Jeff Bezos Letter to Amazon Shareholders, Ben Graham Quote

Jeff Bezos letter to Amazon shareholders is only a page or two long but he devotes one paragraph to Ben Graham. Although many (many!) have argued Amazon is not a value stock by any metric (certainly PE), those same people would likely agree that Jeff Bezos is a great CEO. Brief excerpt followed by the full letter:

As I write this, our recent stock performance has been positive, but we constantly remind ourselves of an
important point – as I frequently quote famed investor Benjamin Graham in our employee all-hands meetings –
“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” We don’t
celebrate a 10% increase in the stock price like we celebrate excellent customer experience. We aren’t 10%
smarter when that happens and conversely aren’t 10% dumber when the stock goes the other way. We want to be
weighed, and we’re always working to build a heavier company.

The full letter is embedded below in scribd:

H/T Abnormal Returns

Jeff Bezos 2012 Shareholder Letter to Amazon Shareholders Ben Graham Quote