.

    From Amazon's 2016 letter to shareholders (Day 1) · Jeff Bezos

  • Decision principleFounders and companiesLetter located

    Given a choice between flattering earnings and future cash flows, take the cash flows

    Tell investors in advance that you will optimise long-term cash flows over reported earnings, then do it, so the market can price the choice rather than be surprised by it.

    Any growth company valuation, any founder letter, and the interview question of how to value a company that reports no profit.

    From Amazon's 1997 letter to shareholders · Jeff Bezos

  • ObservationLeadershipLetter

    The world pulls every company towards typical, and staying distinctive has a price

    Being distinctive is not a state but a cost paid continuously; stop paying it and the drift to typical begins.

    Questions about culture, moats that depend on behaviour rather than assets, and personal career choices.

    From Amazon's 2020 letter to shareowners, Jeff Bezos's last as chief executive · Jeff Bezos