3 Lessons from Jeff Bezos’s 21 Years of Shareholder Letters

Source: Amazon

Warren Buffett: I was wrong on Amazon, Jeff Bezos achieved a business ‘miracle’.


1997: We’re focused on the long-term

We will continue to make investment decisions in light of long-term market leadership … rather than short-term … Wall Street reactions.

2003: Let’s revisit what long-term thinking looks like

Owners are different from tenants. I know of a couple who rented out their house, and the family who moved in nailed their Christmas tree to the hardwood floors instead of using a tree stand. … No owner would be so short-sighted. Similarly, many investors are effectively short-term tenants, turning their portfolios so quickly they are really just renting the stocks that they temporarily “own.”

2017: Got standards

To achieve high standards … you need to form and proactively communicate realistic beliefs about how hard something is going to be.

我對於3 Lessons from Jeff Bezos’s 21 Years of Shareholder Letters的看法

Jeff Bezos在9月演講的時候分享了一個小故事,他在普林斯頓大學唸書的時候,他和室友花了3個小時還是解不出來一題偏微分方程式,就去求助斯里蘭卡籍的同學Yasantha,結果Yasantha想了一下就說出答案是Cosine,Jeff Bezos:什麼?你在腦中算出答案?Yasantha說:不是,因為我3年前解過類似的題目,和這題很接近;Jeff Bezos說這是他改變一輩子的時刻,他知道自己無法成為好的物理學家;後來記者找到Yasantha,他也分享了一個小故事,有一次同學們在比賽誰能用最短的程式碼解決同一個問題,他自己試了一下就放棄了,但Jeff Bezos花了一整個晚上,寫出兩行的程式碼,擊敗所有的人.